The Faina Goldfields Project (Faina Project) is located in the central Brazilian state of Goiás. The Faina Project lies in a rich but under-explored area which has yielded numerous multi-million ounce deposits such as the AngloGold Ashanti’s (AngloGold) world-class +5Moz Serra Grande mine and Yamana Gold’s (Yamana) +6Moz Chapada Gold/Copper/Silver mine.
The Faina Project has all the hallmarks of an emerging mining hub, potentially with multiple production centres.
The Faina Project consists of a large tenement package of approximately 200km2 that encompasses the key Cascavel, Sertão and Tinteiro Projects, as well as numerous advanced gold exploration targets including Española, Elisio, Antenna and Xupe.
Exploration within the Faina Project is underpinned by Orinoco’s regional exploration Joint Venture (JV) agreement with Brazil’s largest gold miner, AngloGold.
Under the terms of the JV agreement, AngloGold may earn up to a 70% interest in the Faina Project, excluding the Cascavel Gold Mine (Cascavel), by spending up to US$9.5 million on exploration over three years.
In addition, AngloGold has the right to negotiate an agreement to earn up to a 50% interest in Cascavel for a period of nine months.
The wide-ranging agreement with AngloGold represents a strong endorsement of the quality and potential of Orinoco’s tenement position in the Faina greenstone belt from one of the world’s largest and most successful gold mining companies.
AngloGold brings the expertise and financial capacity required to unlock the broader potential of this highly prospective ground package, whilst ensuring Orinoco retains strong exposure to any new discoveries.