Aura buys two projects near Matupá gold property in Brazil

The Matupá project is located in the Juruena-Teles Pires gold province, Brazil. Credit: Aura Minerals

Mid-tier gold-copper miner Aura Minerals (TSX: ORA) recently acquired two projects in the state of Mato Grosso, Brazil, with a view of bolstering the mineral resource at its Matupá growth project.

The 253-sq.-km. Matupá property comprises nine mineral rights within the Ouro Alta Floresta province, hosting the X1 and Serrinhas gold deposits. A feasibility study from November 2022 outlined an open-pit mine that would produce 293,000 oz. of gold annually over a seven-year life.

The Matupá feasibility is based on an estimated mineral resource of 331,000 oz. in the measured and indicated category and total reserves of 309,000 oz., which the company believes can increase “significantly” by incorporating surrounding projects.

According to Aura’s CEO Rodrigo Barbosa, the Matupá project is located in a highly productive region that is 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,” he said.

The two new projects — Pé Quente and Pezão — are located within a 50 km radius of Matupá and the X1 deposit, and have the same type of mineralization. They comprise a total of six mineral rights for approximately 286 sq. km.

The Pé Quente project has a historical mineral resource derived from four separate mineralized zones indicating in situ resource potential of 6.3 million tonnes at 1.28 g/t gold for 257,000 oz, while the Pezão project is said to contain 370,000 oz. as potential in situ mineral resource.

To acquire the projects, Aura made an initial payment of $500,000, and if exploration results meet its expectations, the company has the right to complete the acquisition in up to 12 months for $9.5 million.