https://www.miningweekly.com

Orinoco doubles land holding in Brazil

17th April 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Gold junior Orinoco Gold has doubled its tenement package in the Faina goldfields, in central Brazil.

The company said on Wednesday that the new tenement package was a significant extension to its Eliseo project, and offered similar geology and positive rock chip samples.

It also included the Charuto target, where historic drilling had defined an ore shoot and oxide zone.

Orinoco said that, with no upfront payments, the new additional ground generated immediate value for the company by delivering a substantial increase to the strike length of the Eliseo project, while also introducing several new targets in the immediate vicinity of both the Cascavel and Eliseo projects.

“As we rapidly progress the Cascaval and Eliseo projects, we are also targeting attractive strategic opportunities to grow our regional tenement package around these projects in the Faina greenstone belt,’ said Orinoco MD Mark Papendieck.

He noted that the tenements represent potentially valuable additions to the company’s already commanding ground position, extend the strike length of the Eliseo project to 3 km, build on prospective tenements around Cascavel, and add prospective ground near what was one of Brazil’s lowest-cost and highest-grade mines.

Under the terms of the transaction, Orinoco could earn up to 75% of the tenement package over the next two-and-a-half years. A 60% interest would be earned after Orinoco invested in exploration expenditure over a 30-month period, while also making modest milestone payments after months 18 and 30.

An additional 15% interest could be purchased at an agreed-upon rate.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.043 0.897s - 110pq - 2rq
Subscribe Now