Bayan Mining and Minerals (ASX:BMM) applied for an exploration permit over the Pepita project in Brazil, based on a review of geological, geochemical, and structural data, indicating "significant" potential for gold mineralization, according to a Friday filing with the Australian bourse.
The project comprises 13,406 hectares of tenements with prospective gold mineralization in the Santo Afonso Granite Suite, distributed across eight distinct claims, the filing said.
Meanwhile, the company elected to withdraw its exclusive option to acquire the Tango lithium project in Canada, according to the filing.
Shares were down 6% in afternoon trade Friday.
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