Resouro Reports Exploration Progress Including High Grade Results at Tiros Rare Earths and Titanium Project in Brazil Strategic Tenement Acquisition Increasing Land Position by Approximately 170%
Resouro Reports Exploration Progress
Including High Grade Results at Tiros Rare
Earths and Titanium Project in Brazil
Strategic Tenement Acquisition Increasing Land Position by
Approximately 170%
Toronto, Ontario--(Newsfile Corp. - October 2, 2023) -
Resouro Gold Inc.
(TSXV: RAU) (FSE: BU9)
("
Resouro
" or the "
Company
") is pleased to announce 2023 exploration program progress for the
previously announced 2023 campaign
at Tiros Rare Earths and Titanium Project in Brazil (the "
Tiros
Project
").
Key Highlights
Follow-up Auger drilling at Tiros delivers compelling assay results, including:
10.5m at 7,181ppm TREO (2,222 ppm NdPr) from surface and 10.47% TiO2; and
8m at 5,768ppm TREO (1,085 ppm NdPr) and 16.03% TiO2 from 3 m depth.
Four of seven holes in this round of assays hit mineralization of 5880 ppp TREO at
an average NdPr of
1462 pm at a maximum depth of 10.5 m.
AC Drilling commenced with a second rig arriving imminently.
Auger drilling with Two Auger rigs ongoing.
Substantial extension to the Tiros Project Mineral rights package now virtually covers all
available portions of the Capacete formation that may be of economic interest.
Metallurgical testwork ongoing - Auger samples currently with ANSTO, Dofner Anzaplan
and Prosper Laboratories.
Chris Eager, CEO of Resouro, commented:
"We are making excellent progress on exploration at Tiros. Additional high grade results in the most
recent batch of assay results led us to accelerate AC drilling with the addition of a second drill rig. We
eagerly await the results of metallurgical test work on the initial composite sample, that will allow us to
scope out a large scale multi-sample testwork programe for recovery of Rare Earth Elements and TiO
2
.
Our initial exploration success has also given us the confidence to significantly increase our Mineral
Rights to ensure that we control as much of the Capacete formation that may be economic interest. We
look forward to the final assays from the Auger holes and Aircore drilling as we close out 2023. Lots
more to come!"
Auger Drilling Progress and results of the second batch of samples from SGS
25 Auger drill holes totaling 257 m drilled were completed by Resouro's exploration team at the Tiros
Rare Earths and Titanium Project, since July.
A second batch of results was received from SGS GEOSOL laboratory located in Vespasiano, Minas
Gerais. A total of 69 results from 6 Auger drill holes and respective QA/QC control samples came back.
From those, four holes reached the Capacete formation, with their grades summarized in the table 1.
Hole ID
FROM
TO
THICKNESS (m)
TiO2 %
Nd+Pr oxide ppm
TREO ppm
FT-07
0
2
2
10.82
802
3,610
FT-09
3
11
8
16.03
1,085
5,768
FT-10
7
10
3
8.76
250
3,143
FT-11
0
10.5
10.5
10.47
2,222
7,181
Table 1 - Auger drill sample highlights
Samples from an additional 12 Auger drill holes are currently being analyzed at SGS Geosol. Their
results are expected in the coming weeks and will be reported accordingly.
Drilling (AC)
The Air Core Drilling campaign started at the Tiros Project. The first AC drill rig arrived at site on
September 18
th
and the drill program with this rig is ongoing. Two 5-10m test holes were successfully
finalized and the actual sampled drilling over the Capacete formation is in motion.
A second AC drill rig is expected to arrive during the first week of October 2023 and the second drill
team is being prepared to be mobilized by Drillbell at the same time.
The drill program aims to confirm continuity and depth of the mineralized zones within the Capacete
formation as well as to provide a wide range of metallurgical samples for the tests already in progress.
Metallurgical Test Work
The 50 kg sample was received by ASNTO in Australia and Dofner Anzaplan in Germany.
The testwork
has started. Initial results are expected during October, 2023.
Resouro has also engaged three more laboratories in Brazil:
CDTN, a state-owned laboratory, considered a reference for rare earth studies in Brazil, has
already received one sample from the Tiros Project for testing of solubility of REE under ion-clay
extraction;
The laboratories of the Federal Universities of Minas Gerais and São Paulo will work on the
characterization of the Capacete Ore, to support the understanding of the mineralization controls.
Significant Increase on Tiros Land Position
Resouro technical team conducted a comprehensive review of the all areas free for staking covering the
known mapped Capacete formation, as well as overall prospective zones not previously mapped
pertaining the formation. All areas considered of potential were selected for application to the ANM
(Brazilian Mining Agency).
Resouro's technical team extensive experience and historical knowledge of the Tiros Project allowed the
identification and staking of new strategic mineral rights. Rodrigo Mello, Tiros' project manager,
participated or have been exposed to data from three previous companies that historically operated in
the region and personally explored the region since 2012. This gives Resouro high confidence on
assertive and efficient claim staking to both cover all Capacete formation and establish a buffer around
the whole project perimeter.
15 new applications for mineral rights were successfully completed and are expected to be added to the
project's portfolio. These represent almost 300km
2
to the Project.
The total area covered by the Tiros project is now 477km
2
, which covers the most prospective portion of
the Capacete formation.
The project has now three main blocks of mineral rights: (i) Tiros, (ii) São Gotardo and (iii) Campos
Altos.
This latter block sits at short distance to the railway FCA, which leads to the Santos Port. High-capacity
power lines and paved roads are available on all blocks and the project logistics are exceptional. Map 1
below shows the new configuration of areas, as well as the main infrastructure available for project
development.
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.
Map 1: Existing Tiros mineral rights and newly acquired ground
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5944/182572_f9c34d1fd4f5f949_001full.jpg
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.
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