BODO MINERACAO

Pilar Gold Inc completed the acquisition of the tungsten mine “Bodó Mineração” from Brazil Tungsten Holdings Limited (BTHL) in January 2022. Bodó Mineração is situated in the State of Rio Grande do Norte, Brazil and was producing a high-grade 64% scheelite concentrate up until the mine’s closure in March 2017 with an average mill grade of 1.44% contained WO3 (Tungsten). At the time the tungsten market suffered an extended period of price weakness due to excessive exports from Chinese producers. Today the market has begun to improve and is now trading at $33,000 per tonne compared to $18,000 when the mine was closed. Its historical high was $60,000 in 2012. Tungsten is considered to be one of the rarer elements and global supply is only 80,000 tonnes per year, with 80% produced in China.

Bodó Mineração plant with capacity of 150 TPD

Pilar Gold Inc plans to bring the mine back in a much larger configuration with an intention to produce 1,000 tonnes of tungsten in 2023 and 2,000 tonnes p.a. by 2025. The high-grade nature of the Bodó orebody and thickness of the mineralisation makes it suitable to use similar mining techniques we adopt at our Pilar and Maria Lazara mines at PGDM. Our first step is to complete a 6,000 metre drilling campaign to define a 3-4 year mine plan which is scheduled to commence in May 2022.

Bodó Mineração drill core samplesBodó Mineração access roadTungsten processing plant