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Last updated on April 19, 2014 at 13:20 EDT

Brazil Resources Inc. Reports NI 43-101 Resource Estimates for its Recently Acquired São Jorge, Boa Vista and Surubim Gold Projects

January 21, 2014

Highlights

        --  The resource estimates confirm previously disclosed
            calculations completed by independent consultants for Brazilian
            Gold Corporation prior to the acquisition of the properties by
            Brazil Resources.
        --  São Jorge Project - Indicated mineral resource of 14.42 Mt
            grading 1.54 g/t gold (715,000 oz gold) and an inferred mineral
            resource of 28.19 Mt grading 1.14 g/t gold (1,035,000 oz gold)
            at a cut-off grade of 0.3 g/t.
        --  Boa Vista Project (VG1 Deposit) - Inferred mineral resource of
            8.47 Mt grading 1.23 g/t gold (336,000 ounces) at a 0.5 g/t
            cut-off for the VG1 deposit.
        --  Surubim Project - Inferred mineral resource of 19.44 Mt grading
            0.81 g/t gold (503,000 ounces gold) at a cut-off grade of 0.3
            g/t gold.

VANCOUVER, Jan. 21, 2014 /PRNewswire/ – Brazil Resources Inc. (the “Company” or
“Brazil Resources”) (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce
that it has received National Instrument 43-101 (“NI 43-101″) resource
estimates for each of its São Jorge, Boa Vista and Surubim Gold
Projects located in Pará State, Brazil. The projects were acquired by
Brazil Resources through its acquisition of Brazilian Gold Corporation
(“BGC”) in November 2013. The resource estimates confirm the historical
estimates completed by BGC as disclosed by the Company in its press
release dated November 22, 2013.

São Jorge Gold Project

Brazil Resources engaged Coffey Mining Pty Ltd. (“Coffey”) to prepare an
NI 43-101 resource estimate on the São Jorge Project (the “São Jorge
Estimate”). The São Jorge Estimate has an effective date of November
22, 2013 and provides the following estimates for the project (oxide
and primary mineralization) at various cut-off grades (the oxide
resource comprises a small part (approximately 9%) of the overall
resource):

     __________________________________________________________________
    |                              São Jorge Gold Project              |
    |                        Mineral Resource Estimates Summary        |
    |__________________________________________________________________|
    |         |Lower Cutoff|Million Tonnes|Average Grade|Contained Gold|
    |         |       Grade|              |             |    (Kozs)    |
    |         |____________|              |_____________|              |
    |         |   (g/t Au) |              |   (g/t Au)  |              |
    |         |            |              |             |              |
    |_________|____________|______________|_____________|______________|
    |Indicated|      0.3   |      14.42   |      1.54   |        715   |
    | Mineral |____________|______________|_____________|______________|
    |Resource |      0.4   |      12.15   |      1.77   |        690   |
    |         |____________|______________|_____________|______________|
    |         |      0.5   |      10.49   |      1.97   |        666   |
    |_________|____________|______________|_____________|______________|
    |Inferred |      0.3   |      28.19   |      1.14   |      1,035   |
    | Mineral |____________|______________|_____________|______________|
    |Resource |      0.4   |      22.43   |      1.35   |        971   |
    |         |____________|______________|_____________|______________|
    |         |      0.5   |      18.78   |      1.52   |        918   |
    |_________|____________|______________|_____________|______________|

The São Jorge Estimate was based on a block model of the deposit. Coffey
classified the resource estimate as an indicated or inferred mineral
resource based upon the confidence of the input data, geological
interpretation and grade estimation. Indicated and Inferred Mineral
Resources are reported at a cut-off grade of 0.3 g/t Au, which is
estimated by Coffey based upon economic estimates, process recovery,
government taxes, other expenses and a gold price of US$1,300/oz. The
São Jorge Estimate is based on 37,154 m (145 holes) of diamond drilling
completed by previous operators, including 14,708 m (37 holes) of
diamond drilling completed by BGC since late 2010. Gold assays (19,590)
were composited at 1 m lengths and interpolated into the block model
using multiple indicator kriging. A three-dimensional solid model of
the sulphide and oxide mineralization was constructed to constrain the
resource estimate. The block model is comprised of individual blocks
measuring 5 m by 5 m by 5 m and grade is interpolated into these blocks
using multiple indicator kriging. The above estimates may not reconcile
due to rounding. No additional material exploration work has been
completed on the project by the Company.

The São Jorge Estimate was prepared for Brazil Resources by Porfirio
Rodriquesz, B.Sc. (Min Eng.), MAIG and Leonardo de Moraes Soares, B.Sc
(Geo), MAIG of Coffey, who are qualified persons as defined under NI
43-101, are independent of the Company and have reviewed and approved
the disclosure regarding the São Jorge Estimate above.

Boa Vista Gold Project

The Company has received an NI 43-101 resource estimate respecting the
VG1 deposit (Boa Vista Gold Project), located in Pará State in northern
Brazil (the “Boa Vista Estimate”), with an effective date of July 3,
2012. The following tables set out the Boa Vista Estimate (oxide and
primary mineralization) at various cut-off grades (the oxide resource
comprises a small part (approximately 1.3%) of the overall resource):

     ___________________________________________________________
    |               Boa Vista Gold Project - VG1 Deposit        |
    |            Inferred Mineral Resource Estimates Summary    |
    |___________________________________________________________|
    |Au Cut-off|Tonnes > Cut-off|Grade > Cut-off|Contained Metal|
    |  (g/t)   |    (tonnes)    |   Au (g/t)    |   Au (ozs)    |
    |__________|________________|_______________|_______________|
    |    0.50  |     8,470,000  |        1.23   |      336,000  |
    |__________|________________|_______________|_______________|
    |    0.60  |     6,980,000  |        1.38   |      310,000  |
    |__________|________________|_______________|_______________|
    |    0.70  |     5,930,000  |        1.51   |      288,000  |
    |__________|________________|_______________|_______________|
    |    0.80  |     5,090,000  |        1.64   |      268,000  |
    |__________|________________|_______________|_______________|
    |    0.90  |     4,580,000  |        1.73   |      254,000  |
    |__________|________________|_______________|_______________|
    |    1.00  |     4,150,000  |        1.81   |      241,000  |
    |__________|________________|_______________|_______________|

The Boa Vista Estimate was based on shallow (<150m depth) and limited
drilling (15 holes in 3,007m) and 14 trenches (2,299 m) containing
3,399 assays. The drill holes intersected a west-northwest striking,
steeply dipping mineralized zone that is up to 85 m in thickness and
extends at least 150 m below surface based on existing drilling. The
mineralized zone consists of quartz-pyrite stockwork and silicified
zone(s) that are hosted within a foliated, mixed mafic volcanic and
intrusive unit at or adjacent to granite rocks. Gold assays were
composited at 5 m lengths and interpolated into the block model using
ordinary kriging. A three-dimensional solid model of the primary and
oxide mineralization was constructed to constrain the resource
estimate. 12 of the 15 diamond drill holes and 6 of the 14 trenches
penetrated these solids over a strike length of 500 m and were used in
the resource estimate. The block model is comprised of individual
blocks measuring 20 m by 20 m by 5 m with the long dimensions of the
block orientated east-west and down dip. At the time of the Boa Vista
Estimate no economic studies have been completed on the project and, as
a result, an economic cut-off is unknown. No additional material
exploration work has been completed on the project by the Company.

The Boa Vista Estimate was prepared for Brazil Resources by Jim Cuttle,
B.Sc., P. Geo, Gary Giroux, MAsc., P. Eng. and Michael Schmulian, Bsc
(Hons), Msc, FAusIMM, who are qualified persons as defined under NI
43-101, are independent of the Company and have reviewed and approved
the disclosure regarding the Boa Vista Estimate above.

Surubim Gold Project (previously called Rio Novo project)

Brazil Resources has received an NI 43-101 resource estimate (the
“Surubim Estimate”) respecting the Surubim Gold Project, located in
Pará State in northern Brazil, with an effective date of April 15,
2012. The following table sets out the Surubim Estimate at various
cut-off grades:

     ___________________________________________________________
    |                Surubim Gold Project - Jau Prospect        |
    |            Inferred Mineral Resource Estimates Summary    |
    |___________________________________________________________|
    |Au Cut-off|Tonnes > Cut-off|Grade > Cut-off|Contained Metal|
    |  (g/t)   |    (tonnes)    |   Au (g/t)    |   Au (ozs)    |
    |__________|________________|_______________|_______________|
    |    0.30  |    19,440,000  |        0.81   |      503,000  |
    |__________|________________|_______________|_______________|
    |    0.40  |    15,230,000  |        0.93   |      456,000  |
    |__________|________________|_______________|_______________|
    |    0.50  |    11,960,000  |        1.06   |      409,000  |
    |__________|________________|_______________|_______________|
    |    0.60  |     9,520,000  |        1.20   |      336,000  |
    |__________|________________|_______________|_______________|
    |    0.70  |     7,750,000  |        1.32   |      329,000  |
    |__________|________________|_______________|_______________|
    |    0.80  |     6,660,000  |        1.42   |      303,000  |
    |__________|________________|_______________|_______________|
    |    0.90  |     5,790,000  |        1.50   |      279,000  |
    |__________|________________|_______________|_______________|
    |    1.00  |     4,880,000  |        1.60   |      252,000  |
    |__________|________________|_______________|_______________|
    |    1.10  |     3,910,000  |        1.74   |      219,000  |
    |__________|________________|_______________|_______________|
    |    1.20  |     3,080,000  |        1.90   |      188,000  |
    |__________|________________|_______________|_______________|
    |    1.30  |     2,510,000  |        2.05   |      165,000  |
    |__________|________________|_______________|_______________|

The Surubim Estimate was based on a total of 20 drill holes containing
2,978 gold assays. Gold assays were composited at 2.5 m lengths and
interpolated into the block model using ordinary kriging. A three
dimensional solid model of the mineralization was constructed to
constrain the resource estimate. The block model is comprised of
individual blocks measuring 20 m by 20 m by 5 m with the long
dimensions of the block orientated east-west and north-south. No
economic studies have been completed on this property and, as a result,
the economic cut-off is unknown. A gold cut-off of 0.3 g/t was
highlighted in the estimate as a possible open pit cut-off. No
additional material exploration work has been completed on the project
by the Company.

The Surubim Estimate was prepared for Brazil Resources by Jim Cuttle, P.
Geo and Gary Giroux, P. Eng., who are qualified persons as defined
under NI 43-101, are independent of the Company and have reviewed and
approved the disclosure regarding the Surubim Estimate above.

Technical reports respecting each of the above resource estimates will
be filed under the Company’s profile on SEDAR in due course. There is
no new material scientific or technical information respecting each of
the above projects since the effective date of their respective
resource estimates.

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, Brazil Resources is advancing its Cachoeira and São Jorge
Gold Projects located in the State of Pará, northeastern Brazil.

Paulo Pereira, Brazil Resources’ Vice President of Exploration has
reviewed and approved 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
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 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. 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 uncertainties respecting historical resource
estimates, 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.

Brazil Resources Inc.
Stephen Swatton, Chief Executive Officer
Patrick Obara, Chief Financial Officer
Telephone: (855) 630-1001

SOURCE Brazil Resources Inc.


Source: PR Newswire