Hochschild exercises option to acquire Brazil project
LSE-listed Hochschild Mining on Wednesday announced that it had exercised its option to acquire a 100% interest in the Monte Do Carmo project from TSX-V-listed Cerrado Gold.
The project is located in Tocantins, Brazil.
In consideration of exercising the option, Hochschild subsidiary Amarillo Mineração will make further cash payments to Cerrado of $30-million. This is in addition to the $15-million which has been deemed paid in respect of the transaction, and a further $15-million payable at certain milestones following closing, giving a total consideration of $60-million.
“Following the successful commissioning and ramp-up of Mara Rosa, I am delighted that we have been able to move the Monte do Carmo project, in the neighbouring state of Tocantins, from option status to a fully integrated part of our project pipeline,” said CEO Eduardo Landin.
The option agreement was entered into in March 2024. The company has executive a 1 704 m twin hole drilling programme. In addition, it has conducted a 4 806 m resource drilling campaign across five prospective mineralised zones.
“We have conducted an extensive exploration and twin drilling programme, which has returned encouraging results, giving us confidence in our ability to define a compelling project. We believe that we have the right team in place to deliver an exciting opportunity for all stakeholders,” he added.
The project comprises 21 mineral concessions encompassing 82 542 ha, hosting multiple identified gold targets along a 20 km mineralised trend, including the principal Serra Alta gold deposit, which hosts a measured and indicated resource of 1.01-million ounces of gold and an inferred resource of 66 000 oz of gold and was the subject of a feasibility study in October 2023.
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