Vancouver juniors Guyana Gold (GUY-V) and Diagem International Resource (DGM-V) have teamed up to explore and develop several grassroots gold properties in Brazil.
The latter has assembled a package of properties, with a total area of 410,000 ha, in northern Mato Grosso and southern Para states. Most of the claims overlie an east-west belt of Archean gneisses and Proterozoic metasediments, acid volcanics and granites. Diagem reports that this belt, which extends for more than 500 km, has been the focus of considerable artisanal mining activity, as well as recent exploration by major mining companies.
Included in the package is one property with previously identified gold-quartz veining in shear zones with previous (but limited) near-surface production.
In order to develop its claims, Diagem has reached an agreement with Guyana Gold under which the latter company will reimburse Diagem’s costs to date (US$375,000), issue 600,000 shares to Diagem and pay all future exploration and development costs up to, and including, a feasibility study. In return, Guyana Gold will gain a 70% interest in the property. Guyana Gold will also issue to Diagem a further 500,000 shares for the first 1 million gold-equivalent ounce, and, thereafter, one share for every additional gold-equivalent ounce to a maximum of 15 million shares.
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