Highlights:
- Titiribi resource estimate comprises 4.63 Moz gold in the
measured and indicated categories and 3.25 Moz gold in the inferred
category at a 0.3 g/t gold cut-off (See Table1 for details);
- Brazil Resourcesꞌ global resource totals 7.8 Moz gold (10.4 Moz
gold equivalent) in the measured and indicated categories and 10.3
Moz gold (12.6 Moz gold equivalent) in the inferred category (see
Table 2 for details); and
- Gold projects nearby Titiribi that are in development or
production include AngloGold Ashantiꞌs Quebradona, B2Gold/AngloGold
Ashantiꞌs Gramalote, Continental Goldꞌs Buritica, Red Eagleꞌs San
Ramon and Gran Colombiaꞌs Marmato projects.
VANCOUVER, Oct. 31, 2016 /CNW/ - Brazil Resources Inc. (the
"Company" or "Brazil Resources") (TSX-V: BRI; OTCQX: BRIZF) is
pleased to announce that further to its press releases dated
September 14, the Company has filed a
National Instrument 43-101 ("NI 43-101") technical report
(the "Technical Report") for its Titiribi Gold-Copper
Project (the "Titiribi Project" or "Project") located in Antioquia
Department, Colombia.
The Technical Report, dated effective September 14, 2016, is titled "Technical Report
on the Titiribi Project Department of Antioquia, Colombia". The Technical Report was authored
by Mr. Joseph A. Kantor, MMSA and
Dr. Robert Cameron, Ph.D., MMSA of
Behre Dolbear & Company
(USA), Inc., who are qualified
persons within the meaning of NI 43-101 and independent of the
Company.
The Technical Report includes the following resource estimate
for the Titiribi Project at a 0.3 g/t gold cut-off.
Table 1: Titiribi Mineral Resource Estimate.
|
Deposit
|
Classification
|
Tonnage
|
Grade
|
Contained
Metal
|
|
Au
|
Cu
|
AuEq1
|
Au
|
Cu
|
AuEq1
|
|
|
(Mt)
|
(g/t)
|
%
|
(g/t)
|
Moz
|
Mlbs
|
Moz
|
|
Cerro
Vetas
|
Measured
|
51.6
|
0.492
|
0.172
|
0.776
|
0.82
|
195.1
|
1.29
|
|
Cerro
Vetas
|
Indicated
|
132.4
|
0.483
|
0.157
|
0.744
|
2.06
|
459.3
|
3.17
|
|
Chisperos
|
Indicated
|
62.1
|
0.484
|
-
|
0.484
|
0.97
|
-
|
0.97
|
|
NW Breccia
|
Indicated
|
39.7
|
0.618
|
-
|
0.618
|
0.79
|
-
|
0.79
|
|
M
+I
|
285.8
|
0.50
|
-
|
0.676
|
4.63
|
654.34
|
6.21
|
|
|
|
|
|
|
|
|
|
|
Cerro
Vetas
|
Inferred
|
70.8
|
0.429
|
0.050
|
0.511
|
0.98
|
77.9
|
1.16
|
|
Chisperos
|
Inferred
|
51.1
|
0.452
|
-
|
0.452
|
0.74
|
-
|
0.74
|
|
NW Breccia
|
Inferred
|
86.0
|
0.555
|
-
|
0.555
|
1.54
|
-
|
1.54
|
|
Total
|
|
207.9
|
0.487
|
-
|
0.515
|
3.25
|
77.9
|
3.44
|
|
|
Table 1
Notes:
|
|
1.
|
Gold Equivalence
estimated using $1,300 per ounce gold at 83% recovery and $2.90 per
pound copper at 90% recovery.
|
|
2.
|
A 0.3 g/t gold
cut-off has been highlighted as the base case cut-off.
|
|
3.
|
Totals may not
represent the sum of the parts due to rounding.
|
|
4.
|
The mineral resource
estimates contained herein were estimated using Canadian Institute
of Mining, Metallurgy and Petroleum's, "CIM Standards on Mineral
Resources and Reserves, Definitions and Guidelines"
(2014).
|
The Titiribi Project occurs within the Mid-Cauca Porphyry Belt
and consists of several near surface bulk tonnage gold-copper
porphyry and associated epithermal gold systems. A total of 270
diamond drill holes, totaling 144,779 metres, have been drilled at
the Titiribi Project, with nine mineralized areas identified to
date. The Project is located between 1,200 to 2,200 metre
elevations, below the elevation of the Páramo tropical mountain
ecosystems, and is road accessible by paved highway from
Medellin with high power
electrical lines passing within three kilometres.
The Mid-Cauca Porphyry Belt is host to several gold projects
that are in development or production including AngloGold Ashantiꞌs
Quebradona, B2Gold/AngloGold Ashantiꞌs Gramalote, Continental
Goldꞌs Buritica, Red Eagleꞌs San Ramon, and Gran Colombiaꞌs Marmato
projects.
For further information regarding the Company's Titiribi
Project, please refer to the Technical Report, a copy of which is
available under the Company's SEDAR profile at www.sedar.com.
About Brazil Resources Inc.
Brazil Resources Inc. is a public mineral exploration company
with a focus on the acquisition, exploration and development of
projects in Brazil, United States, Canada and other regions of the Americas.
Brazil Resources is advancing its Titiribi Gold-Copper Project,
located in Colombia, Whistler
Gold-Copper Project, located in Alaska, United
States, Cachoeira and São Jorge Gold Projects, located in
the State of Pará, northeastern Brazil and Rea Uranium Project, located in the
western Athabasca Basin in
northeast Alberta, Canada.
Paulo Pereira, Brazil Resources'
President, has reviewed and approved the technical information
contained in this news release. Mr. Pereira holds a bachelors
degree in Geology from Universidade 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.
Table 2: Brazil Resources Inc. – Global Mineral Resource
Statement.
|
Project
|
Cut-off
|
Tonnes
|
Gold
|
Silver
|
Copper
|
Gold
Eq
|
Gold
|
Silver
|
Copper
|
Gold
Eq
|
|
(g/t)
|
(Mt)
|
(g/t)
|
(g/t)
|
(%)
|
(g/t)
|
(Moz)
|
(Moz)
|
(Mlbs)
|
(Moz)
|
|
Measured
Resources
|
|
Cerro
Vetas
|
0.3
|
51.600
|
0.49
|
-
|
0.17
|
|
0.82
|
-
|
195.10
|
1.290
|
|
Indicated
Resources
|
|
Sao Jorge
|
0.3
|
14.420
|
1.54
|
-
|
-
|
1.54
|
0.715
|
-
|
-
|
0.715
|
|
Cachoeira
|
0.35
|
17.470
|
1.23
|
-
|
-
|
1.23
|
0.692
|
-
|
-
|
0.692
|
|
Whistler
|
0.3
|
79.200
|
0.51
|
1.97
|
0.17
|
0.88
|
1.280
|
5.03
|
302.00
|
2.250
|
|
IM
|
0.3
|
31.080
|
0.49
|
1.10
|
0.06
|
0.55
|
0.485
|
1.10
|
41.12
|
0.547
|
|
Cerro
Vetas
|
0.3
|
132.400
|
0.48
|
-
|
0.16
|
0.78
|
2.06
|
-
|
459.3
|
3.17
|
|
Chisperos
|
0.3
|
62.100
|
0.48
|
-
|
-
|
-
|
0.97
|
-
|
-
|
0.97
|
|
NW Breccia
|
0.3
|
39.700
|
0.62
|
-
|
-
|
-
|
0.79
|
-
|
-
|
0.79
|
|
Total
|
|
376.370
|
0.58
|
0.51
|
0.10
|
0.74
|
6.992
|
6.13
|
802.43
|
9.134
|
|
Measured and
Indicated Resources
|
|
Total
|
|
427.970
|
0.57
|
0.44
|
0.11
|
|
7.812
|
6.13
|
997.52
|
10.424
|
|
Inferred
Resources
|
|
Sao Jorge
|
0.3
|
28.190
|
1.14
|
-
|
-
|
1.14
|
1.035
|
-
|
-
|
1.035
|
|
Cachoeira
|
0.35
|
15.667
|
1.07
|
-
|
-
|
1.07
|
0.538
|
-
|
-
|
0.538
|
|
Boa Vista
|
0.5
|
8.470
|
1.23
|
-
|
-
|
1.23
|
0.336
|
-
|
-
|
0.336
|
|
Surubim
|
0.3
|
19.440
|
0.81
|
-
|
-
|
0.81
|
0.503
|
-
|
-
|
0.503
|
|
Whistler
|
0.3
|
145.800
|
0.40
|
1.75
|
0.15
|
0.73
|
1.850
|
8.21
|
467.00
|
3.350
|
|
IM
|
0.3
|
82.020
|
0.47
|
1.02
|
0.05
|
0.53
|
1.237
|
2.69
|
90.43
|
1.390
|
|
RW
(shallow)
|
0.3
|
31.680
|
0.40
|
5.39
|
0.06
|
0.55
|
0.409
|
5.49
|
41.91
|
0.563
|
|
RW (deep)
|
0.6
|
51.760
|
0.68
|
3.74
|
0.10
|
0.86
|
1.130
|
6.22
|
114.13
|
1.428
|
|
Cerro
Vetas
|
0.3
|
70.800
|
0.429
|
-
|
0.05
|
0.51
|
0.98
|
-
|
77.9
|
1.16
|
|
Chisperos
|
0.3
|
51.100
|
0.452
|
-
|
-
|
-
|
0.74
|
-
|
-
|
0.74
|
|
NW Breccia
|
0.3
|
86.000
|
0.56
|
-
|
-
|
-
|
1.54
|
-
|
-
|
1.54
|
|
Total
|
|
383.027
|
0.54
|
1.19
|
0.06
|
0.66
|
10.298
|
22.61
|
791.37
|
12.583
|
|
|
Table 2
Notes:
|
|
1.
|
Gold cut-off for all
projects except for Whistler, Raintree West and Island Mountain
("IM"), which is gold equivalent cut-off.
|
|
2.
|
Gold equivalent grade
for the Whistler resource assumes metal prices of US$990/oz gold,
US$15.40/oz silver and US$2.91/lb copper and recoveries of 75% for
gold and silver and 85% for copper.
|
|
3.
|
Gold equivalent grade
for the Island Mountain resource assumes metal prices of
US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and
recoveries of 90% for gold (cyanide), 80% for copper (flotation)
and 25% silver (recovery in copper concentrate).
|
|
4.
|
Gold equivalent for
the Raintree West resource assumes metal prices of US$1,250/oz
gold, US$16.50/oz silver and US$2.10/lb copper and recoveries of
75% for gold, 85% for copper and 75% for silver.
|
|
5.
|
Gold equivalent for
the Cerro Vetas, Chisperos and NW Breccia resource assumes metal
prices of $1,300/oz gold and US2.90/lb copper and recoveries of 83%
for gold and 90% for copper.
|
|
6.
|
"Technical Report and
Resource Estimate on the São Jorge Gold Project, Pará State,
Brazil" prepared by Porfirio Rodriguez and Leonardo de Moraes, with
an effective date of November 22, 2013.
|
|
7.
|
"Technical Report and
Resource Estimate on the Cachoeira Property, Pará State, Brazil"
prepared by Gregory Z. Mosher, P.Geo., with an effective date of
April 17, 2013 and amended and re-stated October 2,
2013.
|
|
8.
|
"Technical Report on
the Rio Novo Gold Project and Resource Estimate on the Jau
Prospect, Tapajos Area, Para State, Northern Brazil" (Surubim
Project) prepared by Jim Cuttle and Gary Giroux, with an effective
date of November 22, 2013.
|
|
9.
|
"Technical Report on
the Boa Vista Project and Resource Estimate on the VG1 Prospect,
Tapajos Area, Para State, Northern Brazil" prepared by Jim Cuttle,
Gary Giroux and Michael Schmulian, with an effective date of
November 22, 2013.
|
|
10.
|
"Technical Report on
the Whistler Project" prepared by Gary Giroux, with an effective
date of March 24, 2016.
|
|
11.
|
"Technical Report on
the Titiribi Project Department of Antioquia, Colombia" prepared by
Joseph A. Cantor and Robert E. Cameron, with an effective date of
September 14, 2016.
|
For further information regarding the Company's projects, please
refer to each of the technical reports set forth above, copies of
which are filed under the Company's profile on SEDAR.
Cautionary Note
Investors are cautioned not to assume that any part or all of
the mineral deposits in the "measured" and "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. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or
other economic studies.
Forward Looking Statements
This document contains certain forward-looking statements
that reflect the current views and/or expectations of Brazil
Resources with respect to its business and future events, including
statements regarding the estimation of mineral resources and the
Company's expectations respecting the Titiribi Project.
Forward-looking statements are based on the then-current
expectations, beliefs, assumptions, estimates and forecasts about
the business and the markets in which Brazil Resources 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 Brazil
Resources' expectations, accidents, equipment breakdowns, title and
permitting matters, labour 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, regulatory restrictions, including
environmental regulatory restrictions, or any failure to integrate
acquired companies and projects into the Company's existing
business as planned. These risks, as well as others,
including those set forth in Brazil Resources' filings with Canadian
securities regulators, 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.
Brazil Resources 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.
SOURCE Brazil Resources Inc.
