Brazil Minerals, Inc. has announced that it has advanced on mining licensing requirements for its new gold and diamond project in northern Minas Gerais state in Brazil.
On 18 September 2018, the company announced that 35 out of 35 drill holes in a drilling campaign undertaken in the area were visually positive for gold and on 20 September 2018, the company further announced the discovery on such property of a geological band with high probability of extractable diamonds.
Since presenting these news items, Brazil Minerals has hired additional consultants, including an expert in the licensing of new mining projects with regulatory bodies. The company has had positive meetings with such regulators and is now engaged in finalising an application for an initial commercial mining operation in the area.
As of now, Brazil Minerals believes that this area could be revenue-generating within 2Q19.