Ardent Mines Ltd. expects to buy mineral rights in north-central Brazil next month, the U.S.-based company said Wednesday.
Ardent will acquire mineral rights in a 10,000-hectare area, known as Misty Hills, in the Carajas Mineral Province, state of Para, via its Gold Hills Mining Ltda., its wholly owned Brazilian unit.
Ardent Mines expects to begin the initial exploration campaign at Misty Hills in six to eight months once further geology work is completed and exploration permits are secured. The total investment for the initial campaign is expected to be between $5 million and $10 million.
Millions of tons of copper and millions of ounces of gold resources have been confirmed in areas which are in the same region as Misty Hills, said Luciano Borges, president of Gold Hills Mining Ltda., board member of Ardent and former vice minister of mines in Brazil.
New significant discoveries are still being made in the area. We look forward to commencing our exploration campaigns here at Misty Hills, as well as at our other property, Serra du Ouro (Gold Hills), where we are beginning to define drilling targets.