Amarillo Gold (TSXV: AGC) announced that it submitted an application for the Installation License or LI for the Mara Rosa project located in central Brazil.
The application was made before the Goias State Environmental Secretary and, if greenlighted, it authorizes the installation of the project or activity according to the specifications contained in the plans, approved programs, designs, and control measures under the previously granted Pre-License o LP, which approved the environmental impact assessment for the project.
According to the Canadian miner, this LI is the only major outstanding permit required to commence mine construction at Mara Rosa.
“With this application, we expect to receive the LI by mid-2020 and commence construction of the Mara Rosa project shortly thereafter,” Amarillo’s president and CEO, Mike Mutchler, said in a media statement. “We have already engaged Auramet to assist us in sourcing project financing, and with the completion of the FS in Q1 2020, we expect to be in a position to conclude definitive financing arrangements in conjunction with the receipt of the LI.”
Mutchler emphasized that based on the NI 43-101 Pre-Feasibility Study 2018, the Posse Deposit at Mara Rosa contains estimated 513,000 ounces of gold in the proven category from 9.6 Mt at 1.65 g/t Au, and 574,000 ounces gold in the probable category from 14.2 Mt at 1.26 g/t Au, for total estimated reserves of 1,087,000 ounces from 23.8 Mt at 1.42 g/t Au.