Brazil Resources Inc. Announces Drill Results Confirming a New Base and Precious Metal Discovery (Au-Cu-Ag-Pb-Zn) at the Artulândia Project in Goiás State, Central Brazil
July 17, 2013
FOR IMMEDIATE RELEASE
- 9 of 12 drill holes intersected mineralization at the ART-1 target;
- Diamond Drill Hole (DDH) 07 intersected 15m (0 to 15.0m) of 1.56 g/t gold equivalent or 0.93% copper equivalent and DDH-09 intersected 9m (20 to 29m) of 1.32 g/t gold equivalent or 0.78% copper equivalent1;
- DDH-07 intersected 15m (0 to 15.0m) of 0.17 g/t gold, 0.35% copper, 18.04 g/t silver, 0.63% lead and 0.45% zinc; including 7m (0 to 7.0m) of 0.35 g/t gold, 0.39% copper, 30.43 g/t silver, 1% lead, and 0.31% zinc
- DDH-09 intersected 9m (20-29m) of 0.01g/t gold, 0.09% copper, 20.78 g/t silver, 0.32% lead and 1.49% zinc; and
- Seven additional geochemical and geophysical zones remain untested.
Vancouver, British Columbia – July 17, 2013 – Brazil Resources Inc. (the "Company" or "Brazil Resources") (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce that recent diamond drilling at the Company’s Artulândia project (the “Project”) confirms polymetallic mineralization of up to 10 metres thickness (not “true” width) in a flat lying unit at surface. The principal target, ART-1, located within the Alvo South target, was previously outlined by geophysical data and rock and soil surveys. The Project covers 12,000 acres and is located in Goias state, one of the most prolific mining districts in Brazil.
Stephen Swatton, President and CEO, stated, “The style of mineralization is consistent with a Volcanogenic Massive Sulphide and represents a new discovery of this style in Goias State. Our geological team believes the results of this drilling program are significant and a gold equivalent grade of 1.56 g/t or copper equivalent grade of 0.93% is a great start in an area which has over 8km of strike of the target horizon in two parallel rock packages. Further fieldwork is ongoing and additional drilling will be required in order to understand the full extent of this exciting new discovery. The Company has an additional three years left on the license, which we believe is sufficient time to fully investigate the potential of the Project and to perform appropriate follow-up programs.”
In its news release dated December 11, 2012, Brazil Resources announced trench and rock sample results from target ART-1 on the first mineralized zone of approximately 1,000-meters by 250-meters and open in all directions. The trenches intersected fresh rock beneath a thin, approximately one meter thick, soil covered zone. Samples yielded anomalous results for gold, copper, silver, lead and zinc.
Following up from the previous work, twelve exploratory diamond drill holes totaling 951.86m were completed at ART-1 (additional drilling was completed on ART-4) to test both geochemical and geophysical anomalies. Of these, nine drill holes yielded positive results with mineralized intervals of up to 10m, returning up to 0.35 g/t gold, 0.39% copper, 30.43 g/t silver, 1% lead and 1.49% zinc in separate drill holes. Please see Table 1 of this press release for a summary of relevant drill results from the program.
These results define a shallow, sub-horizontal mineralized zone that is currently projected to extend north under a local plateau located within the Project licenses. Seven previously delineated soil and rock geochemical targets remain to be investigated.
The Company plans follow-up work and a drill program on Alvo South and the remaining untested targets.
The following table provides a summary of the significant drill results for each hole:
Table 1: Artulândia Target Drill Results
A total of 15 drill holes totaling 1441.35m and dipping from 50 to 80 degrees, oriented north or south with total depths ranging from 21.8m to 178.38m were drilled on the ART-1 target located within Alvo South and the ART-4 target located within Alvo North. DDH-4, 5 and 6 completed at the ART-4 target returned low grades in an area of the property that requires more geological interpretation and was based more on interpretive geophysics than surface geochemistry.
About Brazil Resources Inc.
Brazil Resources 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 parts of South America. Currently, the Company is advancing its Cachoeira, Montes Áureos, Trinta and Maua Gold Projects located in the Gurupi Gold Belt in the state of Maranhão, northeastern Brazil, and its Artulandia Copper-Gold Project in central Brazil.
For additional information, please contact:
Stephen Swatton or Patrick Obara
Telephone: (855) 630-1001
Paulo Pereira, the Company’s Vice President of Exploration has supervised the preparation of 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 National Instrument 43-101 and is a member of the Association of Professional Geoscientists of Ontario.
Brazil Resources implements a quality assurance and control protocol in connection with its sampling and analytical procedure. Drill core is checked, logged for sampling and sawn in half. One half of the NQ core (60.3mm diameter) and/or HQ core (77.8mm diameter), as applicable, is maintained for future reference and one half of the core is sent for analysis (sample weights varied between 1-3kg). Drill core is logged by Brazil Resources’ geologists and split at a core shed located on the property. Samples are collected at approximately 1m intervals. Samples are transported from the project by road to an SGS-Geosol lab in Goiania, Goiás, in secured sealed sample bags for preparation. The samples are assayed at SGS-Geosol lab in Vespasiano, Minas Gerais, for gold using a 50 gram fire assay with AAS finish and ICP for 37 elements. Control samples, consisting of certified analytical standards, blanks (barren rocks) and duplicates are inserted in each sample batch at a rate of approximately 8% in order to provide several measures of data quality and ensure that the assay data is representative of the original sample. SGS-Geosol is independent of Brazil Resources.
1Gold equivalent numbers based on $1282 ounce gold, 6,922 tonne copper, $22.3 ounce silver, $, $2,048 tonne lead, $1,860 tonne zinc.
Forward Looking Statements
This document contains certain forward-looking statements that reflect the current views and/or expectations of the Company with respect to its performance, business and future events, including statements regarding the Company's beliefs regarding future exploration and expectations respecting the potential of the Project. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; and the Company's current exploration programs and objectives can be achieved; financing will be available if and when needed on reasonable terms. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that the Company has a limited operating history; that resource exploration and development is a speculative business; that the Company may lose or abandon its property interests; that the Company's properties are in the exploration stage and without known bodies of commercial ore; that the Company may not be able to obtain all necessary permits and approvals on any of its properties; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; potential defects in title to the Company's properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; and other factors listed in the Company's public filings, including its Management's Discussion and Analysis for the year ended November 30, 2012. These risks, as well as others, 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. The Company 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.