Highlights:
- Preliminary ground Time Domain Electromagnetic ("TDEM") results
confirm and further delineate the presence of a high-priority
airborne electromagnetic conductor at the Rea Project.
- The conductor is located two kilometres west of AREVA Resources
Canada Inc.ꞌs high-grade Maybelle River Uranium Project.
- The ground TDEM conductor is sub-parallel to and likely related
to the Maybelle River Shear Zone.
- The Rea Project is one of the largest landholdings in the
Western Athabasca Basin, a region
that has experienced a surge in exploration activity with the
recent discoveries and announcement of large, near surface,
high-grade, basement hosted uranium resources by NexGen Energy Ltd.
and Fission Uranium Corp.
VANCOUVER, April 5, 2016 /CNW/ - Brazil Resources Inc.
("Brazil Resources", or "the Company") (TSX-V: BRI; OTCQX: BRIZF)
is pleased to announce the recent completion and results of a Time
Domain Electromagnetic ("TDEM") ground survey on its Rea Uranium
Project ("Rea Project"). The Rea Project is owned by Brazil
Resources (75%) and AREVA Resources Canada Limited (25%, "AREVA")
and is located in the Western
Athabasca Basin of Northeastern
Alberta.
Garnet Dawson, Chief Executive
Officer of Brazil Resources, commented: "The 2016 geophysical
program confirmed and refined a high priority target for follow-up
drill testing. This target as well as several other high priority
anomalies have been identified on the Rea Project and will be the
focus of a future drill program. The recent success by Fission and
NexGen along the Patterson Lake Corridor points to the potential
for large, near surface, basement hosted deposits in this
under-explored region of the Western
Athabasca Basin".
The ground geophysical survey was designed to provide better
resolution of a high-priority target that was originally identified
in a previous airborne Versatile Time Domain Electromagnetic
survey. The target area was defined as high-priority due to the
intensity of the airborne conductor and its proximity to AREVAꞌs
Maybelle uranium prospect. The intensity of the original airborne
electromagnetic conductor and its location with respect to the
Maybelle River Shear Zone ("MRSZ") and AREVAꞌs Maybelle prospect is
shown in Figure 1.
The TDEM survey was recently completed over 10 days along 19
east-west lines spaced 200 metres apart using three fixed
transmitter loops for a total of 35.7 line kilometres of collected
data resulting in a total survey area of approximately 4.6 square
kilometres. The survey was conducted using a Phoenix TXU-30
transmitter operating with an EMIT controller to generate the
primary electromagnetic field. EMIT receivers recording
measurements from EMIT fluxgate sensors were used to record the Z,
X, and Y components of the secondary electromagnetic field. In
order to ensure optimal data quality, each station reading
consisted of 128 to 256 stacked measurements, and the resultant
readings were assessed for noise and inconsistent decay responses
prior to being recorded. Repeat station readings were taken every
few hundred meters, or any time data seemed inconsistent.
Data interpretation and modeling are ongoing, but results to
date indicate the survey was successful in identifying a single
conductor that extends in a northerly trending orientation over a
distance of at least 1.8 kilometers. This anomaly has yet to be
drill tested (Fig. 2).
The decay rate of the conductor response identified in the TDEM
survey suggests a graphite-related body, which could correspond to
a wide zone of highly strained and mylonitized rocks; a potentially
favorable scenario for unconformity-hosted uranium deposits.
The nature of the north-striking conductor is similar to the
MRSZ, which hosts the Maybelle prospect. While the anomaly is
situated only two kilometres west of the Maybelle uranium prospect,
it is not necessarily indicative of any potential mineralization on
the Rea Project.
Rea Project
The Rea Project consists of 16 contiguous exploration permits
covering approximately 125,328 hectares surrounding AREVAꞌs
Maybelle River project, which hosts
the relatively shallow, high-grade Maybelle uranium prospect. The
Rea Project is located approximately 185 kilometres north-northwest
of Fort McMurray, Alberta, which
is serviced daily by commercial flights from Edmonton and Calgary. Access to the project is by winter
roads connecting Fort McKay and Fort
Chipewyan, or by charter flights.
Historic exploration programs were completed by Eldorado Nuclear
Ltd and Uranerz Exploration and Mining Limited from the mid-1970ꞌs
to the late 1990ꞌs on ground now mostly covered by the Rea Project.
The programs included various geochemical surveys, boulder
prospecting, airborne and ground geophysics and diamond drilling
(137 drill holes totaling 28,751 metres). These programs led to the
discovery of AREVAꞌs relatively shallow, high-grade Maybelle
prospect in 1988. Since that time, AREVA has maintained a narrow
zone of permits that cover the north to southwest trending
electromagnetic ("EM") conductor that is directly associated with
the Maybelle prospect.
In 2005, a large land package surrounding the entire
Maybelle River project was acquired
by Brazilian Gold Corporation ("BGC") and subsequently optioned to
UraMin Inc. in 2006. UraMin Inc. was acquired by AREVA in 2007 and
BGC was acquired by Brazil Resources in 2013.
Exploration programs completed during the period from 2005 to
2012 included airborne magnetics, EM, radiometrics and gravity,
ground geophysics and diamond drilling (8 drill holes totaling
1,908 metres). The programs were successful in mapping the
continuation of the EM conductor that is associated with the MRSZ
and the Maybelle prospect. The conductor propagates both northwards
and southwards onto the Rea Project permits. In addition, several
parallel conductors were located to the east and west of the
Maybelle prospect. The focus of the current ground TDEM survey
focused on one of these conductors defining an anomaly that is
located two kilometres west of the main MRSZ and AREVAꞌs high-grade
Maybelle uranium prospect.
Qualified Person
The scientific and technical information in this release has
been prepared under the supervision of, Roy
Eccles, P.Geol. of APEX Geoscience Ltd., a qualified person
as defined by National Instrument 43-101, and contracted by Brazil
Resources to supervise, manage and interpret the results of the
TDEM survey that was conducted by Koop Geotechnical Services
Inc.
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 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.
Cautionary Note
Forward Looking Information
This document contains certain forward-looking information
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 Rea Project and the
Company's future exploration plans and prospects of such
project. Forward-looking statements and information 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 forward-looking
statements and information 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, the timing of any recovery in
resource markets, unanticipated costs and expenses, uncertainties
relating to the availability and costs of financing needed in the
future, commodity price fluctuations or regulatory restrictions,
including environmental regulatory restrictions,. 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.