entaurus Metals (ASX: CTM, “Centaurus” or “the Company”) is focussing activities on a suite of highly prospective exploration properties in the Carajás region of north-eastern Brazil, a major global mining region, predominantly for iron oxide copper gold (“IOCG”) and iron ore deposits, with the region being a pre-eminent host for both styles.
Centaurus’ properties include the IOCG prospective Salobo West Project, just 12km along strike from Vale’s giant 1.2Bt Salobo Copper-Gold Mine (itself an IOCG deposit) and Itapitanga, a Ni-Co laterite prospect adjacent to Anglo American’s 307Mt Jacaré laterite project. A more advanced project is Pebas, considered prospective for high grade structurally controlled IOCG mineralisation, akin to Avanco Resources’ (ASX: AVB, “Avanco”) Antas Norte operation (and discovery), 30km from Pebas. Avanco is currently the subject of a ~A$420 million takeover offer from mid-tier copper miner OZ Minerals (ASX: OZL), with this being at a 120% premium to Avanco’s price immediately prior to the bid. This also is OZ Minerals’ first foray into Brazil, and in our view provides a vote of confidence in the country.