Bayan Mining and Minerals (ASX:BMM) has applied for an exploration permit for a package of tenements known as the Pepita Project, covering 13,406 hectares in Southern Brazil.
The company says the licence application area is bordering the most prominent gold anomaly in the district, which was never followed up after initially being uncovered through government sampling data.
Bayan Mining and Minerals is targeting highly prospective gold mineralisation within the Santo Afonso Granite Suite, which is distributed across eight claims.
Gold mineralisation within the region is closely associated with significant structural controls, including shear zones and fault systems.
Bayan Mining and Minerals says this decision is based on a detailed review of geological, geochemical, and structural data including government sampling data which indicates potential for gold mineralisation.
Executive Director Fadi Diab says the Santo Afonso Suite presents a compelling exploration opportunity with its favourable geological setting and proximity to known gold anomalies.
“Our initial focus will be on validating the existing geochemical and structural data through systematic fieldwork, ensuring we maximise the potential of this strategic acquisition,” Diab says.
“We look forward to advancing our exploration efforts and uncovering the true value of this promising region.”
The company is prioritising following up on the 2,870 parts per billion gold in soil anomaly, which sits on the border of the Pepita Project, with the aim of defining drill targets.
Meanwhile, Bayan Mining and Minerals also conducted a strategic review of its portfolio, and as a result, has elected to withdraw its exclusive option to acquire the Tango Lithium Project in Canada.
The company says this decision aligns with its priorities and in light of the recent gold and silver staking opportunities in the US and Brazil, Bayan is focusing its resources on those assets.
Bayan Mining and Minerals is a mineral explorer focused on its portfolio of projects considered prospective for gold and silver in Nevada in the US, and Brazil.
Write to Aaliyah Rogan at Mining.com.au
Images: Bayan Mining and Minerals
