Aura Minerals Inc. has purchased exploration rights for the Pé Quente and Pezão Projects in Mato Grosso, Brazil, through its subsidiary Aura Matupá.
Pé Quente and Pezão Projects location in proximity to the Matupa Project and the X1 Deposit. Image Credit: Aura Minerals Inc.
The projects consist of a total of six Mineral Rights and are located within the geological setting of the Alta Floresta Gold Province. They are situated within a 50 km radius of Aura’s Matupá Project and the X1 deposit, which had a feasibility study published on November 18th, 2022.
The projects exhibit the same type of mineralization, indicating significant potential for enhancing the Mineral Resources and Mineral Reserves of the Matupá Project. Aura has made an initial payment of US$500,000, and if the results align with its expectations, Aura has the option, but not the obligation, to finalize the acquisition within 12 months for an additional US$9.5 million.
The Matupá project is located in a highly productive region, known for its abundant artisanal mining activities. This project represents the first industrial-scale operation in the area, and from the outset, our goal has been to consolidate several nearby deposits into the Matupá project.
Rodrigo Barbosa, President and Chief Executive Officer, Aura Minerals Inc.
Barbosa added, “By leveraging our scale, high recovery rates, and commitment to environmental and social standards, we believe that incorporating the Pezao and Pe-Quente projects into Matupá will result in a significant increase in resources and reserves through a win-win situation for all stakeholders involved.”
Aura plans to invest around US$1.6 million in 13,000 meters of drilling over the next 12 months. The program will focus on infill drilling and potential extensions to confirm and validate mineralization continuity and grades.
Projects Highlights
The Pé Quente Project is located approximately 34 km from the X1 deposit and consists of four Mineral Rights totaling 19,592.78 hectares, which include gold mineralization targets. Historical surface sampling, geophysical surveys, and drilling were completed, with 97 h.les drilled, totaling 11,781.60 meters. A historical mineral resource was calculated for Pé Quente in 2011 by Graben Mineração SA, the current mining permit holder. This resource is derived from four separate mineralized zones, indicating an in situ resource potential of 6,257,734 tonnes of gold at 1.28 g/t gold (257 Koz).
The final exploration report, including historical mineral resources, was presented to Agência Nacional de Mineração (ANM) in 2018. However, these historical mineral resources do not adhere to any classification criteria and are not estimated following NI 43-101 guidelines, thus lacking economic viability for further assumptions.
The Pezão Project is located approximately 50 km from the X1 deposit and consists of two Mineral Rights totaling 9,131.62 hectares, which also include gold mineralization targets. Similar to the Pé Quente Project, historical surface sampling, geophysical surveys, and drilling were conducted by Graben Mineração SA, with eight holes drilled, totaling 1,100 meters.
The project's final report, which was presented to ANM in 2018, claims to contain 370 Koz of potential in situ mineral resources. However, like Pé Quente, these historical mineral resources do not adhere to any classification criteria and are not estimated following NI 43-101 guidelines, thus lacking economic viability for further assumptions.
The potential in situ mineral resources presented in the Brazilian technical reports are prepared internally and are not compatible with NI 43-101 guidelines. The Qualified Person (QP) has not validated the historical data, reviewed, or opined on the accuracy of the underlying data or any parameters used to estimate or calculate the historical estimates.