Aura Minerals Inc. (TSX: ORA) (B3: AURA33) (OTCQX:
ORAAF) (“
Aura” or the
“
Company”) is pleased to announce that it recently
acquired, through its subsidiary Aura Matupá, the right to explore
the Pé Quente and Pezão Projects (the “
Projects”)
in the State of Mato Grosso, Brazil (the
“
Acquisition”). The Projects consist of a total of
6 Mineral Rights and are located in the geological setting of Alta
Floresta Gold Province and are within a 50 km radius of Aura’s
Matupa Project and the X1 deposit (Figure 1), with a feasibility
study published in November 18, 2022. The Projects have the same
type of mineralization, representing important potential for
increasing Mineral Resources and Mineral Reserves of the Matupá
Project. Aura made an initial payment of US$500,000 and, if the
results meet its expectations, Aura has the right, but not the
obligation, to complete the acquisition in up to 12 months for
US$9.5 million.
Figure 1: Pé Quente and Pezão Projects location
in proximity to the Matupa Project and the X1 Deposit
Rodrigo Barbosa, President and CEO, commented,
“The Matupá project is located in a highly productive region, known
for its abundant artisanal mining activities. This project
represents the first industrial-scale operation in the area, and
from the outset, our goal has been to consolidate several nearby
deposits into the Matupá project. By leveraging our scale, high
recovery rates, and commitment to environmental and social
standards, we believe that incorporating the Pezao and Pe-Quente
projects into Matupá will result in a significant increase in
resources and reserves through win-win situation for all
stakeholders involved.”
Aura intends to invest approximately U$1.6M in
13,000 meters of drilling over the next 12 months. The program will
focus on infill drilling and possible extensions aiming to confirm
and validate the mineralization continuity and grades.
Projects Highlights
The Pé Quente Project is located approximately
34km from the X1 deposit and is made up of 4 Mineral Rights,
totaling 19,592.78 hectares, which includes gold mineralization
targets. Historical surface sampling, geophysical surveys and
drilling were completed, with 97 holes drilled, totaling 11,781.60
meters. A historical mineral resource was calculated for Pé Quente
in 2011 by Graben Mineracao SA. (current mining permit holder of
property). The historical mineral resource derived from four
separate mineralized zones indicating in situ resource potential
6,257,734 Tonnesgold at 1.28 g/t gold (257Koz.). The final
exploration report including historical mineral resources was
presented to Agencia Nacional de Mineração (ANM) in 2018.
Historical mineral resources do not have any classification
criteria and are not estimated following NI43-101 guidelines and
therefore do not have any economic viability for further economic
assumptions.
The Pezão Project is located approximately 50km
from the X1 deposit and consists of 2 Mineral Rights, totaling
9,131.62 hectares, which also includes gold mineralization targets.
Similar to Pé Quente Project, historical surface sampling,
geophysical surveys and drilling were done by Graben Mineracao SA.
The company also drilled 8 holes, totaling 1,100 meters in the
property. The project claims to contain 370Koz as potential in situ
mineral resources in the final report presented to Agencia Nacional
de Mineração (ANM) in 2018. The project claims to contain 370Koz.
gold as potential in situ mineral resources in the final report
presented to Agencia Nacional de Mineração (ANM) in 2018.
Historical mineral resources do not have any classification
criteria and are not estimated following NI43-101 guidelines and
therefore do not have any economic viability for further economic
assumptions.
The potential in situ mineral resources
presented in the Brazillian technical reports are prepared
internally and not compatible with NI43-101 guidelines. QP has not
done any work to validate historical data and historical estimates
and did not review or have any opinion about the accuracy of
underlying data or any parameters used to estimate or calculate the
historical estimates.
Qualified Persons
The scientific and technical information
contained in this press release has been reviewed and approved by
Farshid Ghazanfari, P.Geo., Geology and Mineral Resources Manager
who is an employee of Aura and a “qualified person” within the
meaning of NI 43-101.
About Aura Minerals
Aura is focused on mining in complete terms –
thinking holistically about how its business impacts and benefits
every one of our stakeholders: our company, our shareholders, our
employees, and the countries and communities we serve. We call this
360° Mining.
Aura is a mid-tier gold and copper production
company focused on operating and developing gold and base metal
projects in the Americas. The Company has 4 operating mines
including the Aranzazu copper-gold-silver mine in Mexico, the EPP
and Almas gold mines in Brazil, and the San Andres gold mine in
Honduras. The Company’s development projects include Borborema and
Matupá both in Brazil. Aura has unmatched exploration potential
owning over 650,000 hectares of mineral rights and is currently
advancing multiple near-mine and regional targets along with the
Serra da Estrela copper project in the prolific Carajás region of
Brazil.
Caution Regarding Forward-Looking
Information and Statements
This press release contains “forward-looking
information” and “forward-looking statements”, as defined in
applicable securities laws (collectively, “forward-looking
statements”) which include, without limitation, expected production
from, and the further potential of the Company’s properties; the
ability of the Company to achieve its longer-term outlook and the
anticipated timing and results thereof; the ability to lower costs
and increase production; the economic viability of a project;
strategic plans, including the Company’s plans with respect to its
properties; amounts of mineral reserves and mineral resources; the
amount of future production over any period; and capital
expenditure and mine production costs.
Known and unknown risks, uncertainties and other
factors, many of which are beyond the Company’s ability to predict
or control, could cause actual results to differ materially from
those contained in the forward-looking statements if such risks,
uncertainties or factors materialize. The Company has made numerous
assumptions with respect to forward-looking information contain
herein, including among other things, assumptions from the
Technical Reports, which may include assumptions on indicated
mineral resources, measured mineral resources, probable mineral
reserves and/or proven mineral reserves, which could also cause
actual results to differ materially from those contained in the
forward-looking statements if such assumptions prove wrong.
Specific reference is made to the most recent 2022 AIF on file with
certain Canadian provincial securities regulatory authorities and
the Technical Reports for a discussion of some of the risk factors
underlying forward-looking statements, which include, without
limitation the ability of the Company to achieve its longer-term
outlook and the anticipated timing and results thereof, the ability
to lower costs and increase production, the ability of the Company
to successfully achieve business objectives, copper and gold or
certain other commodity price volatility, changes in debt and
equity markets, the uncertainties involved in interpreting
geological data, increases in costs, environmental compliance and
changes in environmental legislation and regulation, interest rate
and exchange rate fluctuations, general economic conditions and
other risks involved in the mineral exploration and development
industry. Readers are cautioned that the foregoing list of factors
is not exhaustive of the factors that may affect the
forward-looking statements.
Caution Regarding Mineral Resource and
Mineral Reserve Estimates
The figures for mineral resources and reserves
contained herein are estimates only and no assurance can be given
that the anticipated tonnages and grades will be achieved, that the
indicated level of recovery will be realized or that the mineral
resources and reserves could be mined or processed profitably.
Actual reserves, if any, may not conform to geological,
metallurgical or other expectations, and the volume and grade of
ore recovered may be below the estimated levels. There are numerous
uncertainties inherent in estimating mineral resources and
reserves, including many factors beyond the Company’s control. Such
estimation is a subjective process, and the accuracy of any reserve
or resource estimate is a function of the quantity and quality of
available data and of the assumptions made and judgments used in
engineering and geological interpretation. Short-term operating
factors relating to the mineral resources and reserves, such as the
need for orderly development of the ore bodies or the processing of
new or different ore grades, may cause the mining operation to be
unprofitable in any particular accounting period. In addition,
there can be no assurance that metal recoveries in small scale
laboratory tests will be duplicated in larger scale tests under
on-site conditions or during production. Lower market prices,
increased production costs, the presence of deleterious elements,
reduced recovery rates and other factors may result in revision of
its resource and reserve estimates from time to time or may render
the Company’s resources and reserves uneconomic to exploit.
Resource and reserve data is not indicative of future results of
operations. If the Company’s actual mineral resources and reserves
are less than current estimates or if the Company fails to develop
its resource base through the realization of identified mineralized
potential, its results of operations or financial condition may be
materially and adversely affected.
All forward-looking statements herein are
qualified by this cautionary statement. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements whether as a result of new information
or future events or otherwise, except as may be required by law. If
the Company does update one or more forward-looking statements, no
inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/66626578-ae51-43ea-9110-fee42683672e
For more information, please contact:
Investor Relations
ir@auraminerals.com
www.auraminerals.com
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