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.
FOR IMMEDIATE RELEASE
Vancouver, British Columbia – October 26, 2015 – 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.
For additional information, please contact:
Brazil Resources Inc.
Amir Adnani, Chairman
Garnet Dawson, CEO
Telephone: (855) 630-1001
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.
