08:35 AM EDT, 05/22/2024 (MT Newswires) -- Aura Minerals ( ORAAF ) , which jumped 4.3% to a 52-week high yesterday, on Wednesday reported the purchase of the right to explore the Pe Quente and Pezao Projects in the state of Mato Grosso, Brazil.

Aura made an initial payment of US$500,000 ($683,567.50) and, if the results meet its expectations, can close the purchase in up to 12 months for US$9.5 million.

The projects consist of six mineral rights and are located in the geological setting of Alta Floresta Gold Province. The rights are within a 50-kilometer radius of Aura's Matupa Project and the X1 deposit.

The company plans to invest about U$1.6 million in 13,000 meters of drilling over the next 12 months. The program will focus on infill drilling and possible extensions to confirm and validate the mineralization continuity and grades.