Toronto-based Trans Hex International (thi-t) has acquired the right to a half-interest in the Rio Grande diamond project in the Brazilian state of Minas Gerais.
To earn its interest, the company must spend US$2 million on exploration, though it is free to terminate further exploration if it decides the project does not warrant it.
The property is held by another Toronto-based company, Verena Minerals (vmco-c).
Verena’s exploration permits cover some 54,000 ha along a 50-km length of the Rio Grande, extending up to 6 km inland on both banks. In two areas, artisanal miners have exposed basal gravel 2 to 4 metres in thickness covered by 0.5 to 5 metres of overburden, recovering diamonds that have fetched in excess of US$200 per carat.
The first phase of exploration will consist of surface work and widely spaced drilling to confirm the lateral extent and thickness of the gravels outside the artisanal workings.
Trans Hex will operate the program and any subsequent work, and will also market the diamonds.
Verena’s Brazilian subsidiary controls over 1.2 million ha of gold and gemstone concessions covering mineralized belts in Tocantins, Goias and Minas Gerais states.
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