Pasadena Mining Company Claims It Struck Gold 35 Times in 35 of Its Brazilian Mines

Published : Tuesday, September 18, 2018 | 7:08 PM

Brazil Minerals, Inc., a Pasadena-based mining company with mineral rights in Brazil, said it has found gold in all 35 of the holes it drilled in that country’s northern Minas Gerais state, the company announced Tuesday.

The company said they drilled the holes spaced 30 to 50 meters apart using a Banka four-inch drill in the Jequitinhonha River Valley, as part of an extensive drilling campaign recently concluded.

The drilling team has collected samples of the fine gold from an average depth of eight meters of the auriferous (gold-containing) gravel layer for quantitative geochemical analysis.

The gold-containing layer was between 1.5- and 9.3-meters thick, the company said.

“Finding gold in 35 out of 35 drill holes is a strong result,” Marc Fogassa, Brazil Minerals CEO, said. “We focused our drilling campaign in a virgin area that was relatively close to old settler activity which is usually an effective marker. Most importantly, we have been able to acquire critical data to guide us in the forthcoming mining site planning and development.”

The target area in the drilling campaign is an alluvial plain known for placer mining (mining stream beds) for gold and diamonds, according to the statement.

Brazil Minerals and its subsidiaries focuses on mining specific areas for gold and diamonds and generating projects from its portfolio of high-quality mineral rights for transactions leading to royalties or equity positions.

The company said it now owns 55 percent of equity in Jupiter Gold Corporation, a gold ore mining company in Brazil, as a result of this strategy.

For more information about Brazil Minerals, visit www.brazil-minerals.com.

 

 

 

 

 

 

 

 

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