BELO HORIZONTE, Brazil, Nov. 13, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE - Jupiter Gold Corporation (OTC: JUPGF) (“Jupiter Gold” or the “Company”) announced today that it has begun the confirmatory field work to revalidate the reported 64,000 ounces of gold mineralization in its recently announced project in Brazil, referred to as “Alpha Project”. Under the supervision of geologists, mining engineers, and an environmental licensing expert, the initial field work at Jupiter Gold’s Alpha Project encompassed careful analysis of all observed sites where prior trenching and drilling was done in the period from the late 1990’s to 2004 by a prior owner. In particular, a specialized field geologist descended 70 feet and 60 feet in two shafts, each separated 60 feet from the other. On the walls of both shafts, quartz with veins consistent with potential for primary gold was seen. Attached to this release are photographs of one of the shafts and a detail of the shaft wall.
Photos accompanying this announcement are available at
Mr. Areli Nogueira, the Company’s senior geologist at the Alpha Project, commented, “This initial field study was extremely positive, with indications pointing to secondary gold in saprolite and primary gold in quartz at deeper levels. It is fairly well known that rock formations in this general geological area contain gold mineralization in the form of quartz veins and boudins, and our visual inspection was certainly consistent with that.”
The prior owners of the Alpha Project pursued detailed geological trenching and drilling, and their official report filed with the Brazilian mining authorities quantified 64,000 ounces of potential gold mineralization with an average of 1.54 g/t of gold in the area studied. As discussed in a prior release, at the time of such study, gold was priced at less than one-third of today’s price, and therefore any cutoff for economic feasibility may substantially improve. The Company’s revalidation process has several forthcoming steps following the one described today.
Jupiter Gold’s common stock trades in OTC with the ticker symbol JUPGF. The Company has 4,801,600 outstanding shares and no issued debt. Brazil Minerals, Inc. (OTC: BMIX) currently holds a 42% ownership stake in Jupiter Gold.
Jupiter Gold Corporation (OTC: JUPGF) owns 100% title to seven gold projects in development and exploratory stages aggregating approximately 125,000 acres and located in the states of Amazonas, Bahia, Goiás, Minas Gerais, and Pernambuco, in Brazil. Its Alpha Project has 64,000 ounces of potential gold mineralization reported by prior studies which the Company is in the process of revalidating under current reporting guidelines.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Jupiter Gold Corporation's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Brazil, general economic conditions, geopolitical events and regulatory changes, availability of capital, Jupiter Gold Corporation’s ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. We advise U.S. investors that its projects, as of now, do not have measured “reserves” as such term is specifically defined by the Securities and Exchange Commission.
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