Exploring near the city of Paraiso in Brazil’s Tocantins state, Verena Minerals (VMCO-C) has found an emerald-bearing structure of possible commercial significance.
Some of the rough emeralds bought from garimpeiros have been shipped out for cutting and valuation. The company reports that an initial assessment of the stones found them to exhibit “excellent” quality and size. And according to Verena, the size of the series of pegmatite structures from which the emeralds were hand-mined “may be significant.”
Verena has secured title to the ground through the acquisition of the land held by a local farmer for US$32,000 and a 4% royalty on any open-pit emerald production or a 2% royalty on emeralds mined using underground methods. Verena also signed a contract with local firm Mineracao Beira Rio (MBR) covering the 22-ha claim that hosts the most significant emerald occurrence. Verena will pay MBR US$180,000 in three payments, issue it 100,000 shares and pay a royalty of 15% on all emerald production.
Verena is negotiating with its 20% participation partner, Trhimil (which discovered the emerald occurrence), to persuade it to convert its interest into a production royalty. Verena has the right to buy Trhimil’s interest at any time for US$750,000.
A program is under way to define the local geology and structural control of the mineralization, including ground geophysics and drilling.
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