Brazil Gold has signed a binding letter of intent (LOI) to acquire 80% of the Iluminadora Property in the Department of Arequipa in southern Peru.
The property, which is a gold-silver copper mineral system, is comprised of about 30 square kilometers, within which the company has assay results from more than 1,300 rock samples.
Brazil Gold said Iluminadora has a long history of modest production starting with evidence of pre-Colonial mine workings for gold.
These data demonstrate high-grade gold veins, in addition to gold, silver and copper mineralization within hydrothermal and intrusive breccias, stockworks and skarns.
Under the LOI, the company has a 60-day exclusivity period to perform due diligence on the property and to negotiate an option agreement with the property owner.