Borborema Gold


The Borborema Gold project is located in the Seridó area of the Borborema province, within the State of Rio Grande do Norte in north eastern Brazil. Borborema consists of three mining leases covering a total area of 29 km² plus freehold title to the property over the main prospect area.

The Borborema project is mineable as an open pit and scalable with staged developments, with initial metallurgical test work returning recoveries of over 93%.  The ore body is consistently 20m – 50m thick, remains open in all directions and increases in grade and true width with depth. The resource and reserve have been clearly established and the project significantly de-risked through the 95,000m of drilling which has been undertaken at the project which highlights a continuous and consistent single ore body, approximately 3.5km long with a higher-grade core that can be optimised in the mine plan.

Borborema has a 2.43Moz JORC Code compliant Mineral Resource estimate and a 42.4Mt Ore Reserve containing 1.61Moz gold at 1.18 g/t.

Due to the prioritisation of economic projects by the region, the project enjoys strong local and governmental support, with the Company encouraged to fast-track development.

Definitive Feasibility Study

A Definitive Feasibility Study (DFS) for development and construction of Stage 1 of the Borborema Project was completed in December 2019, as detailed in the ASX Announcement of 23 December, 2019. It confirmed the project’s strong economics and optimised a profitable open pit with a mine life of more than 10 years producing approximately 729,000 ounces gold at a C1 cash cost of US$642/oz and AISC of US$839/oz.

Assuming a gold price of US$1,400 per ounce, the post-tax NPV (8%) returned US$203M with an IRR of 41.8%.  The project returns an average EBITDA of US$54M pa (full years). The estimated project capital cost is US$87.97M plus contingency of US$11.36M (11.4%) totalling U$99.3M.

Stage 1 mining schedules less than half of the original Mineral Reserve and Resource which will be targeted for later stages of operation. No inferred category Mineral Resources were included in the Stage 1 mine schedule.

The project’s measured, indicated and inferred Mineral Resource Estimate of 2.43Moz @ 1.10 g/t gold, remains open in all directions (refer to ASX Announcement of 24 July 2017).



The project is located in the Seridó area of the Borborema province, within the State of Rio Grande do Norte in north eastern Brazil.


Leases are enhanced by good on-site facilities and efficient logistics and power infrastructure (such as a water permit, a sealed highway directly from the project area to the city and port of Natal) with 230kv power lines adjacent and in close proximity. Borborema is approximately 20km from the mining town of Currais Novos providing access to an experienced labour force along with local engineering and construction capacity, significantly reducing project development and execution risk.

Further Information

For an overview of the Borborema Gold Project and DFS please click here.


The information provided on this site is of a general nature only. Although it has been prepared in good faith with all due care there can be no guarantee that it will continue to be accurate in the future. No one should act or rely upon the information but should undertake their own independent due diligence or seek appropriate professional advice. To the extent permitted by law Big River Gold Limited (“Big River”) excludes all liability from any statement in, or omission from, this report. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sell Big River securities in any jurisdiction.

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