State of Para, Brazil
70km SE of the town of Novo Progresso
High grade gold
On May 6, 2016 Anfield Gold Corp (formerly Anfield Nickel Corp) acquired Magellan Minerals Ltd. Anfield’s Strategic plan includes development and commissioning of the Coringa gold project in Para State, Brazil and acquiring other gold projects to build a mid-tier gold mining company
Anfield Gold is a Vancouver based mineral exploration company, whose shares are traded on the TSX Venture Exchange under the stock symbol “ANF”
The project is located north central Brazil in the mining friendly state of Para, 70 km SE of Novo Progresso (approx. 30,000 people). Access is via the paved BR-163 highway and gravel roads. There is a 1000 metre long air strip, a field camp, core storage and logging facility on the property.
Magellan had previously entered into a purchase agreement with Troy Resources to acquire Troy’s gold processing plant and associated mining equipment at its Andorinhas mine also located in Para state. The processing plant and mining fleet has been moved to the Coringa property.
A Feasibility Study ("Study") for Coringa that incorporates the Andorinhas plant was completed in July, 2017. The proposed 450 tonne/day mine will operate over an 4.8 year period with average annual gold production of 32 thousand ounces. Initial capital costs are estimated at US$28.8 million, with life-of-mine capital costs of US$27.7 million. At a gold price of US$1,250/oz the project generates an after tax net present value (NPV) at a 5% discount rate of US$30.5 million and an internal rate of return (IRR) of 30.1%.
Late 1970 - 1991 local miners (garimpeiros) recovered gold from alluvial workings and small surface pits on many of the quartz veins. A local prospector staked the area in 1990 which was acquired by Chapleau/Magellan in 2006. Between 2007 and 2012 they carried out extensive exploration programs which included: airborne magnetic, radiometric and EM surveys, surface IP surveys, stream, soil and rock sampling, trenching and diamond drilling (179 holes - 28,436 metres).
Leo Hathaway, P.Geo, a "qualified person" within the definition of that term in NI 43-101, has reviewed and approved the scientific and technical information contained on this page.