Brazil Minerals finishes 2nd assessment for new diamond, gold area

Brazil Minerals, Inc. recently completed it second geological assessment for diamonds and gold in a new dry locale in Minas Gerais, Brazil.

The U.S. holding company drilled three 4-inch holes  328 feet apart along a straight line at the site, which is in the Jequitinhonha River valley. All the holes showed evidence of commercially viable gravel containing gold and diamonds. The thickness of the layering of the viable material varied from 3.9 feet to 14.8 feet, and bedrock was hit between 35 feet and 63 feet. 

The company said initial analysis of the findings indicate a strong likelihood of continuity of the gravel layer along the area sampled, but it can't predict if the findings will be consistent throughout the 1,310-acre site that it holds the mineral rights for.

In addition to the geological assessment,  Brazil Minerals also completed all cash payment for its 50 percent ownership in RST Recursos Minerais Ltda., a Brazilian company with 10 mining concessions and 12 other mineral rights for diamond and gold in the Jequitinhonha River valley.