Australian Mines’ Boa Vista Earn-In Hinges on Upcoming Drilling Success

Exploration Breakthrough in Brazil’s Tapajós Gold Province

Australian Mines Limited has provided a detailed update on its Boa Vista Gold Project, situated in Brazil’s renowned Tapajós Gold Province; a region historically responsible for over 30 million ounces of gold production. The company’s recent exploration activities, comprising 26 diamond drill holes, have confirmed extensive gold mineralisation with encouraging high-grade intercepts, reinforcing the project’s potential as a significant open-pit gold deposit.

The historic resource at the VG1 prospect within Boa Vista stands at 8.47 million tonnes grading 1.23 grams per tonne gold, equating to approximately 336,000 ounces. Notably, this resource remains open in all directions, with mineralisation traced along a 600-metre strike and up to 85 metres wide, drilled to depths of 120 metres. Australian Mines’ exploration team highlights the presence of shallow, high-grade en-echelon structures that could enhance overall grades and improve project economics.

Strategic Earn-In and Planned Exploration Activities

The company has entered a staged earn-in agreement to acquire up to an 80% interest in the Boa Vista project. This arrangement includes a minimum exploration spend of A$4.5 million over three years, with phased diamond drilling targets set at 6,000 metres. The initial phase will focus on testing strike extensions, depth extensions of high-grade zones, and infill drilling to refine the resource model. Complementary LiDAR and high-resolution drone magnetic surveys are also planned to enhance geological understanding and target generation.

Australian Mines is advancing applications to convert exploration licences into mining concessions, with licences currently in good standing with Brazil’s National Mining Authority. The project benefits from favourable logistics, including road access during the dry season, wet season barge access, and a nearby airstrip, supporting future development prospects.

Favourable Metallurgy and District-Scale Potential

Metallurgical testing has demonstrated excellent gold recovery rates exceeding 95%, with gravity recovery up to 60% and no deleterious elements detected. These attributes bode well for potential open-pit mining operations. The broader 9,201-hectare tenement package hosts multiple high-priority geophysical and geochemical anomalies, alongside historical artisanal mining sites, underscoring the district-scale opportunity.

Adding to the project’s appeal, GoldMining Inc., a partner operating nearby at the São Jorge project just 80 kilometres away, is actively drilling, highlighting the region’s exploration momentum. Australian Mines’ management team, including experienced geologists and corporate advisors, is well positioned to advance Boa Vista through its next phases of exploration and resource definition.

Looking Ahead

With a modest market capitalisation of approximately A$15.4 million and a share price around A$0.011, Australian Mines is leveraging its strategic earn-in to unlock value from Boa Vista’s under-explored gold potential. The upcoming drilling campaigns and resource updates to JORC 2012 standards will be critical milestones to watch, alongside environmental and baseline studies that will pave the way for future development decisions.