The Faina Goldfields Project (Faina Project) is located in the central Brazilian state of Goiás. Goiás is a well-established gold mining province, with several major mines operating within the State’s northern greenstone belts including AngloGold Ashanti’s (AngloGold) 3.6Moz Crixás Mine and Yamana Gold’s 2.3Moz Pilar Mine.
Collectively, Goiás’ northern greenstone belts have delivered total gold production of 5.7 million ounces of gold and are entirely controlled by the major gold producers AngloGold and Yamana Gold.
However the Faina greenstone belt, located in southern Goiás, remains largely unexplored.
Orinoco controls the majority of the Faina greenstone belt, which 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 Cascavel Gold Mine (Cascavel), as well as numerous advanced gold exploration targets including Sertão, Antena/Xupé, Eliseo, Española and Tinteiro.
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 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.
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.