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Pacific Bay Minerals Ltd Files Technical Report and Signs Extension on Letter of Intent to Acquire Pereira-Velho Gold Property in Alagoas State, Brazil
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2025) - Pacific Bay Minerals Ltd. (TSXV:...
About this update from Pacific Bay Minerals Ltd.
[{"type":"text","content":"Pacific Bay Minerals Ltd Files Technical Report and Signs Extension on Letter of Intent to Acquire Pereira-Velho Gold Property in Alagoas State, BrazilVancouver, British Columbia--(Newsfile Corp. - May 29, 2025) - Pacific Bay Minerals Ltd. (TSXV: PBM) (\"Pacific Bay\" or the \"Company\") is pleased to announce the signing of an extension to the previously announced non-binding Letter of Intent (\"LOI\") with Appian Capital Advisory LLP (\"Appian\") to acquire a 100% interest in the Pereira Velho gold project (the \"Project\") located in Alagoas State, Brazil. The Acquisition includes 11 mineral claims totaling 14,596 hectares. The Company is also pleased to announce the filing of the related 43-101 technical report related to the Pereira-Velho Gold project.The ProjectThe Pereira Velho Project lies in inland Alagoas State-an emerging gold and base metal jurisdiction in northeastern Brazil where copper ores and concentrates rank as the state's second-largest export*. The Project is strategically positioned just 25 kilometers from the Serrote Copper Mine, which was recently acquired by Baiyin Nonferrous for USD $420 million, underscoring the district's development potential and growing strategic importance.With paved highway access, grid power nearby, and proximity to the city of Arapiraca (population 230,000+), Pereira Velho benefits from infrastructure and a skilled local workforce that supports cost-effective exploration and development.Established Mineralization in a Large, Underexplored Land PackageThe 14,596-hectare land position hosts a >2.5-kilometer gold-in-soil anomaly and has seen 6,363 meters of diamond drilling across 47 holes from 2018 to 2022. Historical results confirmed widespread, near-surface gold mineralization hosted within fractured quartzite and gneiss units.This work underpinned a historical resource estimate filed with the Brazilian National Mining Agency (ANM) in 2023. The estimate includes 23,700 ounces (1,156,000 tons at 0.64 g/t Au) of gold in the Measured category , 44,200 ounces of gold (969,000 tons at 0.66 g/t Au) in the Indicated category, and 40,500 ounces (2,098,000 tones at 0.6 g/t Au) in the inferred category in oxidized materia and highlights the presence of free gold, supporting the potential for low-cost, open-pit, heap leach-style development.Measured  Tons (000's)Grade (g/t)Ounces ...