Quantcast
Last updated on April 17, 2014 at 1:21 EDT

Brazil Resources Inc. Files Updated NI 43-101 Report on the Company’s Cachoeira Project

April 18, 2013

VANCOUVER, April 18, 2013 /PRNewswire/ – Brazil Resources Inc. (TSX-V: BRI; OTCQX: BRIZF) (the “Company” or “Brazil Resources”) is
pleased to announce that, further to its press release dated March 4,
2013, it has filed a National Instrument 43-101 (“NI 43-101″) technical
report (the “Technical Report”), including a mineral resource estimate,
respecting its Cachoeira do Piria Gold Project, located in the Pará
state, Brazil entitled “Technical Report and Resource Estimate on the
Cachoeira Property, Pará state, Brazil” dated April 17, 2013, completed
by Tetra Tech, Inc. (“Tetra Tech”).

Tetra Tech has estimated the mineral resources in accordance with NI
43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum
classification system, using the Company’s dataset of 42,432 assays,
which includes historical diamond drilling, outcrop, underground
channel samples, auger and reverse circulation drilling. The Technical
Report included the following resource estimate for the Company’s
Cachoeira Project:

     _____________________________________________________________________
    |INDICATED VEINS|    TONNES  |  GOLD  | GOLD CAP |   GOLD  | GOLD CAP |
    |_______________|____________|________|__________|_________|__________|
    |               | @ 0.35 G/T |   G/T  |     G/T  | OZ TROY |  OZ TROY |
    |_______________|____________|________|__________|_________|__________|
    |   ARARA VEINS |   528,435  |  1.805 |   1.740  | 30,658  |   29,554 |
    |  CORUJA VEINS |    84,272  |  2.026 |   2.016  |  5,490  |   5,463  |
    |  TUCANO VEINS |  4,051,741 |  2.160 |   1.846  | 281,365 |  240,514 |
    |_______________|____________|________|__________|_________|__________|
    |   TOTAL VEINS |  4,664,448 |   2.12 |    1.84  | 317,514 |  275,531 |
    |_______________|____________|________|__________|_________|__________|
    |                                                                     |
    |_____________________________________________________________________|
    |    INDICATED  |    TONNES  |   GOLD | GOLD CAP |   GOLD  | GOLD CAP |
    |   ALTERATION  |            |        |          |         |          |
    |_______________|____________|________|__________|_________|__________|
    |               | @ 0.35 G/T |   G/T  |     G/T  | OZ TROY |  OZ TROY |
    |_______________|____________|________|__________|_________|__________|
    |   ARARA HALO  | 1,592,239  |  1.623 |   1.056  | 83,098  |   54,081 |
    |   TUCANO HALO | 11,213,406 |  1.071 |   1.004  | 386,124 |  362,064 |
    |_______________|____________|________|__________|_________|__________|
    |      TOTAL    | 12,805,645 |   1.14 |    1.01  | 469,223 |  416,145 |
    |   ALTERATION  |            |        |          |         |          |
    |_______________|____________|________|__________|_________|__________|
    |                                                                     |
    |_____________________________________________________________________|
    |TOTAL INDICATED| 17,470,093 |   1.40 |    1.23  | 786,737 |  691,676 |
    |_______________|____________|________|__________|_________|__________|
    |                                                                     |
    |_____________________________________________________________________|
    |                                                                     |
    |_____________________________________________________________________|
    | ALL INDICATED |    TONNES  |   GOLD | GOLD CAP |   GOLD  | GOLD CAP |
    |_______________|____________|________|__________|_________|__________|
    |               | @ 0.35 G/T |   G/T  |     G/T  | OZ TROY |  OZ TROY |
    |_______________|____________|________|__________|_________|__________|
    |ARARA  VEINS + | 2,120,674  |   1.67 |    1.23  | 113,757 |   83,635 |
    |     HALO      |   84,272   |   2.03 |    2.00  |  5,490  |   5,415  |
    | CORUJA VEINS  | 15,265,147 |   1.36 |    1.23  | 667,490 |  602,578 |
    |    TUCANO     |            |        |          |         |          |
    |  VEINS+HALO   |            |        |          |         |          |
    |_______________|____________|________|__________|_________|__________|
    |               |            |        |          |         |          |
    |_______________|____________|________|__________|_________|__________|
    |TOTAL INDICATED| 17,470,093 |   1.40 |    1.23  | 786,737 | 691,676* |
    |_______________|____________|________|__________|_________|__________|
    |               |            |        |          |         |          |
    |_______________|____________|________|__________|_________|__________|
    |               |            |        |          |         |          |
    |_______________|____________|________|__________|_________|__________|
    |INFERRED VEINS |    TONNES  |   GOLD | GOLD CAP |   GOLD  | GOLD CAP |
    |_______________|____________|________|__________|_________|__________|
    |               | @ 0.35 G/T |   G/T  |     G/T  | OZ TROY |  OZ TROY |
    |_______________|____________|________|__________|_________|__________|
    |   ARARA VEINS |   631,690  |   2.41 |    2.38  | 48,871* | 48,293*  |
    |  CORUJA VEINS |   139,835  |   1.62 |    1.61  | 7,277*  |  7,246*  |
    |  TUCANO VEINS |  2,207,256 |   2.01 |    2.00  |142,982* | 141,588* |
    |_______________|____________|________|__________|_________|__________|
    |   TOTAL VEINS |  2,978,781 |   2.08 |    2.06  |199,130* | 197,126* |
    |_______________|____________|________|__________|_________|__________|
    |                                                                     |
    |_____________________________________________________________________|
    |    INFERRED   |    TONNES  |   GOLD | GOLD CAP |   GOLD  | GOLD CAP |
    |   ALTERATION  |            |        |          |         |          |
    |_______________|____________|________|__________|_________|__________|
    |               | @ 0.35 G/T |   G/T  |     G/T  | OZ TROY |  OZ TROY |
    |_______________|____________|________|__________|_________|__________|
    |   ARARA HALO  | 1,757,048  |   1.17 |    0.80  | 65,865* | 45,001*  |
    |   TUCANO HALO | 10,930,751 |   0.85 |    0.84  |298,205* | 295,629* |
    |_______________|____________|________|__________|_________|__________|
    |      TOTAL    | 12,687,799 |   0.89 |    0.84  |364,070* | 340,630* |
    |   ALTERATION  |            |        |          |         |          |
    |_______________|____________|________|__________|_________|__________|
    |                                                                     |
    |_____________________________________________________________________|
    |TOTAL INFERRED | 15,666,580 |   1.12 |    1.07  |563,200* | 537,756* |
    |_______________|____________|________|__________|_________|__________|
    |                                                                     |
    |_____________________________________________________________________|
    |                                                                     |
    |_____________________________________________________________________|
    |  ALL INFERRED |    TONNES  |   GOLD | GOLD CAP |   GOLD  | GOLD CAP |
    |_______________|____________|________|__________|_________|__________|
    |               | @ 0.35 G/T |   G/T  |     G/T  | OZ TROY |  OZ TROY |
    |_______________|____________|________|__________|_________|__________|
    |ARARA  VEINS + | 2,388,739  |   1.49 |    1.21  |114,735* | 93,294*  |
    |     HALO      |  139,835   |   1.62 |    1.61  | 7,277*  |  7,246*  |
    | CORUJA VEINS  | 13,138,007 |   1.04 |    1.04  |441,187* | 437,217* |
    |    TUCANO     |            |        |          |         |          |
    |  VEINS+HALO   |            |        |          |         |          |
    |_______________|____________|________|__________|_________|__________|
    |                                                                     |
    |_____________________________________________________________________|
    |TOTAL INFERRED | 15,666,580 |   1.12 |    1.07  |563,200* | 537,756* |
    |_______________|____________|________|__________|_________|__________|

* These figures relating to the inferred portion of the above resource
estimate differ from the Company’s disclosure in its press release
dated March 4, 2013 as a result of a calculation error in the initial
resource estimate provided to the Company. The Company has determined
that such variance in the reported inferred resource figures is not
material. The reported indicated resource amounts remain unchanged.

The resources were estimated by inverse distance squared (ID2) weighting
and grades were interpolated into blocks in a single pass.  A minimum
of two and a maximum of 12 composites within the volume of the search
ellipse were necessary for a grade to be interpolated into a block.  A
maximum of two composites was permitted per drill hole so that a grade
could be interpolated into a block on the basis of a single drill hole.
Composites could only be drawn from the geological model for which a
grade was being estimated to avoid over- or underestimation of grades
within a given geological domain.

In addition to capped and uncapped gold grades, the number of drill
holes and composites used for each estimated value was recorded as well
as the mean distance of those composites from the centroid of the
block.

Resources were classified as indicated or inferred.  In order for a
block to be classified as indicated, it was necessary that the grade
that it contained was based on a minimum of four drill holes and that
the mean distance of the composites from those holes was 50 meters or
less from the centroid of the block.  All blocks that failed to meet
the criteria for indicated classification, but had an estimated grade
of at least 0.001 g/t gold were classified as inferred.

For further information regarding the Company’s Cachoeira Project and
the above resource estimate, please refer to the Technical Report, a
copy of which is available under the Company’s profile at www.sedar.com and on the Company’s website.

Qualified Person

The resource estimate was prepared by Greg Mosher, M.Sc. P.Geo. Mr.
Mosher is a qualified person and a Senior Geologist with Tetra Tech and
is independent of the Company, as defined by section 1.5 of NI 43-101.
Paulo Pereira, the Company’s Vice President of Exploration, has
supervised the preparation of, and reviewed, the technical information
contained in this document. Mr. Pereira holds a Bachelor degree in
Geology from Universidad 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.

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 Ãureos,
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.

Cautionary Note 

This news release utilizes the terms “indicated” and inferred” mineral
resources in accordance with NI 43-101. While those terms are
recognized by Canadian securities regulatory authorities, they are not
recognized by the U.S. Securities and Exchange Commission (the “SEC”)
and the SEC does not permit U.S. companies to disclose resources in
their filings with the SEC. U.S. investors are cautioned that the
mineral resource information contained herein is not comparable to
information regarding mineral reserves disclosed in accordance with SEC
requirements.

Investors are cautioned not to assume that any part or all of 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. 

Forward Looking Statements

This press release contains certain forward-looking statements,
including statements regarding future exploration plans at the
Cachoeira Project, potential mineralization and resource estimates.
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. 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
matters, labor 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,
currency fluctuations, regulatory restrictions, including environmental
regulatory restrictions and other factors listed in the Company’s
public filings, including its Management’s Discussion and Analysis for
the year ended November 30, 2011. 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.

Stephen Swatton or Patrick Obara
Telephone: (855) 630-1001
E-mail: info@brazilresources.com

SOURCE Brazil Resources Inc.


Source: PR Newswire