Resouro Completes Historical Desktop Study Including Historical Resource at Tiros Rare Earths and Titanium Project in Brazil
Resouro Completes Historical Desktop Study
Including Historical Resource at Tiros Rare
Earths and Titanium Project in Brazil
Toronto, Ontario--(Newsfile Corp. - August 17, 2023) -
Resouro Gold Inc.
(TSXV: RAU) (FSE: BU9)
("
Resouro
" or the "
Company
") is pleased to announce that it has completed a historical desktop study
(the "
Desktop Study
") as part of the
previously announced exploration campaign
at Tiros Rare Earths
and Titanium Project in Brazil (the "
Tiros Project
").
Desktop Study Highlights
Based on the inhouse verification of historic information, the average grade was
3,930ppm TREO and 12.44% TiO2.
Resouro's initial Resource Target, based on resampling the data from 21 RC Aircore
Holes and the previous Resource Calculation submitted to the Brazilian ANM (Mines
Department), is 600 million tonnes at over 3,000 ppm TREO and
12% TiO2.
ICP analysis for Rare Earths Elements showed an average NdPr oxide grade of
800ppm
for the 258 samples.
Resouro has completed verification of historic information by re-assaying and completing additional
Quality Assurance and Quality Control on historic data and adding samples from 17 new Auger Drill
Holes that have been completed by Resouro.
Based on the inhouse verification of historic information the average grade was 3,930ppm Total Rare
Earth Oxide ("TREO") and 12.44% Titanium Dioxide ("TiO2").
Chris Eager, CEO of Resouro, commented:
"We are extremely encouraged by the positive analysis of historical drilling and sampling at the Tiros
project, which produced world-class average grades of ~3,900ppm TREO and ~12% TiO2. On the back
of this preliminary work, we are equally pleased to report an initial resource target of over 600Mt at more
than 3,000ppm TREO and in excess of 12% TiO2, and we are actively progressing resource definition
activities to produce a 43-101/JORC compliant resource in the coming months. To this end, we have 17
new auger holes completed and aim to start a 4,000m AC drilling program by then end of this month.
Additionally, we are seeing very positive signs from initial metallurgical testwork on the project, which we
anticipate will be substantiated by ongoing test work. On both fronts, we look forward to updating the
market as further results materialize in the coming months.
"Resouro is now incorporating verified historic data and data from the new sampling to calculate a new
43:101 / JORC compliant resource for Tiros to estimate the resource tonnage, TREO and TiO2 grades.
"258 samples were re-assayed and sent to SGS-Geosol lab, for analysis using the ICP method. ICP,
Inductively coupled plasma-mass spectrometry, is regarded as the most accurate method available to
determine the concentration of various elements in a sample. The results confirmed the average global
grade is 3,930ppm TREO and 12.14% TiO2. ICP analysis for Rare Earths Elements showed an average
NdPr oxide grade of 800ppm for the 258 samples."
Overview of Historic Resource Data / Analysis:
1,033m of drilling from 21 holes within the Tiros Mineral Rights
3,975m of drilling from 95 holes exits in the greater Tiros region
GPR Profiles - subsurface imagery
Aerial geophysical Magnetic and Gamma Survey, and Remote Sensing Studies
Geochemical database of 3,000 soils/rocks/chips
Preliminary metallurgical studies on the Titanium beneficiation
Mineralogy studies and weathering profile characterization
Verification and re-assaying of the available core/drilling material
Overburden thickness mapping
Current work completed towards a new 43:101 / JORC resource includes:
Reassay of 258 samples from historic drilling.
The Average TiO2 Grade was 12.44% and Average TREO grade was 3930 ppm.
17 new auger holes drilled at an average depth of ~10 m,
totalling 163.5 m. 147 samples were
made by Resouro from these auger holes.
Samples from the first 8 auger holes have been sent to SGS in Brazil and the results are expected
soon.
A 4,000 meter Reverse Circulation (RC) drilling program is planned, a drill rig is on standby and
final environmental permits are expected so that drilling can start in August 2023.
Resouro is developing Metallurgical Test-work to determine TREO recoveries and TiO2 recoveries
using a number of different extraction methods.
A 205kg Composite Sample sent to Nomos - Prosper Labs in Brazil for TREO and TiO2 Test
Work.
A 50kg composite sample prepared to be sent to ANSTO in Sydney for TREO Test Work.
A 50kg composite sample prepared to be sent to Dorfna Anzaplan in in Germany for TREO and
TiO2 Test Work.
258 Samples were resampled for TiO2 from the previous Reverse Circulation Aircore Drilling Program
for Quality Control and Quality Assurance (QAQC) and there was a near 1:1 correlation between historic
samples and the newly reassayed samples. TREO grades were not available in the historic drilling but
are available from the resampling campaign.
Distribution of TREO values from 258 Samples from 21 Drill holes
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5944/177574_ba2383bb24c5fb0f_001full.jpg
The historic non 43-101 compliant resource was delineated from the original 21 drill holes of the
property. The data was obtained from the Final Positive Exploration Report presented by the previous
owners to the ANM, the Mining Authority in Brazil.
Delineated historical non 43-101 compliant resource estimate
833.082/2014
833.083/2014
831.045/2010
Total
Tons
TiO
2
Tons
TiO
2
Tons
TiO
2
Tons
TiO
2
Measured
37,736,106
11.08
23,814,329
11.66
10,392,312
12.44
71,942,747
12.44
Indicated
70,686,322
10.79
17,642,030
11.12
55,512,592
12.44
143,840,943
12.44
Inferred
130,398,785
11.31
14,965,967
11.14
268,741,878
11.90
414,106,630
11.90
Total
238,821,213
11.12
56,422,326
11.22
334,646,781
12.14
629,890,320
12.14
The estimate was prepared selecting the intervals with a TiO2 cut-off grade of 6%. TREO grades were
not used in the historical estimate and are strongly correlated with titanium mineralization.
A semi-horizontal wireframe was interpreted, joining the top and base of these intervals. A block model
of 50m x 50m x 10m was used to interpolate TiO2 grades using an Inverse of the Squared Distance
method. The non-compliant classification was based on distances to the nearest hole: less than 200m,
measured; 200 to 400m, indicated; and 400-800m inferred.
Cautionary note :
A Qualified Person has not done sufficient work to classify the historical estimate as current
mineral resources or mineral reserves; and
Resouro is not treating the historical estimate as current mineral resources or mineral reserves.
Resouro's initial Resource Target, based on resampling the data from 21 RC Aircore Holes and the
previous Resource Calculation submitted to the Brazilian ANM is
630 million tonnes at 12% TiO2 and
3,900ppm TREO.
Ionic Clay Extraction Testwork
The magmatic source of Tiros is understood to be of the same Alkaline Province style
as
other Ionic
Clay REE deposits in Minas Gerais. Rare Eath Elements are liberated from the rock by weathering /
oxidation and are retained by weak bonds with clay minerals. The Red Zone at Tiros is an extensive
layer of severely oxidized or weathered material.
Highly weathered, clay rich material is a requirement for
Ionic Clay Extraction methods. The initial basic test-work done by Resouro to date has recovered REE
by this method and we are confident these findings will continue.
Resouro is completing further testwork in Brazil and is sending two 50kg composite samples from recent
Auger Drilling to ANSTO in Australia and Dorfna Anzaplan in Germany to complete metallurgical
testwork. This testwork will determine the percentage metallurgical recovery of Rare Earth Elements that
can be achieved using simple Ionic Clay Extraction methods or any other method with positive economic
results.
The Tiros Project
Located in Northern Minas Gerais in Brazil, the Tiros Project is potentially one of the world's largest and
highest grade undeveloped titanium deposits, with associated heavy rare earths identified in historic
drilling. The Tiros Project represents 11 mineral concessions totalling 177 km2 located in Minas Gerais,
one of the most infrastructurally developed states of Brazil. It is situated 350 km from Belo Horizonte, the
state capital (See Figure 2). The Tiros licenses cover the most prospective portion of the prolific
Capacete Formation and the areas with the greatest exploration potential.
Figure 1: The Tiros Project Location
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5944/177574_ba2383bb24c5fb0f_002full.jpg
Qualified Person ("QP")
The technical content of this news release has been reviewed and approved by Rodrigo Mello BE
Geology, AUSIMM
and a qualified person as defined by National Instrument 43-101.
About Resouro Gold Inc.
Resouro is a Canadian-based mineral exploration and development company focused on the discovery
and advancement of economic mineral projects in Brazil, including the Tiros Project in Minas Gerais and
the Novo Mundo Gold Project in Mato Grosso. Learn more about the Company on its website:
https://resouro.com
.
On behalf of the Board of Directors,
Chris Eager, President & CEO
RESOURO GOLD INC.
For further information, please contact the Company at:
Chris Eager, CEO
For Investor inquiries
416-642-1807
Forward-Looking Information
This news release contains certain "forward-looking information" within the meaning of applicable
securities law. Forward-looking information is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this
press release includes, but is not limited to, statements with respect to the completion of the
respective transactions contemplated in the Resmin Agreement and Tiros Agreement, including the
completion of the Tiros PFS, the Test Work, and the Tiros DFS, along with completion of the earn-ins
and share transfers. Although we believe that the expectations reflected in the forward-looking
information are reasonable, there can be no assurance that such expectations will prove to be correct.
We cannot guarantee future results, performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same, in whole or in part, as those set out in
the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the
statements are made and are subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause the results to differ materially from
those expressed in the forward-looking information include, but are not limited to: general economic
conditions in Canada and globally; industry conditions, including governmental regulation and
environmental regulation; failure to obtain industry partner and other third party consents and
approvals, if and when required, including obtaining conditional and final acceptance of the TSXV; the
need to obtain required approvals from regulatory authorities; stock market volatility; liabilities
inherent in the mining industry; competition for, among other things, skilled personnel and supplies;
incorrect assessments of the value of acquisitions; geological, technical, processing and
transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated
benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of
risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this
cautionary statement. We undertake no duty to update any of the forward-looking information to
conform such information to actual results or to changes in our expectations except as otherwise
required by applicable securities legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
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
release.
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