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BELO HORIZONTE, Brazil, Sept. 16, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Jupiter Gold Corporation (OTC: JUPGF) (“Jupiter Gold” or the “Company”) announced today that it has acquired a substantial volume of data pertaining to prior detailed geological drilling, trenching, and mineralogical and bulk sampling, among other studies, in one of its mineral rights for gold in Brazil. This data includes a detailed research report filed by the prior owner with the Brazilian mining authorities which reported 2 tons of gold (approximately 64,000 ounces) with an average of 1.54 g/t of gold in the area studied.
At the time of this historical report, gold was priced much lower than today’s $1,500/oz price, and therefore any cutoff for economic feasibility has significantly changed. As these historical studies were likely not performed under currently acceptable guidelines, Jupiter Gold will undertake its own studies for revalidation and project expansion.
Marc Fogassa, CEO of the Company, commented, “Our team is extremely excited about this project. As a young company, it puts us at a new level.”
The rocks of the project area are of Archean age and characterized as a metavolcano-sedimentary sequence of amphibolite facies consisting of meta-ultramafic and metamorphic rocks, mafic shales, metacherts, iron formations, calc-silicate rocks, marbles, schists and metapelitic gneisses and quartzites. This is a normal stacking of greenstone terrain having mafic-ultramafic, volcano-chemical and volcaniclastic/clastic domains. Gold mineralization in the form of quartz veins and boudins associated or not with carbonate, chlorite and sericite, hydrothermal alteration type, occurs within the area. There are also records of alluvial gold mining the area.
Jupiter Gold has 4,801,600 issued and outstanding shares. It has been funded by equity investors, has no issued debt, and it cannot issue any variable-rate convertible debt as per its bylaws. Brazil Minerals, Inc. (OTC: BMIX) currently holds a 43.1% ownership stake in Jupiter Gold.
Jupiter Gold Corporation (OTC: JUPGF) is a gold royalty company and it also fully owns several exploratory-stage projects in gold, palladium, and platinum. Jupiter Gold has never issued any debt, relying only on equity capital. Jupiter Gold’s annual financial statements are audited by a U.S. auditor. The Company files required periodic reports with the Securities and Exchange Commission. Its common stock trades in the U.S. over-the-counter market under the ticker symbol JUPGF and its shares may be transacted through various brokers-dealers such as TD Ameritrade, Inc., Glendale Securities, Inc. and Charles Schwab Corp. More information on Jupiter Gold can be found at www.jupitergoldcorp.com and it can be followed on Twitter @JupiterGoldCorp.
Safe Harbor Statement
This press release contains forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Jupiter Gold Corporation's management and are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Brazil, general economic conditions, geopolitical events and regulatory changes, availability of capital, Jupiter Gold Corporation’s ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. We advise U.S. investors that its projects, as of now, do not have measured “reserves” as such term is specifically defined by the Securities and Exchange Commission.