Brazilian Gold and Golden Tapajos Intersect 13.6 Metres Grading 2.8 Grams/Tonne Gold at Boa Vista Gold Project
March 07 2011 - 8:00AM
Marketwired
Brazilian Gold Corporation (TSX VENTURE: BGC) ("Brazilian Gold" or
the "Company") and Golden Tapajos Mineracao Ltda. ("Golden
Tapajos") are pleased to announce assay results from the first hole
(VGDD001) of the recently completed Phase One (1,188 metres)
diamond drill program on the Boa Vista Gold Project. The top part
of drill hole VGDD001 was re-drilled (VGDD001b) to 57.10 metres
depth because of poor recoveries (56%) in the top 29.6 metres of
this hole; the collar is located 3 metres south of VGD001. Drill
hole VGDD001 intersected 1.43 grams/tonne gold over 102.3 metres
from the collar to the end of the hole and terminated in
mineralization (Table 1). Higher grade intervals include 3.09
grams/tonne over 29.6 metres starting at surface and 2.8
grams/tonne over 13.6 metres starting at 58.4 metres depth. In
drill hole VGDD001b, a similar interval (0-29.75 metres) as in
VGDD001 graded 0.68 grams/tonne gold. The higher grades in VGD001
are likely attributed to poor recoveries and to the nugget effect
as a result of coarse gold; the reader is cautioned that the
results for this interval may not be representative and they
strongly bias the average grade of the entire hole. The hole was a
vertical hole and collared in the center of the VG1 anomaly that
was previously described in News Release 5/11 (March 1st, 2011).
The true thickness of the mineralization is uncertain, however a
better understanding of the geometry of this zone is expected when
assays from drill hole VGDD002 to VGDD005 are received from the
lab.
Table 1: Assay results from drill hole VGDD-001(i)
----------------------------------------------------------------------------
Hole No. From (m) To (m) Interval (m) Grade (g/t)
----------------------------------------------------------------------------
VGDD001 0.00 102.3 102.30 1.434
----------------------------------------------------------------------------
Including 0.00 29.60 29.60 3.090
----------------------------------------------------------------------------
Including 58.45 72.03 13.58 2.795
----------------------------------------------------------------------------
VGDD001b 0.00 57.10 57.10 0.491
----------------------------------------------------------------------------
0.00 29.75 29.75 0.675
----------------------------------------------------------------------------
(i) Samples for the interval from 0 to 29.60 metres in VGDD001 were analyzed
by Nomos Analises Minerais Ltda. for metallic screen gold fire assays. All
other samples were submitted to Acme Analytical Laboratories Ltd. for gold
fire assays on samples pulverized to -150 mesh. Due to the coarse nature of
the gold at VG1, Golden Tapajos has requested the laboratory to complete
metallic screen assays on all samples. Internal quality control samples were
inserted by the laboratory with acceptable results. External quality control
samples were not inserted in the sample shipments and therefore these
results cannot be verified by Brazilian Gold. The results are included for
reference only and the reader should not rely on these assays.
Drill hole VGD001 intersected silica+sericite+pyrite altered
granite with some inclusions of altered volcanic rock. Higher grade
gold intervals are associated with increased silica and sulphide
alteration.
The Company is extremely encouraged by the results from the
first drill hole at VG1, which was collared within the large
surface anomaly (greater than 900 metres long by 135 metres wide)
identified in the trenching program. Additional drill holes will be
required to test for higher grades zones within this large
alteration system at VG1. The VG1 target is one of more than 6
targets on the Boa Vista property that are prospective for both
bulk mineable and high grade gold mineralization. Once all results
from the Phase One (1,188 metre) drill program are received, Golden
Tapajos and Brazilian Gold will design a Phase Two drill program to
further test VG1 as well as the other targets on the property.
Correction
In the previous News Release (NR 5/11, March 1, 2011), the
Company reported under the highlights "VG1 rocks contain coarse
visible gold and these preliminary assays (-150 mesh) may increase
once the lab has completed the analysis of the +150 mesh fraction."
The statement should have read "VG1 rocks contain coarse visible
gold and the Company has requested the laboratory to complete
metallic screen assays for samples grading greater than 0.1
grams/tonne gold."
Laboratory Procedures
Tapajos Gold sampled the core at 1.5 metre or smaller intervals
using a diamond saw. One half of the sample is archived and the
other half is dispatched to Acme Analytical Laboratories Ltd.'s
sample preparation facility in Itaituba, Brazil, where the sample
is crushed, split and pulverized to -150 mesh. The pulp is shipped
to Santiago, Chile for gold fire assay. Acme Analytical
Laboratories Ltd. is an internationally certified ISO 9001
laboratory.
Garnet Dawson, M.Sc., P.Geo. (British Columbia), Vice President,
Exploration for the Company and a Qualified Person, as defined by
National Instrument 43-101, has reviewed and approved the technical
disclosure contained in this News Release.
About Brazilian Gold Corporation
Brazilian Gold Corporation is a Canadian based public company
with a focus on acquisition, exploration and development of mineral
properties in northern Brazil. The Company has a portfolio of ten
grass-roots to development stage gold projects (8 projects in the
Tapajos and 2 projects in the nearby Alta Floresta Gold Province)
with drill programs (4 drill rigs) currently underway on the Sao
Jorge and Rio Novo projects. The Company completed a Phase One
drill program (13 holes in 1,188 m) on the Boa Vista project in
January 2011; once all results from the Phase One drill program are
received, in conjunction with its JV partner, Brazilian Gold will
further define targets for a second phase drilling campaign.
The Sao Jorge development project hosts an NI43-101 indicated
resource of 343,000 ounces (8.3Mt grading 1.3 g/t gold) and an
inferred resource of 458,000 ounces (12.6 Mt grading 1.1 g/t gold)
using a 0.5 gram/tonne cut-off (Coffey Mining, Sept. 14, 2010). The
Company has commissioned Coffey to complete a Scoping Study or
Preliminary Economic Assessment (PEA) that will look at various
development and production scenarios to determine the financial
viability of the project. The study is expected to be completed in
April 2011 and will include an updated resource estimate
incorporating new drill holes completed by Brazilian Gold.
Dependent on project economics, the Company plans to embark on a
pre-feasibility/feasibility study soon thereafter.
Brazilian Gold owns a 75% interest in the Rea Uranium Project in
northeastern Alberta, which is currently being operated by AREVA,
who are earning up to a 50% interest by completing an additional
Cdn$2.84 million in expenditures by Dec. 31, 2013.
Some statements in this news release contain forward-looking
information, including without limitation statements as to planned
expenditures and exploration programs. These statements address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include
without limitation the completion of planned expenditures, the
ability to complete exploration programs on schedule and the
success of exploration programs.
Neither 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 the
accuracy of this news release.
Contacts: Brazilian Gold Corporation Ian (John) Stalker CEO and
Director +1 604 602-8188 Brazilian Gold Corporation Joanne Yan
President and Director +1 604 602-8188 +1 604 677 6243 (FAX)
Brazilian Gold Corporation Tom Hart Investor Relations +1 403
701-4278
Brazilian Gold Corporation (TSXV:BGC)
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