Avanco Resources
(ASX:AVB) has announced it has entered into an agreement with Jaguar Mining to earn up to 100% of the Gurupi Gold Project in northern Brazil.
Gurupi is an advanced stage gold project covering around 137,000 hectares.
A foreign resource estimate of 3.14 million contained ounces has been reported for two shallow deposits at the site.
Avanco believes the project has the potential to significantly increase the company’s gold production and is a unique opportunity for the business to gain access to a high profile project in Brazil.
Avanco Resources reported a net loss of $3.7 million at 30 June 2016.
