Vancouver-based Magellan Minerals (TSX-V: MNM) has signed a binding LOI to form a 50:50 JV with private company ECI Exploration and Mining for mineral properties located in Brazil's Mato Grosso state, the former said in a statement.Magellan and ECI have agreed to contribute their respective mineral claims located in Mato Grosso for exploration by the JV and to each fund a minimum of Cdn$250,000 (US$241,477) in exploration expenditures on the properties that are subject to the JV during the initial 12 months from the signing of the LOI.
Magellan also has the Cuiu Cuiu and Coringa gold projects in Brazil, where drilling is currently in progress with three rigs.
ECI is a gold, silver and associated base metal exploration company with properties in Brazil, Mexico and Chile.
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Toronto-based Rio Novo Gold (TSX: RN) reported additional results from its ongoing drilling program at the Almas gold project in Brazil's Tocantins state.
To date, 112 diamond drill holes have been completed totaling 14,876m out of the approximately 29,000m planned for completion by November.
Infill drilling at the Paiol target returned 24m at 0.8g/t, including 16m of 1.09g/t; and 45m grading 1.71g/t, including 23.1m at 2.67g/t.
Results from the Arroz target infill drilling program included 11.8m of 2.54g/t, including 5m at 4.00g/t; and 19.2m grading 1.45g/t.
Rio Novo also has the Guaranta gold project in Mato Grosso state.
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Vancouver-based AQM Copper (TSX-V, Lima: AQM) announced the discovery of a new mineralized zone at the Sicera Sur satellite target, roughly 6.5km west of the Main zone at the Zafranal project in Peru.
Drilling returned 36m of 0.29% copper and 48m of 0.64% copper.
Sicera Sur remains open in all directions, including depth, and the company expects to carry out an exploration and drilling program to determine the extent of copper mineralization there in the near future, AQM said in a statement.
Zafranal is held by AQM and compatriot Teck (TSX, NYSE: TCK) under a 50:50 JV agreement with AQM as the operator.
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UK-based Patagonia Gold plc (LSE: PGD), via local subsidiary Patagonia Gold SA, has purchased the Estancia El Rincon property in Argentina's Santa Cruz province, which holds the Lomada de Leiva heap leach gold project and other gold prospects, the company said in a statement.
The purchase price was US$804,000, of which half was paid at completion with two further installments of US$201,000 due in October 2010 and April 2011, the statement said, adding the agreement includes a sale back to the sellers after mining and/or exploration have ceased for a period of two years (except in cases of force majeure).
The Lomada project contains an NI 43-101 compliant resource of 237,000oz gold based on a positive scoping study.
Highlights of the study include pre-production capital of US$8.5mn and output of 21,000oz/y over a seven-year minelife.
In April, the provincial mining department approved the EIS and issued the necessary permit for a 50,000t trial heap leach operation at Lomada, the statement said. Construction of the trial heap leach is scheduled to start in September with first gold production 1Q11.
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Toronto-based US Gold (Amex, TSX: UXG) announced assay results for 15 new drill holes at the El Gallo project in Mexico that were designed to increase the total number of ounces beyond the initial NI 43-101 resource estimate released on July 6.
The best drill hole returned 577g/t of silver over 24.0m and 142g/t silver over 12.8m, US Gold said in a statement.
To date, the majority of the silver mineralization at El Gallo is in the Main zone, which is the primary target for discovering additional ounces, the statement said.
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Panama-based Bellhaven Copper & Gold (TSX-V: BHV) announced that the company's first drilling program in Colombia is now underway at its La Mina porphyry gold-copper project.
The 2,000m program is focused on the La Cantera target, the company said in a statement.
Bellhaven has entered into an option agreement to acquire 100% of two contiguous properties providing the surface rights to a 672,500m2 area over the La Mina concession. The total price is US$500,000 and is due within 12 months.
By Mark Helmantoler
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