Jupiter Gold Corporation announced that it has received a primary mining license for its Paracatu Project in the state of Minas Gerais, Brazil.
The Brazilian government official gazette (“Diário Oficial da União) published in its July 29th, 2019 edition the granting to the Brazilian subsidiary of Jupiter Gold of the “Guia de Utilização” number 111-2019 pertaining to its Paracatu Project mineral right number, allowing commercial mining for gold in up to 50,000 tons per year for three years. This category of licensing can be expanded or renewed. Jupiter Gold’s subsidiary holds the title of this mineral right.
Brazil Minerals, Inc. presently has a 47% ownership stake in Jupiter Gold.
Jupiter Gold is the sole owner of the Paracatu Project. It comprises a 312.66-hectare (773-acre) mineral right situated within the municipality of Paracatu, a recognized area for gold since 1722. This mineral right includes an alluvial plain along the “Córrego do Rico” (Rich Man Creek), which drains the gold deposit situated 4 miles upstream called “Morro do Ouro” (Gold Hill), an ore body of 16,000,000 oz. of gold according to public records.
The Morro do Ouro open-sky mine is presently owned and run by Kinross Gold Corporation and yields more than 500,000 oz. of gold annually based on published reports.
Jupiter Gold’s geologist had at first scheduled for an exploratory drilling campaign for the Paracatu Gold Project with six drill holes spaced 100 m apart. Upon preliminary drilling, instant visualization of fine gold in a number of holes led to the decision to expand from an exploratory to a full drilling campaign.
A Banka 4-inch percussion rotary drill was used to drill a total of 23 holes spaced 25 to 30 m apart. Gold was visualized in 18 out of the 23 drill holes that were drilled. Fine gold was noticed within gravel at depths varying from 0.5 m (approximately 20″) to 7.8 m (approximately 26 ft).
Samples were sent to the SGS-Geosol laboratory unit in Belo Horizonte, Brazil, where a geochemical examination was carried out by Fire Assay Atomic Absorption protocols, and 18 of 23 drill holes were established as positive for gold.