Brazilian Gold gets first resource at Boa Vista

It didn’t take long for Brazilian Gold (BGC-V) to get a resource on its recently discovered VG1 deposit in Brazil.

Brazilian made the discovery last March and already has a maiden resource estimate on the deposit, which sits within its Boa Vista project in the Tapajos region of northern Brazil.

Since making the discovery the company drilled 15 holes for 3,000 metres, which was enough to outline an inferred resource of 8.47 million tonnes grading 1.23 grams gold for 336,000 oz., at a cut-off grade of 0.5 gram gold.

The deposit is road accessible and sits 170 km southwest of the town of Novo Progresso.

The deposit’s shallowness is part of the reason for Brazilian’s speed in getting an estimate together. Mineralization starts at surface, with drills testing to a depth of less than 150 metres. The company also dug 14 trenches for 2,230 metres.

The mineralized zone consists of quartz-pyrite stockwork and silicified zones that are hosted within a foliated, mixed-mafic volcanic and intrusive unit at or adjacent to granite rocks.

While it is early, Brazilian says that given the deposit’s shallow nature and the up to 85 metres of thickness encountered so far, it could be amenable to open-pit mining at a relatively low strip ratio.

With its modest drill program, there is also potential for significant expansion. The company says that along strike from the deposit, the overlying gold-in-soil anomaly extends another 1,400 metres west. Brazilian plans to focus both trenching and drilling there in the next round of exploration.

VG1 is one of four prospective targets at Boa Vista — a property that covers 128.9 sq. km of land. The land has historic alluvial and lateritic workings, but has been largely unexplored using modern exploration techniques.

With the resource outlined at VG1, Brazilian continues to build an impressive portfolio in Brazil — the company has title to 3,750 sq. km in the Tapajos and adjacent Alta Floresta gold provinces.

It recently announced a maiden resource at its Jau deposit, which has inferred resources of 19.44 million tonnes grading 0.81 gram gold for 503,000 oz. gold. Its flagship Sao Jorge project has indicated resources of 11.37 million tonnes grading 1 gram gold for 379,000 oz., and an inferred resource of 20.67 million tonnes grading 0.8 gram gold for 558,000 oz. gold.

A resource update at Sao Jorge is due by September.

Brazilian Gold is joint ventured on Boa Vista with Octa Mineracao and D’Gold Mineral. The company could earn a 71% interest in the project after making its final option payment of US$200,000 on Aug. 15.