Brazil Minerals Completes Initial Geological Assessment for Gold, Diamonds

Brazil Minerals Inc. (OTCBB:BMIX) announced that it’s finished the first phase of geological assessment for diamonds and gold in a dry area near Brazil’s Jequitinhonha River.

As quoted in the press release:

In total, six holes were drilled, each spaced by 50 meters, and with an average depth of 12.6 meters. The distance between the two outermost holes was 250 meters. All six holes showed presence of varying depths of commercially-viable gravel containing diamonds and gold. In our geologist’s opinion, there is continuity of this type of gravel layer within the entirety of the line drilled. In relative terms, this researched area is small compared to the total surface area of this mineral right, which measures 5.3 million square meters or 1,310 acres.

The company also states:

Historically, 97% of diamonds retrieved by BMIX in its properties are gem-type diamonds, and only 3% are industrial-type diamonds. We have sold our own polished diamonds to jewelry stores without the need to have them graded. For other buyers, we have certified and graded our polished diamonds at the Gemological Institute of America (‘GIA’). All of our diamonds submitted to GIA have been certificated and returned graded.

While the results described today are strong, and have defined potential initial mining locales, we cannot make any assumptions about the extent to which similar results will be seen for the remainder of this large mineral area, or that substantial and prolonged revenues from diamonds or gold will be extracted from this area.

Click here to read the full Brazil Minerals Inc. (OTCBB:BMIX) press release.