Centaurus Metals Limited has announced promising early-stage findings from its Boi Novo project, located in the Carajás Mineral Province in northern Brazil. The company’s exploration has revealed extensive iron ore mineralisation within a banded iron formation, with a conceptual Exploration Target estimated at between 520 to 780 million tonnes grading 30–35% iron. This target, based on mapping, drilling, and geophysical surveys across four prospects—Bufalo, Guzera, Nelore, and Zebu—demonstrates the multi-commodity potential of the project. Notably, the iron ore discovery emerged during the company’s copper exploration activities, which have already delivered strong copper intercepts. Preliminary bench-scale metallurgical testwork further supports the project’s potential. Using a simple low-intensity magnetic separation process, tests have produced a Blast Furnace pellet feed concentrate with iron grades exceeding 68%. The testwork was executed systematically over several phases, including sample characterisation, magnetic scanning, cleaner stage testing, grind size optimisation, and a pre-concentration stage. These studies showed that, in addition to producing high-grade concentrate, the process can yield mass recoveries approaching 39% in some trials. Although the focus has remained on copper, with impressive drill results such as intervals of 36.7 metres at 1.58% copper and 5.5 metres at 8.38% copper, the strategic location and robust infrastructure are now fueling a dual exploration approach targeting both copper and iron ore. The Boi Novo project benefits from its proximity to significant infrastructure and established mining operations. Its location near vital transportation links, rail lines, and power grids, as well as its closeness to major mining hubs in the region, reinforces its long-term development potential. Centaurus Metals Limited is planning further iron ore-focused exploration, including additional mapping, surface sampling, and diamond drilling, with the aim of progressing towards a maiden Mineral Resource estimate over the next 18 to 24 months. The new exploration results inspire a bullish outlook for Centaurus Metals Limited. Investors may find the company’s ability to extract high-grade iron concentrate using a conventional beneficiation process, coupled with strong copper intercepts, a positive indicator of long-term value. However, the conceptual nature of the iron ore Exploration Target and the early-stage status of the metallurgical testwork suggest a cautious approach. Bearish sentiment could arise from the inherent risks of further exploration and the uncertainty of converting these targets into a recognized Mineral Resource. Overall, the news hints at significant upside potential, balanced by the typical exploration risks associated with multi-commodity projects in early development stages.