Exploration across 23 hectares (ha) of the 260ha Rio Piracicaba asset found 7.85 million tonnes (mt) of iron ore at a grade of 31.53%. Credit: TR STOK/Shutterstock.

Brazilian mineral exploration company Jupiter Gold has signed a merger agreement with Apollo Resources, a private mineral exploration company, to expand its mineral portfolio.

As per the agreement, which is expected to close by the end of the forth quarter (Q4), Apollo Resources will be merged with the surviving entity Jupiter Gold.

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Upon closing, Apollo Resources shareholders will receive 59.4% of Jupiter Gold’s securities in exchange for their holdings.

The merger brings together Jupiter Gold’s operational expertise and Apollo Resources’ flagship iron ore project, dubbed the Rio Piracicaba Project, in the Iron Quadrangle region of Minas Gerais, Brazil.

Geological exploration conducted across approximately 23ha of the project property identified 7.85mt of iron ore at an average grade of 31.53%.

Spread over 260ha of the Rio Piracicaba property, the project has also received a ten-year renewable licence for open-pit mining and basic dry processing operations from the state of Minas Gerais.

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The studies, conducted by SGS-Geosol laboratory in Vespasiano, Minas Gerais, have indicated that the iron ore at Rio Piracicaba can be processed to a premium commercial product level.

The project’s technical report summary was prepared under Regulation S-K guidelines and filed with the SEC by Apollo Resources’ shareholder Atlas Lithium.

In addition to the Rio Piracicaba Project, Apollo Resources holds mineral rights for various substances including rare earths, graphite and copper. These greenfield properties expand Jupiter Gold’s mineral portfolio, offering the company further exploration and development opportunities post-merger.

RPM Global Holdings provided independent advice for the merger, evaluated by a special committee of Jupiter Gold’s Board of Directors. Law firms DLA Piper and Seward and Kissel provided legal representation for the transaction.