Vancouver, British Columbia – May 31, 2016 – 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.
For additional information, please contact:
Brazil Resources Inc.
Amir Adnani, Chairman
Garnet Dawson, Chief Executive Officer
Telephone: (855) 630-1001
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.
