VANCOUVER, May 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
April 18, 2016 and May 17, 2016, the Company has filed a
National Instrument 43-101 ("NI 43-101") technical report
(the "Technical Report") for its Whistler Gold Project
(the "Whistler Project" or "Project") located in South Central Alaska.
The Technical Report includes the following resource estimates
for the Whistler Gold Project.
Deposit1
|
Class.
|
Cut-off
|
Tonnes
|
Grade
|
Contained
Metal
|
AuEq.2,3,4
(g/t)
|
(Mt)
|
Au
(g/t)
|
Ag
(g/t)
|
Cu
(%)
|
AuEq.
(g/t)
|
Au
(Moz)
|
Ag
(Moz)
|
Cu
(Mlb)
|
Au
Eq.
(Moz)
|
Whistler
|
Indicated
|
0.3
|
79.20
|
0.51
|
1.97
|
0.17
|
0.88
|
1.280
|
5.030
|
302.000
|
2.250
|
IM
|
Indicated
|
0.3
|
31.080
|
0.49
|
1.10
|
0.06
|
0.55
|
0.485
|
1.10
|
41.120
|
0.547
|
|
|
|
110.280
|
0.50
|
1.72
|
0.14
|
0.79
|
1.765
|
6.13
|
343.120
|
2.797
|
|
|
|
|
|
|
|
|
|
|
|
|
Whistler
|
Inferred
|
0.3
|
145.80
|
0.40
|
1.75
|
0.15
|
0.73
|
1.850
|
8.210
|
467.000
|
3.350
|
IM
|
Inferred
|
0.3
|
82.020
|
0.47
|
1.02
|
0.05
|
0.53
|
1.237
|
2.69
|
90.430
|
1.390
|
RW (Zone
A)
|
Inferred
|
0.6
|
51.760
|
0.68
|
3.74
|
0.10
|
0.86
|
1.130
|
6.22
|
114.130
|
1.428
|
RW (Zone
B)
|
Inferred
|
0.3
|
31.680
|
0.40
|
5.39
|
0.06
|
0.55
|
0.409
|
5.49
|
41.910
|
0.563
|
|
|
|
311.260
|
0.47
|
2.26
|
0.11
|
0.68
|
4.626
|
22.61
|
713.470
|
6.731
|
Table Notes:
- 1Island Mountain abbreviated to "IM" and Raintree
West abbreviated to "RW".
- 2Gold 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.
- 3Gold 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).
- 4Gold 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.
- Totals may not represent the sum of the parts due to
rounding.
- The Mineral Resources for the Whistler Project have been
prepared by Giroux Consulting Ltd. in conformity with "CIM
Definition Standards for Mineral Resources and Mineral Reserves
2014".
The Technical Report, dated effective March 24, 2016, is titled "NI 43-101 Resource
Estimate for the Whistler Project". The Technical Report was
authored by Gary H. Giroux, P.Eng.,
M.A. Sc., who is a qualified person within the meaning of NI 43-101
and is independent of the Company. A version of the report was
filed under the Company's SEDAR profile on May 27, 2016, which included a clerical error in
the resource information in the "Summary" section and should be
disregarded. Readers should refer to the Technical Report, amended
and filed under the Company's SEDAR profile on May 30, 2016, for the corrected version of the
report. There are no material differences between the results
announced in the Company's April 18,
2016 and May 17, 2016 press
releases and the results contained in the Technical Report.
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 Whistler Gold Project, located in
Alaska, United States, its São Jorge and Cachoeira
Gold Projects, located in the State of Pará, northeastern
Brazil, and its 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.
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 resources and the
Company's expectations respecting the Whistler 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.