DGAP-News: Brazil Resources Inc. Increases Indicated Resource by 77% to 786,737 Ounces Gold at 1.4 g/t and Inferred Resource by 184% to 628,035 Ounces Gold at 1.12 g/t at its Cachoeira Gold Project
(firmenpresse) - DGAP-News: Brazil Resources Inc. / Key word(s): Miscellaneous
Brazil Resources Inc. Increases Indicated Resource by 77% to 786,737
Ounces Gold at 1.4 g/t and Inferred Resource by 184% to 628,035 Ounces
Gold at 1.12 g/t at its Cachoeira Gold Project
04.03.2013 / 14:30
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Brazil Resources Inc. Increases Indicated Resource by 77% to 786,737 Ounces
Gold at 1.4 g/t and Inferred Resource by 184% to 628,035 Ounces Gold at
1.12 g/t at its Cachoeira Gold Project
FOR IMMEDIATE RELEASE
Vancouver, British Columbia, March 4, 2013 - Brazil Resources Inc. (TSX-V:
BRI; OTCQX: BRIZF) ( the 'Company' or 'Brazil Resources') is pleased to
announce the results of a recently completed National Instrument 43-101
('NI 43-101') mineral resource estimate, which was completed by Tetra Tech,
Inc. ('Tetra Tech') on the Company's Cachoeira do Piria Gold Project,
located in the Parástate, Brazil. The resource estimate has an effective
date of March 1, 2013. Highlights include:
- Indicated Resource - 17,470,093 tonnes at 1.40 g/t gold (786,737
ounces);
- Inferred Resource - 15,666,580 tonnes at 1.12 g/t gold (628,035
ounces);
- This new estimate represents a 77% increase in the indicated and a 184%
increase in the inferred categories over the December 2010 Roscoe
Postle Associates Inc. ('RPA') figures; and
- Resource expansion drilling program to be initiated 2Q 2013.
Stephen Swatton, President and CEO, stated: 'This resource estimate from
Tetra Tech, one of the world's leading mining consulting companies, is a
milestone for the Company. We are currently reviewing all options to fully
exploit the potential of the asset, including the possibility of developing
multiple pits in addition to further exploration of the surrounding areas.
The current drill spacing is approximately 60m, therefore the Company will
embark on further tighter drilling with minimal cost to upgrade much of the
inferred resource to the indicated resource category.'
The Company recently signed a drilling contract with Servitec Foraco
Sondagem S.A. and expects to commence an initial drill program at the
Cachoeira Project in calendar Q2 2013, the size of which will be determined
by the outcome of ongoing studies. The Company will also explore extensions
of the currently known mineralized zones as in-house district wide studies
intimate that mineralization may not only be constrained to the three zones
identified on the property to date.
The difference in the total resources calculated by RPA and Tetra Tech is
explained by the application of an in-pit design resource estimate
incorporated in the technical report by RPA dated July 19, 2012 titled
'Techncial Report on the Cachoeira Project, ParáState, Brazil' (the 'RPA
Estimate'). The preliminary Whittle pit optimization study completed by RPA
in 2010 reported an indicated resource of 12.5 million tonnes grading 1.11
g/t gold and an inferred resource of 5.4 million tonnes grading 1.27 g/t
gold. The resources, as reported by RPA, were constrained within an
economic pit-shell with the following parameters: gold price of US$1,250,
pit slope angles of 45 degrees, 90% gold recovery, mining cost between
$2.50-2.60 per tonne and general and administration costs of US$1.50. The
RPA Estimate therefore, by definition, excluded many gold rich
intersections which fell outside of the RPA defined pits for Arara, Coruja
and Tucano. By comparison, the Tetra Tech estimate was constrained only by
the geological models of the mineralized zones and by the lower threshold
grade of 0.35 g/t gold.
Tetra Tech has estimated the mineral resources in accordance with NI 43-101
- Standards of Disclosure for Mineral Projects and the Canadian Institute
of Mining, Metallurgy and Petroleum classification system, using the
Company's dataset of 42,432 assays, which includes historical diamond
drilling, outcrop, underground channel samples, auger and reverse
circulation drilling. Exploration at the Cachoeira Project was initiated
in 1985 by Companhia de Mineração e Participações and Mineração CCO Ltda
('CCO') and continued through the 1990's with work by Brazilian Goldfields
Ltd ('BGZ') and Goldfields Ltd ('Goldfields'). Companhia Vale do Rio Doce
('Vale') conducted an exploration program at Cachoeira in 2003. Luna
commenced exploration at the property after it acquired it in 2007. The
Company acquired the project in 2012. CCO drill core assays were conducted
at Geoser Laboratory, Belo Horizonte. The BGZ and Goldfields drill core
assays were conducted at Bondar Clegg Laboratories, Vancouver. The Vale
core assays were conducted at Geosol Laboratories, Belo Horizonte. Luna
used ALS Chemex Laboratories in Belo Horizonte, Brazil and Lima, Peru for
drill core assays. The data from such exploration programs utilized in the
resource estimate met quality assurance/quality control requirements, which
are set forth in more detail in the RPA Estimate. Both RPA and Tetra Tech
applied a 0.35 g/t gold cutoff in their analyses.
As part of the current study, Tetra Tech also investigated the influence of
high grade material and ran a model to apply a 'cap' to exclude
statistically anomalous values based on a distribution curve. The
potential risk in including statistically high values in a resource
estimate is that their contribution to the estimated grade will be
disproportionate to their contribution to the tonnage and therefore the
grade of the resource as a whole will be overstated. The conclusion of the
study is that, if a cap is applied, it only reduces the resource by 13.7%
in the indicated and 4.7% in the inferred category.
Cachoeira Project Resource Table
INDICATED VEINS TONNES GOLD GOLD CAP GOLD GOLD CAPThe resources were estimated by inverse distance squared (ID2) weighting
(at) 0.35 G/T G/T G/T OZ TROY OZ TROY
ARARA VEINS 528,435 1.805 1.740 30,658 29,554
CORUJA VEINS 84,272 2.026 2.016 5,490 5,463
TUCANO VEINS 4,051,741 2.160 1.846 281,365 240,514
TOTAL VEINS 4,664,448 2.12 1.84 317,514 275,531
INDICATED ALTERATION TONNES GOLD GOLD CAP GOLD GOLD CAP
(at) 0.35 G/T G/T G/T OZ TROY OZ TROY
ARARA HALO 1,592,239 1.623 1.056 83,098 54,081
TUCANO HALO 11,213,406 1.071 1.004 386,124 362,064
TOTAL ALTERATION 12,805,645 1.14 1.01 469,223 416,145
TOTAL INDICATED 17,470,093 1.40 1.23 786,737 691,676
ALL INDICATED TONNES GOLD GOLD CAP GOLD GOLD CAP
(at) 0.35 G/T G/T G/T OZ TROY OZ TROY
ARARA VEINS + HALO 2,120,674 1.67 1.23 113,757 83,635
CORUJA VEINS 84,272 2.03 2.00 5,490 5,415
TUCANO VEINS+HALO 15,265,147 1.36 1.23 667,490 602,578TOTAL INDICATED 17,470,093 1.40 1.23 786,737 691,628
INFERRED VEINS TONNES GOLD GOLD CAP GOLD GOLD CAP
(at) 0.35 G/T G/T G/T OZ TROY OZ TROY
ARARA VEINS 631,690 2.41 2.38 40,883 40,399
CORUJA VEINS 139,835 1.62 1.61 4,386 4,367
TUCANO VEINS 2,207,256 2.01 2.00 262,465 259,905
TOTAL VEINS 2,978,781 2.08 2.06 311,817 308,679
INFERRED ALTERATION TONNES GOLD GOLD CAP GOLD GOLD CAP
(at) 0.35 G/T G/T G/T OZ TROY OZ TROY
ARARA HALO 1,757,048 1.17 0.80 59,687 40,780
TUCANO HALO 10,930,751 0.85 0.84 305,916 303,273
TOTAL ALTERATION 12,687,799 0.89 0.84 367,451 343,794
TOTAL INFERRED 15,666,580 1.12 1.07 628,035 599,662
ALL INFERRED TONNES GOLD GOLD CAP GOLD GOLD CAP
(at) 0.35 G/T G/T G/T OZ TROY OZ TROY
ARARA VEINS + HALO 2,388,739 1.49 1.21 101,860 82,825
CORUJA VEINS 139,835 1.62 1.61 4,386 4,367
TUCANO VEINS+HALO 13,138,007 1.04 1.04 512,619 508,005
TOTAL INFERRED 15,666,580 1.12 1.07 628,035 599,662
and grades were interpolated into blocks in a single pass. A minimum of
two and a maximum of 12 composites within the volume of the search ellipse
were necessary for a grade to be interpolated into a block. A maximum of
two composites was permitted per drill hole so that a grade could be
interpolated into a block on the basis of a single drill hole. Composites
could only be drawn from the geological model for which a grade was being
estimated to avoid over- or underestimation of grades within a given
geological domain.
In addition to capped and uncapped gold grades, the number of drill holes
and composites used for each estimated value was recorded as well as the
mean distance of those composites from the centroid of the block.
Resources were classified as indicated or inferred. In order for a block
to be classified as indicated, it was necessary that the grade that it
contained was based on a minimum of four drill holes and that the mean
distance of the composites from those holes was 50 meters or less from the
centroid of the block. All blocks that failed to meet the criteria for
indicated classification, but had an estimated grade of at least 0.001 g/t
gold were classified as inferred.
Qualified Person
The resource estimate was prepared by Greg Mosher, M.Sc. P.Geo. Mr. Mosher
is a qualified person and a Senior Geologist with Tetra Tech and is
independent of the Company, as defined by section 1.5 of NI 43-101. Paulo
Pereira, the Company's Vice President of Exploration, has supervised the
preparation of, and reviewed, the technical information contained in this
document. Mr. Pereira holds a Bachelor degree in Geology from Universidad
Do Amazonas in Brazil, is a qualified person as defined in NI 43-101 and is
a member of the Association of Professional Geoscientists of Ontario.
About Brazil Resources Inc.
Brazil Resources is a public mineral exploration company with a focus on
the acquisition and development of projects in emerging producing gold
districts in Brazil, Paraguay and other parts of South America. Currently,
the Company is advancing its Cachoeira, MontesÁureos, Trinta and Maua Gold
Projects located in the Gurupi Gold Belt in the state of Maranhão,
northeastern Brazil, and its Artulandia Copper-Gold Project in central
Brazil.
For additional information, please contact:
Stephen Swatton or Patrick Obara
Telephone: (855) 630-1001
E-mail: info(at)brazilresources.com
Cautionary Note
This news release utilizes the terms 'indicated' and inferred' mineral
resources in accordance with NI 43-101. While those terms are recognized by
Canadian securities regulatory authorities, they are not recognized by the
U.S. Securities and Exchange Commission (the 'SEC') and the SEC does not
permit U.S. companies to disclose resources in their filings with the SEC.
U.S. investors are cautioned that the mineral resource information
contained herein is not comparable to information regarding mineral
reserves disclosed in accordance with SEC requirements.
Investors are cautioned not to assume that any part or all of mineral
deposits in the 'indicated' and 'Inferred' categories will ever be
converted into mineral reserves with demonstrated economic viability or
that inferred mineral resources will be converted to the measured and/or
indicated categories through further drilling. In addition, the estimation
of inferred resources involves far greater uncertainty as to their
existence and economic viability than the estimation of other categories of
resources.
Forward Looking Statements
This press release contains certain forward-looking statements, including
statements regarding future exploration plans at the Cachoeira Project,
potential mineralization and resource estimates. Forward-looking statements
are based on the then-current expectations, beliefs, assumptions, estimates
and forecasts about the business and the markets in which the Company
operates. Investors are cautioned that all forward-looking statements
involve risks and uncertainties, including: the inherent risks involved in
the exploration and development of mineral properties, the uncertainties
involved in interpreting drill results and other exploration data, the
potential for delays in exploration or development activities, the geology,
grade and continuity of mineral deposits, the possibility that future
exploration, development or mining results will not be consistent with the
Company's expectations, accidents, equipment breakdowns, title matters,
labor disputes or other unanticipated difficulties with or interruptions in
operations, fluctuating metal prices, unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing needed in
the future, commodity price fluctuations, currency fluctuations, regulatory
restrictions, including environmental regulatory restrictions and other
factors listed in the Company's public filings, including its Management's
Discussion and Analysis for the year ended November 30, 2011. These risks,
as well as others, could cause actual results and events to vary
significantly. Accordingly, readers should not place undue reliance on
forward-looking statements and information. There can be no assurance that
forward-looking information, or the material factors or assumptions used to
develop such forward looking information, will prove to be accurate. The
Company does not undertake any obligations to release publicly any
revisions for updating any voluntary forward-looking statements, except as
required by applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.
End of Corporate News
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