Gold Price: US $1,170.8/ounce
Mato Velho is located in the state of Pará in northern Brazil and can be accessed by traveling 1070kms north from Cuiaba to the town of Novo Progresso, on the BR 163 which is largely paved. Mato Velho is located 60kms south of Novo Progresso and is accessed via a farm trail which heads northeast for 35kms from the BR-163.
Seven northwest-southeast striking shear zones with quartz veins have so far been identified and have strike lengths of up to 1.7km and cut acid volcanic rocks. The shear zones vary in width from 30 centimeters to several metres and are variably associated with pyrite and minor amounts of chalcopyrite and galena. The majority of the zones have not been explored or mined beneath the zone of oxidation.
To date a total of 13 diamond drill holes totaling 1979.40 m have been drilled. This drilling has been successful in:
A 3,140 line kilometer airborne magnetic, gradiometric and radiometric geophysical survey has also been completed over the Mato Velho and Coringa projects. Preliminary interpretations of the magnetic data confirm a 20km north-trending structural zone with which the current northwest trending Coringa and Mato Velho gold mineralized shear zones are closely associated. The significance of other northwest, northeast and east trending structures on gold mineralization is currently being investigated.
Mato Velho - Selected Drill Holes
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