Highlights:
- Indicated resource for the Whistler deposit of 79.2 Mt grading
0.51 g/t gold, 1.97 g/t silver, 0.17 % copper or 0.88 g/t gold
equivalent (2.25 Moz gold equivalent);
- Inferred resource for the Whistler deposit of 145.8 Mt grading
0.40 g/t gold, 1.75 g/t silver, 0.15 % copper or 0.73 g/t gold
equivalent (3.35 Moz gold equivalent); and
- The Whistler project (170 sq km) hosts several nearby targets
to the Whistler deposit with excellent potential to increase the
existing resource base.
VANCOUVER, Oct. 26, 2015 /CNW/ - Brazil Resources Inc. (the
"Company" or "Brazil Resources") (TSX-V: BRI; OTCQX: BRIZF) is
pleased to announce that, further to its press release dated
September 9, 2015, the Company has
filed a National Instrument 43-101 ("NI 43-101") technical report
(the "Technical Report") for its Whistler gold-copper project
(the "Whistler Project" or "Project") located in South Central Alaska. Brazil Resources
acquired the project from Kiska Metals Corporation pursuant to an
asset purchase agreement in August
2015.
Resource Estimate
The Technical Report includes the following resource estimate
for the Whistler deposit (utilizing a net smelter return cut-off of
$7.50/t or approximately 0.3 g/t Au
Eq under the base price assumptions detailed in the Technical
Report):
|
Tonnes &
Grade
|
Contained
Metal
|
Resource
Category
|
Tonnes
(Mt)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
Au
Eq.1
(g/t)
|
Au
(Moz)
|
Ag
(Moz)
|
Cu
(Mlb)
|
Au
Eq.1
(Moz)
|
Indicated
|
79.2
|
0.51
|
1.97
|
0.17
|
0.88
|
1.28
|
5.03
|
302
|
2.25
|
Inferred
|
145.8
|
0.40
|
1.75
|
0.15
|
0.73
|
1.85
|
8.21
|
467
|
3.35
|
Notes:
- Gold equivalent grade calculation for the Whistler Project
resource was based on 75% recovery for gold and silver, 85%
recovery for copper, US$990/oz gold,
US$15.40/oz silver and US$2.91/lb copper.
- Totals may not represent the sum of the parts due to
rounding.
- The Mineral Resources have been prepared by Moose Mountain
Technical Services in conformity with "CIM Definition Standards for
Mineral Resources and Mineral Reserves 2014".
- Mineral resources are not mineral reserves and do not have
demonstrated economic viability. There is no certainty that all or
any part of the mineral resource will be converted into mineral
reserves.
The Technical Report, dated effective August 15, 2015, is titled "NI 43-101 Resource
Estimate for the Whistler Project". The Technical Report was
authored by Robert J. Morris, M.Sc.,
P.Geo., Susan C. Bird, P.Eng., and
Alan Riles, B.Met., M.AIG, who are
each qualified persons within the meaning of NI 43-101 and
independent of the Company. There are no material differences
between the results announced in the Company's September 9, 2015 press release and the results
contained in the final Technical Report.
Whistler Project
The Whistler Project is located approximately 150 km northwest
of Anchorage, Alaska and is
comprised of 304 Alaska State Mineral Claims (170 sq km) in the
Yentna Mining District and has a 50-person all season exploration
camp, airstrip and assorted mobile equipment. The Whistler Project
comprises a gold-copper district in an underexplored area of
south-central Alaska. In addition
to the Whistler deposit, the Project also includes several
additional mineral deposits and prospective areas that Company
geologists believe have good potential for expansion,
including:
- Whistler Orbit, an extensive area (approx. 25 sq km) of phyllic
(quartz-sericite-pyrite) alteration that is peripheral to several
mineralized porphyry deposits and targets located directly east of
the Whistler deposit;
- Island Mountain gold-copper porphyry complex, which hosts
multiple porphyry centers including the Breccia, Cirque, Howell and
Super Conductor zones that occur within an area of 9 sq km and
located approximately 23 km south of the Whistler deposit;
- Muddy Creek intrusion-related gold target consisting of
quartz-sulphide veins that are hosted within intrusive phases of
the Estelle Composite Intrusive Suite and on which historic
reconnaissance rock-soil geochemistry and geophysics has outlined
multiple gold anomalies (Discovery Creek, Phoenix Creek, Arseno
Knob and Bonanza zone) over an area of 5.5 sq km and located
approximately 18 km southwest of the Whistler deposit; and
- Several gold-copper targets outlined by historic soil
geochemistry, geophysics, and mapping.
For a map of the project including the prospective zones
described above, please click through here.
For further information regarding the Company's Whistler
project, including the above resource estimate, 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 and development of projects in
emerging producing gold districts in Brazil, Paraguay 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 and its Rea Uranium Project in the
western Athabasca Basin in
northeast Alberta, Canada.
Paulo Pereira, Brazil Resources'
President, has reviewed and approved the scientific and technical
information contained in this news release. Mr. Pereira holds a
Bachelor 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.
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
the Company's expectations respecting the Whistler Project, the
expected potential of its other projects and the Company's ability
to carry out its strategy 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, including that the Company will finalize an
exploration program, budgets and other matters, that such
exploration program will be carried out as planned, that the
Company will confirm historical exploration results and that
the Company will be able to identify and integrate acquisitions
made in accordance with its stated strategy. 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 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,
including to fund any exploration programs on the Whistler Project
and the Company's other projects, any inability of the Company to
finalize an exploration program, budget or other matters, and that
expected synergies and benefits of acquisitions will not be
realized as expected. 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.