Verena Minerals, Ouro Brasil sign deal

A joint venture between Verena Minerals (VMCO-C) and Ouro Brasil (OOB-V) sets the stage for ongoing exploration of the Conceicao do Norte property, 500 km north-northeast of Brasilia, Brazil.

Verena has already funded about US$80,000 of work on the property, which covers a portion of the 30-km-wide, 130-km-long Conceicao-Almas greenstone belt. The property has a history of production, dating back to the 18th century, from alluvial, colluvial and bedrock material.

Verena’s previous work included airborne geophysical surveys. The current program, scheduled to begin shortly, will include regional mapping, gridding, sampling and ground geophysics to determine drill targets. Once Verena funds work totalling US$230,000, it will hold a 50% interest in the property, with Ouro Brasil retaining a 50% interest.

Verena also controls more than 1 million ha of gold and gemstone concessions covering mineralized belts in Tocantins, Goias and Minas Gerais states.