Verena Minerals (VMCO-C) has signed a deal with Ouro Brasil (OOB-V) to boost its interest in a 36,000-ha gold exploration property in Brazil.
In order to increase its interest in the Conceicao de Norte prospect to 50% from 16.6%, Verena will pay Ouro Brasil US$230,000 during the next year.
Little exploration has been conducted on the property, which is situated on a greenstone belt, though state-owned Metago once conducted a stream-sediment survey nearby that identified a “strong gold anomaly associated with known gold occurrences.” Verena reports that the gold anomaly extends onto its concession.
An airborne geophysical survey is expected to begin soon, followed by regional mapping, sampling and ground geophysical programs.
This deal is subject to an agreement Verena has with Teck (tek-t), in which the major can earn a 50% interest in up to three of Verena’s Brazilian deposits by conducting feasibility studies and securing production financing.
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