Brazilian Gold gets first resource at Boa Vista

It didn’t take long for Brazilian Gold (BGC-V) to get a resource on its recently discovered VG1 deposit in Brazil.

Brazilian only made the discovery last March and now just 16-months later, it has a maiden resource estimate on the deposit which sits within its Boa Vista project in the Tapajós region of northern Brazil.

Since making the discovery the company drilled 15 holes for 3,007 metres and that was enough to outline an inferred resource of 8.47 million tonnes grading 1.23 grams gold for 336,000 ounces at a cut-off grade 0.5 grams gold.

The deposit is road accessible and sits roughly 170-km southwest of the town of Novo Progresso.

Part of the reason for the speed with which Brazilian was able to get an estimate together is the shallow nature of the deposit. Mineralization starts at surface and drills tested to a depth of less than 150 metres. The company also dug 14 trenches for 2,229 metres.

The mineralized zone consists of quartz-pyrite stockwork and silicified zones that are hosted within a foliated, mixed mafic volcanic and intrusive unit at or adjacent to granite rocks.

While it is still early days, Brazilian says that given the deposit’s shallow nature and the up to 85 metres of thickness encountered so far, it could be amenable to open pit mining at a relatively low strip ratio.

With such a relatively modest drill program, there is also the potential for significant expansion. The company says that along strike from the deposit the gold-in-soil anomaly that overlying it extends for another 1,400 metres to the west. Brazilian plans to focus both trenching and drilling there in the next round of exploration.

VG1 is one of four prospective targets at Boa Vista — a property that covers 128.9 sq km of land. That land has historic alluvial and lateritic workings but has been largely unexplored using modern exploration techniques.

With the resource outlined at VG1, Brazilian continues to build an impressive portfolio in Brazil as the company has title to 3,750 sq. km in the Tapajós and adjacent Alta Floresta gold provinces.

It recently announced a maiden resource at its Jau deposit, which now has inferred resources of 19.44 million tonnes grading 0.81 grams gold for 503,000 oz. Its flagship Sao Jorge project has indicated resources of 11.365 million tonnes grading 1 grams gold for 379,000 oz and an inferred resource of 20.673 million tonnes grading 0.8 grams gold for 558,000 oz.

A resource update at Sao Jorge is due out in the third quarter of this year.

Brazilian Gold is joint ventured on Boa Vista with Octa Mineração and D’Gold Mineral. The company will earn a 71% interest in the project once it makes its final option payment of US$200,000 on August 15.