Brazil Minerals, a U.S. diversified company with projects in various minerals in Brazil, announced its extensive drilling campaign in one of its several mineral rights yielded alluvial material with a high likelihood for diamonds in over 57% of the drill holes executed. The project is located in the Jequitinhonha River Valley in northern Minas Gerais state in Brazil. Marc Fogassa, CEO of Brazil Minerals, stated, “Our identification of an initial diamond-rich zone within a gold mineralization area is a very good outcome. It is relevant to note that this particular mineral right has 1,310 acres and this drilling campaign covered only a small portion of such area.”
Brazil Minerals drilled 35 holes spaced 30 to 50 meters apart, and all of the drill holes were positive for fine gold, the company states. Further analysis of the results and inspection of collected samples indicate there is a diamond-rich zone in the area as well. Satellite markers for diamonds, such as limonite, rutilite and tourmalinite, among others, were observed in all samples recovered within this diamond-rich zone. The area where this mineral right is located has been a well-known source of gem-quality alluvial diamonds for over two centuries. In January of this year, it entered into a joint venture concerning primary diamond sources in Brazil to be developed by Artemis Diamond Corporation, a diamond-focused company. The areas announced here contain 92,961 acres and thirteen known kimberlites and the project is in the late stage of permitting with the Brazilian national mining department after diamonds were confirmed.
In 2015, RST Recursos Minerais Ltda., a unit of Brazil Minerals Inc., secured a permit from local authorities valid for four years to initiate diamond and gold mining in the area of the Jequitinhonha River.