I am back, 3 days later, to keep you updated about the evolution of the carving project. I worked on it on Wednesday, and I managed to advance quite a lot. As you will be able to check bellow, the bottom letters have already been carved and the outline of the Peliqueiro is almost completely carved too.
The problem of this wood is that it splinters. This means that I have to be extremely careful when working with it. I already knew that this was going to happen when I started working with this wood, it's just that I didn't think that it would be so complicated. In fact, I had quite a lot problems to carve the top and bottom letters. If I don't push the chisel deep enough into the wood when creating the outline limit, the wood will crack and splinter all across the board. For some letters, I had to use some white glue to put back in place parts that I didn't want to remove. In spite of that slight problem, the design keeps looking better and better.