ValOre Metals aims to create a nearly 1,000 sq. km precious metals district in Ceará, Brazil, through the acquisition of South Atlantic Gold. The deal, valued at $2.7 million, merges two similar Pedra Branca projects. CEO Jim Paterson emphasizes the importance of this merger and the company’s active pursuit of opportunities.
ValOre Metals (TSXV: VO) is set to develop an extensive precious metals district spanning nearly 1,000 square kilometers in Ceará, Brazil. According to Chairman and CEO Jim Paterson, on February 14, 2023, the company executed a letter of intent to acquire all common shares of South Atlantic Gold through the issuance of 38.5 million shares, which is valued at approximately $2.7 million (US$1.9 million).
This acquisition will merge the two Pedra Branca projects, which share similar geological characteristics, infrastructure, and community connections. In an interview at the recent PDAC show in Toronto, Paterson expressed enthusiasm regarding the necessity of this merger, stating, “Bringing together these two projects is long overdue.” He further mentioned his engagement in multiple ventures, emphasizing the company’s proactive efforts to unlock the potential of platinum-group metals in Brazil.
In conclusion, ValOre Metals is strategically enhancing its portfolio by merging two significant projects in Brazil’s Ceará state, demonstrating its commitment to developing a substantial precious metals district. The acquisition of South Atlantic Gold marks a significant milestone in their expansion efforts, as highlighted by CEO Jim Paterson’s remarks on the timely nature of this consolidation. ValOre’s proactive approach positions it favorably in the competitive landscape of platinum-group metals.
Original Source: www.northernminer.com
