The Borborema Gold project is a significant undeveloped gold resource. The 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, with a completed pre-feasibility study and approved environmental impact assessment. The Company intends to finalise a Bankable Feasibility Study in respect of Borborema by the end of 2019.
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 the development of the project following the issue of the installation licence.
Having taken the Posse iron ore project through feasibility and into production, the Company has significant Brazilian permitting experience.
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.
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