A joint-venture agreement with Mountain Lake Resources (VSE) gives Corriente Resources (VSE) the right to earn a 51% interest in the 800-hectare Tesoureiro project in Brazil’s Minas Gerais state.
The property lies on a belt of open-pit deposits mined by the Portuguese in the 17th and 18th centuries.
Sampling in old pits has returned values of up to 5 grams gold per tonne, while soil-sampling values range up to 11 grams.
Corriente will conduct additional mapping and sampling on the old workings, followed by drilling.
To earn the 51% interest, Corriente must spend US$3 million over six years, prepare a bankable feasibility study and pay US$1.6 million.
Once Corriente has earned its interest, Mountain Lake will hold a 24.5% interest and Mineracao Serra Da Canastra will own the balance.
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