Monday, 28th July 2008 (388 views)

Amazon Mining has announced it is to start exploration at its Madeira gold project in Brazil.

A phase one drilling programme is expected to start at the site in the third quarter of 2008.

The mining company said exploration at the project looked promising as it is located in an historic gold producing area.

Between 1975 and 1995, the area around Madeira produced 1.7 million ounces of gold.

In addition, the company said it was not going to continue exploration at the Tocantins gold project.

It said this was because: "Recent exploration results do not indicate that Tocantins is likely to host a gold resource of the size initially targeted."

Last month, Amazon Mining said it had intersected 3.93 g/t of gold across 17 metres at its Tocantins gold project.

Results from the project also include 18.97 g/t of gold across two metres and 9.01g/t of gold across four metres.

 

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