Historical Gold Production
The northern portion of the property lies within the western extension of the Tapajpos River Gold Belt, immediately west of historic gold production where gold was first documented in 1747. Gold production peaked during 1983-89 when more than 300,000 garimpeiros working alluvial deposits produced one million ounces per year. During the 1970s and 1980s the region produced between 30-40% of Brazil's total gold output. Data up to 1993 is officially estimated at 7 million ounces of gold although other estimates place it at anywhere between 22 and 30 million ounces.
Several mining companies are actively exploring the Amazonas region and developing properties, including Eldorado do Juma, Ouro Roxo (Amerix Precious Metals Corp), Crepori (Brazauro Resources Corp) and Serra Pelada (Colossus Minerals Inc.).
Armadillo's property covers known areas of garimpeiro operations which range from prospecting pits to large scale excavations and, throughout Brazil, many of these garimpeiro operations have transitioned from pits into significant deposits.