Diamonds appear to be the primary attraction in Brazil. KWG Resources (ME) is producing diamonds from its Charneca property in the east. Previous estimates put the grade of the alluvial deposit in the 0.04-carat-per-cubic-metre range.
Lysander Gold (VSE) completed a private placement earlier this year and is now negotiating to acquire both an alluvial diamond concession and a copper-gold property in the South American country.
Diamonds are also on the agenda of Southern Copper (VSE), which has completed a private placement to establish an alluvial operation at its properties in the Coromandel district of Minas Gerais state.
The operation will include a 500-cubic-metre-per-day gravel processing and diamond recovery plant.
Massey Mercantile (VSE) plans to test several potential kimberlites at its Serra da Formiga concession in northern Brazil this year. It can earn a half interest and is planning to test the targets for diamond indicator minerals. Joint-venture partners Southwestern Gold (VSE) and Hillsborough Resources (TSE) are searching for the source of alluvial diamonds in the area of the their Canabrava project.
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