Visible gold has been detected in the first 27 ft of drill core from a drill program on the Amapa area property held under joint venture by Kam Creed Mines (TSE) and British Petroleum. The Amapa property is located in Brazil.
The partners are testing the open pit potential of the property which hosts reserves of 315,000 tons grading 0.176 oz gold per ton. Potential reserves exceed one million tons, Kam Creed says. The company has the right to earn a 50% interest in the property.
The company also has the right to earn a 50% interest in BP’s Rio Acima project in the Minais Gerais area of Brazil. Preliminary work has outlined several surface showings grading up to 0.35 oz.
Kam Creed also holds options on a gold-diamond play known as the Coronel Murta property. Located near the Aracuai River, the project is the site of a pilot plant operation which is processing river gravels for placer gold and diamonds. The operation is expected to provide Kam Creed with detailed data concerning reserves and grade. In order to fund its Brazilian exploration programs, the company has negotiated a private placement with Yorkton Securities for one million shares at 75 cents per share.
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