Venezuela-based Americana Gold & Diamond Holdings (AGDM-Q) has signed a letter-of-intent to earn a controlling stake in the Santa Rosa gold project in northern Brazil.
The junior can earn an 80% interest in the 80,000-ha property, situated in Roraima state, by spending up to US$5 million over four years and conducting a prefeasibility study.
The vendor, Vannessa Ventures (VVV-V), retains an option to back in for a 30% interest at a premium of 50% over costs on the project. The property remains largely unexplored.
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