Centaurus Metals (ASX: CTM) is continuing to pursue a strategy of acquiring prospective iron ore projects close to open access infrastructure, with the purchase of an exploration project in north-eastern Brazil.
The Curral Velho Iron Ore Project comprises six tenements covering 83 square kilometres in the State of Paraiba, about 350 kilometres from the major Suape port and 60 kilometres from the new Transnordestina rail system.
Iron mineralisation has been identified over 6 kilometres strike at Curral Velho, within total prospective strike length of 20 kilometres.
Rock chip sampling has returned average grades of itabirite iron mineralisation at surface of between 30% and 40% iron.
Based on the rock chip results and initial field mapping that is underway now, Centaurus has set an exploration target of between 30 and 40 million tonnes grading 30% to 40% iron.
Centaurus has acquired Curral Velho through a tenement swap agreement, enabling the company to realise value from its last non-core copper gold exploration project in Brazil.
In exchange for its interest in Curral Velho, Centaurus will transfer its interests in the Caçapava Copper/Gold Project in southern Brazil to a group company of the project vendor.
Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.