Brazil Resources Inc. (OTCMKTS:BRIZF) has bolstered its gold asset portfolio with the acquisition of Sunward Investments Limited, which owned 100% of the Titiribi Gold copper Project. The acquisition marks yet another milestone for the exploration company, as it continues to work round the clock to uncover new quality gold assets.
Titiribi Mine Acquisition
Brazil resources offered Nova Copper 5million shares for 100% rights to Sunward Investments limited. The transaction also included 1 million share purchase warrants. With each share exercisable at an exercise, price of $3.50 a share.
Investor’s reaction to the acquisition has so far been positive given that the Titiribi mine boasts of several mineralization’s including gold-copper and epithermal mineralization in nine zones. The mine also boasts of 270 diamond drill holes with nine mineralized areas already identified.
Titiribi acquisition also marks an important step on the company’s goal of consolidating quality gold assets
“We are very pleased to complete the acquisition of the Titiribi Project, which we anticipate will deliver significant value accretion to our shareholders,” said Amir Adnani, Chairman of Brazil Resources.
Located in Central Columbia, the Titiribi mine has been the subject of extensive exploration, metallurgical and engineering programs since 2010. Brazil Resources says it will deploy geologists at the mine to outline target areas for follow-on exploration with an eye of pursuing commercial production soon.
Quality Gold Assets
Early this year Brazil Resources announced NI 43-101 gold resource at its Whistler project in Alaska. The gold resource was in addition to a previously reported gold resource for the Island Mountain deposits. The two projects provide the company with exposure to 2.797 Moz gold equivalent and 6.731 Moz gold equivalent. Over C$50 million has so far been spent on the Whistler project
There is no doubt that Brazil Resources Inc. (OTCMKTS:BRIZF) will be able to deliver more shareholder value going forward, once production begins at the Whistler and Titiribi mines. Unfazed by the capture, the company is already looking into the future with an eye on other quality gold assets that could lead to more opportunities.