Centaurus Metals has completed the acquisition of Pará exploration package (EP) in Brazil by exercising its right to acquire 100% of the tenements.

To acquire the 750km² package, Centaurus issued 30 million ordinary shares and 90 million performance rights to its strategic alliance partner, Terrativa Minerais. 

In addition, Terrativa offered a 2% royalty over future production from the tenements. 

Acquired assets comprise the Serra Misteriosa, Serra Vermelho and Serra da Fumaça gold projects, as well as Salobo West and Pebas copper-gold projects. 

Centaurus Metals managing director Darren Gordon said: “This package of ground has every opportunity to provide the company with a major discovery, and to have secured such strategically located tenure in the heart of the world-class Carajás Mineral Province is an extremely pleasing outcome for the company.

"This package of ground has every opportunity to provide the company with a major discovery."

“It’s quite rare for junior companies to have the opportunity to gain access to ground in this province, and we will now look to build on this opportunity by soon commencing an active exploration programme at the Salobo West copper-gold project." 

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By GlobalData

The acquisition was completed after Centaurus fulfilled the earn-in obligation of R$2.5m ($790,000) within the period of two years. 

Currently, the company is working on identifying the most suitable place to locate future drill holes. 

The performance rights granted to Terrativa will be converted to ordinary shares, subject to the fulfilment of certain conditions.