Bahia Nickel is pleased to announce the signing of the Mineral Exploration Contract with Companhia Baiana de Pesquisa Mineral (“CBPM”) on December 13th, 2021 for the exploration of the Caboclo dos Mangueiros nickel sulfide project located in Bahia. CBPM is known as the Mineral Research Company for the State of Bahia, Brazil.
Following a public auction process, Bahia Nickel won the right to conduct further research into the Mangueiros project for 3 years. After this period, Bahia Nickel will be able to sign a Mineral Leasing Agreement for 20 years, with the option to extend it for an additional 10 years, allowing the mining operation of the mineral deposit.
Mineral Exploration Contracts with CBPM have similar terms as other successful mining companies in the state, such as Maracás from Largo Resources, Santa Rita from Atlantic Nickel, Santa Luz from Equinox Gold, and Irecê Phosphate from Galvani.
Located in the northern part of the mining-friendly state, Caboclo dos Mangueiros is an exploration project for nickel, copper, and cobalt deposits. CBPM has already performed 3,051m of drilling into the main target, confirming the existence of continuous mineralization on a shallow ultramafic body that has approximately 3,000m x 1,000m.
Bahia Nickel plans to continue to advance with exploration campaigns beginning in Q1-2022, including in-fill and step-out diamond drilling, soil geochemistry, ground magnetics, and gravimetry surveys.
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(announcement released 15 December 2021)