Australian Mines Secures Earn-In Rights to Boa Vista Gold Project in Brazil

Company News

by Finance News Network

Australian Mines Limited (ASX: AUZ) has announced it has entered a legally binding Term Sheet with Cabral Resources Limited and Majestic D&M Holdings, LLC, to earn-in to the Boa Vista Gold Project, located in the Tapajós Gold Province, Pará State, northern Brazil. Australian Mines is an ASX-listed company focused on developing its portfolio of critical minerals projects. Through this agreement, AUZ can earn up to an 80% interest in the Project via staged exploration, development expenditure, and milestone achievements.

The Boa Vista Gold Project is situated in a tier-one jurisdiction within Brazil’s Tapajós Gold Province, a historically prolific gold-producing region with over 30 million ounces of gold. The VG1 prospect within the project boasts a historic inferred resource of 8.47Mt @ 1.23g/t Au for 336,000oz (0.5g/t Au cut-off). Mineralisation at VG1 remains open along strike and at depth, extending approximately 600m in strike and up to 85m in width, drill-tested to around 120m depth, indicating potential for bulk-tonnage, open-pit development. The prospect lies within a gold-in-soil anomaly trending west-northwest over 2 kilometres in length and up to 350 metres in width.

Historical diamond drilling at VG1 has intersected thick zones of gold mineralisation from surface, including high-grade intercepts such as 104.5m @ 1.59g/t Au and 102.3m @ 1.18g/t Au. Initial metallurgical test work indicates recoveries exceeding 95%, with up to 60% Au recovered via simple gravity methods and no deleterious elements identified. The tenement package spans 9,201ha and includes multiple high-priority IP and gold-in-soil anomalies, alongside evidence of historical artisanal mining.

AUZ plans to commence LiDAR and Magnetic Surveys, followed by an initial 3,000m diamond drill program to test expansion potential and refine targets. CEO Andrew Nesbitt highlighted the project’s compelling near-surface mineralisation and district-scale exploration upside. The company aims to rapidly progress exploration to define a substantial JORC resource in the near term.


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