Brazauro Resources Corporation is a publicly listed company (TSXV: BZO) with three gold properties in the Tapajós district of Pará State in Brazil.
The Company made a major gold discovery in 2004 at its 100%-controlled Tocantinzinho property (“TZ”). Drilling since that time has expanded the discovery significantly. Out of 97 diamond drill holes, 85 defined gold mineralization. In December, 2007, the company announced a 43-101 compliant indicated and inferred resource of 52 million tonnes @ 1.25 g/t gold for a total of >2.1 million ounces of gold. In July, 2008, Brazauro signed an option agreement with Eldorado Gold Corporation, whereby Eldorado can earn up to 75% of the TZ project for a total of C$ 123 million in expenditures and cash-payments.
Brazauro continues to explore for other promising properties in the greater Tapajós Region, including the Bom Jardim area for which the company recently was issued 38,000 hectares of Exploration Licenses by the DNPM and has entered into an agreement to acquire approximately 22,000 more hectares of Exploration Licenses from Gold Fields Ltd. This agreement will soon be finalized and Brazauro will then control 60,347 hectares at Bom Jardim.
Recently Brazauro signed an option agreement to acquire 100% of the Piranhas property for 20,430 hectares located just 20 kilometers southwest of the TZ property. Unofficial output of this property has been reported as more than 800,000 ounces of gold.