Highlights:
- The Titiribi NI 43-101 resource estimate has a measured and
indicated resource of 4.63 Moz gold and an inferred resource of
3.25 Moz gold at a 0.3 g/t gold cut-off (See Tables 1 and 2 for details on tonnage, grade
and contained metal);
- The mineral resource estimate for the Titiribi Project has
resulted in Brazil Resourcesꞌ
global gold resource increasing by 146% in the measured and
indicated categories and 46% in the inferred category;
- The inclusion of this resource estimate increases BRI's global
measured and indicated resource to 7.8 Moz gold (10.4 Moz gold
equivalent) and inferred resource to 10.3 Moz gold (12.6 Moz gold
equivalent) (see table 3 for details);
- Approximately 144,779 metres of diamond drilling in 270 holes
has been completed on the Project;
- Project has excellent infrastructure including paved roads,
high power electrical transmission lines 3 km from the property and
water; and
- Nearby gold projects in development or production include
AngloGoldꞌs Ashantiꞌs Quebradona, B2Goldꞌs Gramalote, Continental
Gold's Buritica, Red Eagleꞌs San Ramon, and Gran Colombiaꞌs Marmato
projects.
VANCOUVER, Sept. 14, 2016 /CNW/ - Brazil Resources Inc.
(the "Company" or "Brazil Resources") (TSX-V: BRI; OTCQX: BRIZF) is
pleased to announce the results of a National Instrument 43-101
("NI 43-101") mineral resource estimate for Titiribi Gold-Copper
Project (the "Titiribi Project" or the "Project") located in
Antioquia Department, approximately 70 kilometres southwest of the
city of Medellin, Colombia.
(Photo: http://photos.prnewswire.com/prnh/20160914/407866)
Garnet Dawson, CEO, stated:
"We are pleased to report this NI 43-101 resource estimate for
the Cerro Vetas, Chisperos and NW Breccia, three of 9 mineralized
porphyry-epithermal targets identified on the Titiribi Project. The
inclusion of this resource estimate increases BRI's measured and
indicated resource to 7.8 Moz gold (10.4 Moz gold equivalent) and
our inferred resource to 10.3 Moz gold (12.6 Moz gold
equivalent). In conjunction with advancing our existing
project portfolio, the Company continues to evaluate resource-stage
projects in the Americas for potential acquisition."
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 Titiribi Project is comprised of one concession that
covers an area of approximately 39.19 square kilometres. 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 hosts several gold projects in
development or production in the last decade, including AngloGold's
Ashanti's Quebradona, B2Gold's Gramalote, Continental Gold's
Buritica, Red Eagle's San Ramon, and
Gran Colombia's Marmato projects. This has largely coincided with
the government encouraging foreign development in a region that has
not seen, until recently, the implementation of modern exploration
programs.
Titiribi Resource Estimate
Brazil Resources has engaged Behre
Dolbear & Company (USA), Inc. to prepare an independent NI
43-101 technical report for the Titiribi Project, including updated
resource estimates for the Cerro Vetas, Chisperos and NW Breccia
deposits. The resource estimates, which have an effective date of
September 1, 2016, for the measured
and indicated, and inferred resource categories at various gold
cut-offs are shown in Table 1 and Table 2, respectively.
Table 1: NI 43-101 measured and indicated resource estimates for
the Cerro Vetas, Chisperos and NW Breccia deposits.
Deposit
|
Classification
|
Au
Cut-off
|
Tonnage
|
Grade
|
|
Contained
Metal
|
Au
|
Cu
|
AuEq
|
Au
|
Cu
|
AuEq1
|
(g/t)
|
(Mt)
|
(g/t)
|
%
|
(g/t)
|
Moz
|
Mlbs
|
Moz
|
Cerro
Vetas
|
Measured
|
0.2
|
75.5
|
0.415
|
0.156
|
0.673
|
1.01
|
258.9
|
1.63
|
0.3
|
51.6
|
0.492
|
0.172
|
0.776
|
0.82
|
195.1
|
1.29
|
0.4
|
30.9
|
0.588
|
0.190
|
0.903
|
0.59
|
129.7
|
0.90
|
0.5
|
17.4
|
0.698
|
0.209
|
1.044
|
0.39
|
80.3
|
0.59
|
Indicated
|
0.2
|
231.8
|
0.38
|
0.133
|
0.601
|
2.84
|
678.3
|
4.48
|
0.3
|
132.4
|
0.483
|
0.157
|
0.744
|
2.06
|
459.3
|
3.17
|
0.4
|
73.3
|
0.593
|
0.176
|
0.885
|
1.40
|
284.3
|
2.09
|
0.5
|
38.0
|
0.731
|
0.195
|
1.054
|
0.89
|
162.8
|
1.29
|
Chisperos
|
Indicated
|
0.2
|
140.3
|
0.350
|
-
|
0.350
|
1.58
|
-
|
1.58
|
0.3
|
62.1
|
0.484
|
-
|
0.484
|
0.97
|
-
|
0.97
|
0.4
|
32.2
|
0.616
|
-
|
0.616
|
0.64
|
-
|
0.64
|
0.5
|
19.3
|
0.733
|
-
|
0.733
|
0.45
|
-
|
0.45
|
NW Breccia
|
Indicated
|
0.2
|
73.2
|
0.447
|
-
|
0.447
|
1.05
|
-
|
1.05
|
0.3
|
39.7
|
0.618
|
-
|
0.618
|
0.79
|
-
|
0.79
|
0.4
|
24.1
|
0.796
|
-
|
0.796
|
0.62
|
-
|
0.62
|
0.5
|
15.2
|
1.001
|
-
|
1.001
|
0.49
|
-
|
0.49
|
Base Case –
M+I
|
0.3
|
285.8
|
0.50
|
-
|
0.676
|
4.63
|
654.34
|
6.21
|
Table 2: NI 43-101 inferred resource estimates for the Cerro
Vetas, Chisperos and NW Breccia deposits.
Deposit
|
Classification
|
Au
Cut-off
|
Tonnage
|
Grade
|
Contained
Metal
|
Au
|
Cu
|
AuEq
|
Au
|
Cu
|
AuEq1
|
(g/t)
|
(Mt)
|
(g/t)
|
(%)
|
(g/t)
|
(Moz)
|
(Mlb)
|
(Moz)
|
Cerro
Vetas
|
Inferred
|
0.2
|
196.4
|
0.309
|
0.051
|
0.394
|
1.95
|
219.9
|
2.48
|
0.3
|
70.8
|
0.429
|
0.050
|
0.511
|
0.98
|
77.9
|
1.16
|
0.4
|
30.5
|
0.542
|
0.049
|
0.625
|
0.53
|
33.2
|
0.61
|
0.5
|
14.3
|
0.657
|
0.049
|
0.738
|
0.30
|
15.4
|
0.34
|
Chisperos
|
Inferred
|
0.2
|
122.2
|
0.329
|
-
|
0.329
|
1.30
|
-
|
1.30
|
0.3
|
51.1
|
0.452
|
-
|
0.452
|
0.74
|
-
|
0.74
|
0.4
|
23.4
|
0.580
|
-
|
0.580
|
0.44
|
-
|
0.44
|
0.5
|
11.0
|
0.737
|
-
|
0.737
|
0.26
|
-
|
0.26
|
NW Breccia
|
Inferred
|
0.2
|
150.0
|
0.423
|
-
|
0.423
|
2.04
|
-
|
2.04
|
0.3
|
86.0
|
0.555
|
-
|
0.555
|
1.54
|
-
|
1.54
|
0.4
|
48.0
|
0.722
|
-
|
0.722
|
1.12
|
-
|
1.12
|
0.5
|
35.1
|
0.826
|
-
|
0.826
|
0.93
|
-
|
0.93
|
Base Case –
Inferred
|
0.3
|
207.9
|
0.487
|
-
|
0.515
|
3.25
|
77.9
|
3.44
|
Table 1 and 2 Notes:
- Gold Equivalence estimated using $1,300 per ounce gold at 83% recovery and
$2.90 per pound copper at 90%
recovery.
- A 0.3 g/t gold equivalent cut-off has been highlighted as the
base case cut-off.
- Totals may not represent the sum of the parts due to
rounding.
- The Mineral Resources have been prepared by Behre Dolbear & Company (USA), Inc. in conformity with "CIM Definition
Standards for Mineral Resources and Mineral Reserves 2014
The Cerro Vetas, Chisperos and NW Breccia are three of several
porphyry-epithermal mineralized centers identified on the Titiribi
Project (Fig. 1). The central Cerro Vetas deposit contains both
gold and copper whereas the Chisperos deposit located to the
east-northeast is primarily gold as is the NW Breccia located to
the north of Cerro Vetas; the deposits are open at depth.
Gold-copper mineralization is associated with quartz + magnetite
stockwork and disseminations hosted in potassically altered diorite
intrusive rocks, whereas gold-only mineralization is commonly
hosted in diatreme breccia, fracture zones and receptive
stratigraphic units.
The Cerro Vetas, Chisperos and NW Breccia deposits were modelled
on a series of cross-sections and level plans and geological wire
frames constructed for the various geological units. Diamond drill
holes (254) totaling 141,586 metres were used to define the model.
Erratic high grade outliers for gold and copper were capped within
the various solids. Composites 5 metres in length were formed
within each of the domains that honoured the domain boundaries.
Variography was used to model the grade continuity and to determine
the search ellipse orientations and dimensions for interpolation.
Ordinary kriging was used to estimate gold, silver and copper into
blocks measuring 5 x 5 x 5 metres in dimension. A total of 6,820
specific gravity measurements were used to convert volumes to
tonnes. A gold cut-off grade of 0.30 g/t was chosen as a possible
open pit cut-off based on similar types of mineralization found at
other near surface deposits in the world. Validation of the model
was completed by comparison of the block model and drill hole
grades by visual inspections in section and plan across the
deposit. There are no known legal, political, environmental or
other risks that could materially affect the potential development
of the mineral resources.
Quality Control – Quality Assurance Program
The above resource estimate was based on drill programs
completed by previous operators that incorporated control samples
including blanks, duplicates and standards as part of their Quality
Control – Quality Assurance Program. The control samples from these
programs have been reviewed and verified by the Qualified Persons
(as defined herein) and the assay results were deemed suitable for
resource estimation.
Qualified Person Statement
The resource estimate disclosed herein on the Titiribi Project
was prepared for Brazil Resources by Mr. Joseph Kantor and Dr. Robert E. Cameron of Behre Dolbear & Company (USA), Inc. (the "Qualified Persons"). Both are
recognized as qualified persons as defined in NI 43-101, are
independent of the Company and have reviewed and approved the
disclosure regarding the resource estimates for the Titiribi
Project disclosed herein.
A technical report respecting the above resource estimate will
be filed under the Company's profile on SEDAR in due course. There
is no new material scientific or technical information respecting
the Titiribi Project since the effective date of the resource
estimate.
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 3: Brazil Resources Inc. 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 3 Notes:
- Gold cut-off for all projects except for Whistler, Raintree
West and Island Mountain, which is gold equivalent cut-off.
- 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.
- 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).
- 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.
- 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.
- "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.
- "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.
- "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.
- "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.
- "Technical Report on the Whistler Project" prepared by
Gary Giroux, with an effective date
of March 24, 2016.
- An updated technical report on the Titiribi Project including
the Cerro Vetas, Chisperos and NW Breccia resource estimates will
be file on SEDAR in due course.
- 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.
About Brazil Resources Inc.
Brazil Resources Inc. is a public mineral exploration company
focused on the acquisition and development of gold projects in
Brazil and other regions of the
Americas. Brazil Resources is advancing its Cachoeira and São Jorge
Gold Projects located in the State of Pará, northeastern
Brazil, its Whistler Gold-Copper
Project located in the state of Alaska, United
States of America, its Titiribi Gold-Copper Project located
in Antioquia Department, Colombia
and its Rea Uranium Project in the western Athabasca Basin in northeast Alberta, Canada.
Cautionary Note
Investors are cautioned not to assume that any part or all of
the 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. 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 reserves 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.