Australian miner Centaurus Metals (ASX:CTM) has secured a new tenement deal that has the exploration potential to discover multiple commodities. The company announced on Wednesday that it had secured the Mombuca Project in the Brazilian State of Minas Gerais, Brazil. The target has the potential for both high-grade gold and iron ore mineralisation. Initial exploration activities have already commenced. The project is located near another asset of the company called Itambè. The region has significant magnetic anomalies.
Centaurus initially explored the Itambè tenement with a sole focus on iron ore. During the exploration, the company found noticeable traces of gold intercepts and decided to shift part of its focus onto gold exploration. The region that the Mombuca and Itambè projects are located in have magnetic anomalies similar in magnitude to the “world class” Itabira Iron Ore Complex, according to the report. In particular, the magnetic signatures in the newly acquired Mombuca project are significant for the region. Processing of the aeromagnetic data has shown that the depth of the anomaly is “reasonably” shallow and is most likely less than 200m.
The miner is now initiating large-scale exploration and geological surface mapping of the region. Managing Director Darren Gordon said the company was excited to uncover what the region had to offer. “This represents the culmination of a lengthy process and enables us to finally get our hands on an exceptional multi-commodity exploration target located just 20km from one of the world’s largest iron ore mines which has also produced a considerable amount of high-grade gold historically as part of its operations,” he said. Shares of Centaurus Metals are up .1c, or 9.09 per cent, at 1.2c per share near the end of trading on Wednesday. CTM has fallen 87.37 per cent in the last 12 months and 76.47 per cent so far this year.