The Pitangui Project, 100%-owned, is located on an 180-square-kilometre land package in Brazil’s Iron Quadrangle, the second largest gold producing region in the country. Our focus is on the newly discovered São Sebastião deposit with an estimated resource of 679,000 inferred ounces averaging 5.0 grams of gold per tonne hosted in iron formations for which the region is well known (resources as at December 31, 2015). In 2015, just over 12,800 metres of diamond drilling were completed as part of the ongoing resource delineation drilling program initiated in 2014 on the newly discovered São Sebastião deposit. Drilling was also started to begin testing various electromagnetic (“EM”) anomalies identified on the property from the airborne EM survey completed in 2014. The EM anomalies bear similarities to the EM anomaly observed at the São Sebastião deposit and represent priority exploration targets.
2015 assay results included:
- 11.9m at 6.84 g/t Au, including 3.5m at 17.02 g/t Au
- 7.6m at 9.78 g/t Au and 4.4m at 16.56 g/t Au
- 7.4m at 8.12 g/t Au
In 2016 we will continue drilling to test electromagnetic anomalies and geological targets previously identified on the property.