Verena Minerals (VMCO-T) has begun exploring for diamonds and gold on its Porto Nacional properties in Brazil.
The program is being conducted by RTZ-CRA (NYSE) as part of a joint-venture agreement between the two companies. RTZ will analyze previously collected geophysical survey data for kimberlite and gold targets.
If kimberlite targets are identified, RTZ can earn a 60% interest in the concessions related to diamond targets, provided it invests US$1 million in follow-up ground work over a 2-year period.
The properties lie in an extensive gold belt along the Trans-Brazilian lineament. The company also reports that numerous kimberlites are known to occur along the structure.
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