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Gold Projects, Cuiabá-Poconé Gold Belt, Mato Grosso, Brazil

Lima Property, Cuiabá-Poconé Gold Belt, Brazil

Valterra has entered into an agreement to acquire a 100% interest in the freehold Lima Property for a purchase price of Cdn$500,000 via purchase of a private Brazilian company. Management believes that this is a rare opportunity to acquire a highly-prospective gold property at exceptionally attractive terms which has the potential to be fast-tracked to production.

It is a Laterite-type gold project with easy logistics in the productive Poconé District. The project comes with a proven operational team in a mature mining district with very attractive economics. Existing mines in the District require no blasting as a result of deep weathering and consist of free-digging open-pit operations, typically to a depth of up to 80 metres.

The Lima Project is located within the Poconé Mining District, in central Brazil’s Cuiabá Basin (Baixada Cuiabana), in the southern part of the state of Mato Grosso, just 10 minutes’ drive from the town of Poconé, a mining town of 32,000. Access to the project area is by paved and gravel roads with daily scheduled flights from an airport located in Cuiabá, the State Capital, 104km north and connected to the principal cities of Brazil by daily scheduled airline flights. The Poconé Mining District reportedly produces over 250,000 ounces of gold annually from 17 different active laterite mines with the Company’s Lima Property immediately adjacent to the currently producing Edmur gold mine.

Brazil has favorable geology with several major Archean greenstone and Proterozoic sedimentary-hosted gold districts, which has attracted major miners including Kinross, Vale, Anglogold Ashanti, Lundin Mining, Yamana, and Great Panther and has resulted in significant annual gold production. Brazil is highly regarded as a mining jurisdiction with regulations providing favorable mineral title and foreign ownership. Brazil has a tax agreement with Canada.

The Poconé Mineral Belt has enormous untapped potential for discovery with well-developed infrastructure, including access to power, water, major highways, airports and highly skilled labour and experienced equipment contractors.

Livramento Property, Cuiabá-Poconé Gold Belt, Brazil

The Livramento property is situated 64km from PMM’s existing 100% owned Lima property near the town of Poconé and is located 40km south of Cuiaba, the state capital of Mato Grosso. The Livramento property consists of a 250ha freehold property with 5 PLG mining and environmental licences of 50ha each and full infrastructure on site, including a 30 tph gravity recovery plant and a large earth moving fleet.

Under previous ownership, the Livramento property has been in intermittent operation since 2017. Valterra plans to upgrade the processing plant to increase through-put and to restart trial mining operations over the next 6 months. Initial areas with prospective structures and veins for bulk sampling have already been identified. 

The Livramento property adjoins the well-known Tanque Belo project, which was explored in 2007 by ASX-listed Ashburton Minerals. Ashburton outlined a surface gold geochemical anomaly in excess of 2km long and up to 800m wide, with gold-in-soil values of up to 15 g/t.

Gold mineralization in the Poconé Gold Belt is characterized by very deep and strongly weathered overburden of saprolite with the presence of epigenetic mineralized quartz veins. These kinds of deposits are exploited in dozens of small open-pit mines by direct free-digging operations without the need for blasting.

 

Livramento 30 tonne per hour gravity mill

         

Livramento fleet

Livramento fleet

 

Livramento workshop

Livramento fleet

The veins at the Livramento property consist of massive quartz with free gold and some boxwork of oxidized sulfide and carbonate minerals along fractures. On the west side of the mineralized zone is a major NE-SW break that may be related to important structural and lithologic features controlling the vein system. This zone represents a major target to be detailed by structural mapping, geophysics, and a future drilling program to assess the potential of a major mineralized structure including possibly higher-grade veins beneath the lateritic weathering.

Valterra plans to initiate an exploration strategy to delineate and expand vein targets on both the Livramento and Lima properties toward the identification and development of NI43-101 mineral resources. 

For a detailed presentation on the Brazilian properties, click the link below.

Valterra Resource Corporation - Targeting Low-Cost Production in the Heart of Brazil's Cuiabá-Poconé Gold Belt

Projects
Latest News
10.26.20
Valterra Receives +100g/t (+2.9 oz/t) Gold Assays from Third-party Verification Sampling at the Lima Gold Project in Brazil
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10.13.20
Valterra Commences 5,000-tonne Bulk Sampling Program at Livramento Gold Project in Brazil
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10.02.20
Valterra Arranges Shares for Debt Settlement
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