Jupiter Gold Corporation Reports Positive Drilling Results at its Paracatu Gold Project
BELO HORIZONTE, Brazil, Nov. 27, 2018 /PRNewswire/ -- Jupiter Gold Corporation (OTC: JUPGF) ("Jupiter Gold") today reported that in its 100%-owned Paracatu Gold Project in Brazil the geochemical results from an initial extensive drilling campaign were indicative of gold mineralization. Given this result, Jupiter Gold is currently permitting this project for a commercial mining license.
Highlights
- The Paracatu Gold Project is 100%-owned by Jupiter Gold.
- An initial extensive drilling campaign of the Paracatu Gold Project was conducted.
- 18 of 23 drilled holes using a rotary drill were positive for gold by both visual inspection and confirmed by geochemical analysis (Fire Assay Atomic Absorption protocol) at an SGS-Geosol laboratory.
- Permitting for an initial commercial mining license is currently underway.
- Jupiter Gold's Paracatu Gold Project is located only four miles from the largest gold mine in Brazil, Morro do Ouro (Gold Hill), owned and operated by Kinross Gold Corporation, a major global mining company. Morro do Ouro is an open-sky operation with annual production of 480,000 ounces of gold; its gold ore body was sized at 16,000,000 ounces of gold, according to published reports.
Background
Jupiter Gold is focused on opportunities in Brazil, a favorable jurisdiction with a well-established mining code. Jupiter Gold is a project generator and plans to use capital judiciously. Today Jupiter Gold's 100%-owned mineral landbank totals over 95,000 acres in six projects as shown in the figure below, where the Paracatu Gold Project is also highlighted. Jupiter Gold currently has 4,634,599 common shares issued and outstanding. It has raised only equity to date and has no debt.
Details
The Paracatu Gold Project is comprised of a 795-acre mineral right which is 100% owned by Jupiter Gold, and located within the municipality of Paracatu, in the northwestern part of the state of Minas Gerais in Brazil, a known area for gold since 1722. This mineral right encompasses an alluvial plain along the "Córrego do Rico" ("Rich Man Creek" in translation), which drains the gold deposit located 4 miles upstream known as "Morro do Ouro" ("Gold Hill"), an ore body of 16,000,000 ounces of gold according to publicly-available reports. The Morro do Ouro open-sky mine is currently owned and operated by Kinross Gold Corporation and produces 480,000 ounces of gold annually.
The Paracatu region is a premier gold district in Brazil. In the map below, Jupiter Gold's Paracatu Gold Project is identified by a blue star. Gold areas owned by Kinross Gold and Nexa Resources have green and red stars as identifiers, respectively. Current mining concessions ("Portaria de Lavra") and pre-mining concessions ("Requerimento de Lavra") are also identified. Jupiter Gold has no affiliation with either Kinross Gold or Nexa Resources.
Jupiter Gold's geologists had initially planned for an exploratory drilling campaign for the Paracatu Gold Project with six drill holes spaced 100 meters apart. Upon initial drilling, immediate visualization of fine gold in several holes resulted in the decision to expand from an exploratory to a detailed drilling campaign. A total of 23 holes spaced 25-30 meters were drilled using a Banka 4-inch percussion rotary drill. Gold was visualized in 18 out of the 23 drill holes executed. Fine gold was observed within gravel at depths varying from 0.5 meters (app. 20 inches) to 7.8 meters (app. 26 feet). Samples were submitted to the SGS-Geosol laboratory unit in Belo Horizonte, Brazil, where geochemical analysis was performed by Fire Assay Atomic Absorption protocols, and 18 of 23 drill holes were confirmed positive for gold.
About Jupiter Gold Corporation
Jupiter Gold Corporation (OTC: JUPGF) ("Jupiter Gold") is focused on gold projects in Brazil. It has title to eleven mineral rights in Brazil encompassing a total surface area of over 95,000 acres and owns an operational plant for secondary-type gold recovery. Jupiter Gold has recently begun trading in the U.S. over-the-counter market with ticker symbol JUPGF and its shares may be transacted through various brokers-dealers such as TD Ameritrade, Inc., Glendale Securities, Inc. and Charles Schwab Corp.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Jupiter Gold Corporation's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Brazil, general economic conditions, geopolitical events and regulatory changes, availability of capital, Jupiter Gold Corporation's ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. We advise U.S. investors that the Paracatu Gold Project, as of now, does not have measured "reserves" as such term is defined in the Securities and Exchange Commission's Industry Guide 7.
Contact:
Jupiter Gold Corporation
[email protected]
Telephone (Brazil): +55-31-3956-1109
Telephone (USA): +1-213-321-6065
Email: [email protected]
Website: www.jupitergoldcorp.com
SOURCE Jupiter Gold Corporation
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