Resouro Strategic Metals Maiden JORC Resource for the Tiros Project
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Level 10, Kyle House, 27-31 Macquarie Place, Sydney NSW 2000 – Tel: + 61 407 123 143
Suite 520, 999 West Hastings Street, Vancouver, British Columbia, Canada – Tel: +1 416 642 1807 Page 1 of 45
ASX: RAU
TSXV: RSM
ASX Release: 17 July 2024
Resouro Strategic Metals Maiden JORC Resource
for the Tiros Project
Resouro Strategic Metals Inc. (ASX: RAU; TSX-V: RSM; FSE:BU9; OTC:RSGOGF)
("Resouro" or the "Company") is pleased to announce the publication of its maiden JORC-
compliant Mineral Resource Estimate (“MRE”) for the Tiros Titanium and Rare Earth
Elements Project in Brazil (“Tiros Project” or “Tiros” or “Project”) which marks a significant
milestone in the Project’s development.
Highlights
Maiden JORC MRE for the Tiros Project of 1.7 billion tonnes (bn tonnes) at 3,900 parts per
million (“ppm”) Total Rare Earth oxide (“TREO”), 1,100 ppm Magnet Rare Earth
Oxides (“MREO”) and 12% Titanium Dioxide (“TiO2”) in all three resource categories
(refer to Table 1 below).
Of the 1.7 bn tonnes, the deposit contains a high grade domain of 120,000,000 tonnes at
9,000 ppm TREO containing 2,400 ppm of MREO and TiO2 of 23%.
The combined Measured and Indicated resources represent 1.0 bn tonnes at 4,050 ppm TREO
containing 1,120 ppm MREO and 12% TiO2.
The MRE places the Tiros Project as one of the largest undeveloped titanium and rare earth
resource globally and in Brazil.
DOMAIN CAT TONNES (t) TiO2 (%) TREO (ppm) MREO (ppm)
HG (High
Grade)
Inferred 42,000,000 23 8,700 2,200
Indicated 55,700,000 23 9,030 2,380
Measured 20,800,000 24 9,320 2,530
Sum 120,000,000 23 9,000 2,400
MG (Medium
Grade)
Inferred 620,000,000 11 3,500 950
Indicated 704,000,000 11 3,650 1,020
Measured 224,000,000 11 3,570 997
Sum 1,500,000,000 11 3,500 930
Totals 1,700,000,000 12 3,900 1,100
Table 1: JORC-compliant maiden MRE, Tiros Project, Brazil (1,000 ppm TREO cut -off).
Mineral Resource estimates are not precise calculations, being dependent on the interpretation
of limited information on the location, shape and continuity of the occurrence and on the
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Level 10, Kyle House, 27-31 Macquarie Place, Sydney NSW 2000 – Tel: + 61 407 123 143
Suite 520, 999 West Hastings Street, Vancouver, British Columbia, Canada – Tel: +1 416 642 1807 Page 2 of 45
available sampling results. The tonnage and grade figures in the resource statement are rounded
off to reflect the relative uncertainty of the estimate, for this reason the summations may not
add up.
• The MRE incorporates 4,766 metres of verification drilling including Diamond, Aircore
and Auger across 102 drill holes including 20 historical drill holes.
• The maiden MRE is derived from the Central tenements of the Tiros Project, being ~7% of
the tenements that comprise the total Tiros Project area.
• The majority of the resource is open laterally and found to be homogeneous in nature.
• Resource exists within Brazil’s most advanced mining state (Minas Gerais) with developed
infrastructure, existing access to road, rail and port, in a supportive community, and a
favourable environmental region which will support the development of the Tiros Project.
President, CEO, Director and Founder, Chris Eager commented:
“Completion of our maiden JORC-compliant Mineral Resource Estimate for
the Central Block of the Tiros Rare Earth project marks a pivotal moment for
Resouro Strategic Metals”
“The 1.7 bn tonnes of Measured, Indicated and Inferred Resource is contained in a flat lying
consistently thick, near surface and highly weathered clay like material.”
“We consider that the average Resource grades of 3,900 ppm TREO, 1,100 ppm MREO and
12% of TiO2 are well above average for this style of deposit”
“The Resource has a discrete domain containing 120,000,000 tonnes at 9,000 ppm TREO
containing 2,400 ppm of MREO and TiO2 of 23% which indicates the potential for the Tiros
Project to be mined at a high grade in the initial years of production”
“Resouro has defined a very substantial resource over just 7% of the land area of the project.
Step out drilling to the North and South demonstrates consistent thicknesses and grades up to
35 kilometers away from the Central Block”
“We have completed sufficient resource drilling at Tiros and the huge scale of the Maiden
JORC Resource means Resouro does not need to add Resource tonnes. Infill drilling is ongoing
for mine planning and Feasibility and Environmental purposes.”
“Resouro remains committed to sustainable practices and positive community engagement,
ensuring that our growth contributes to the well-being of the regions in which we operate.”
“I would like to congratulate our Technical and Community Relations Team on the ground at
Tiros for the work undertaken to derive a 1.7 bn tonne Resource in a short period of time”
“I look forward to updating the market on Resouro's progress to completion of our
Preliminary Economic Assessment including the ongoing Metallurgical Test Work
Programs.”
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Level 10, Kyle House, 27-31 Macquarie Place, Sydney NSW 2000 – Tel: + 61 407 123 143
Suite 520, 999 West Hastings Street, Vancouver, British Columbia, Canada – Tel: +1 416 642 1807 Page 3 of 45
Key Resource Parameters
Atticus Geoscience (“Atticus”) has modelled the maiden MRE utilising the results of 102 drill
holes across the Tiros central tenements (refer to figures 1 and 2) including 28 diamond drill
holes, 29 Air Core holes, and 25 Auger holes undertaken by Resouro (2023 to 2024) and 1
diamond drill hole and 19 Air Core historical drill holes undertaken by previous tenement
owners (Vicenza and Iluka, 2011 and 2016). Atticus and Resouro have undertaken resource
modelling by focusing on neighbouring comparable studies and operations within the region
and Brazil, and providing a tonnage based on preliminary metallurgy work expected to have
reasonable prospects for eventual economic extraction. A conservative assumption of 1,000
ppm TREO (refer to figures 6 and 7) cut-off was applied to the resource estimation which
delivered an MRE of 1.7 bn tonnes @ 3,900 ppm TREO (Measured, Indicated, Inferred)
comprising of an outstanding 1,100 ppm MREO (Pr, Nd, Tb, Dy) and 12% TiO2. Notably, the
MREO is the weighted average of Pr6O11, Nd2O3, Tb4O7 and Dy2O3 in this announcement
(Figure 1).
The MRE was limited by the aerial topography covering 3,300 ha, which represents
approximately 7% of the Resouro tenements that comprise the Project area. The MRE excludes
neighbouring Resouro-owned tenements which indicate further potential for expansion.
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Level 10, Kyle House, 27-31 Macquarie Place, Sydney NSW 2000 – Tel: + 61 407 123 143
Suite 520, 999 West Hastings Street, Vancouver, British Columbia, Canada – Tel: +1 416 642 1807 Page 4 of 45
Figure 1: Plan view of the Resouro tenements including the Tiros Ti + REE deposit (Tiros Central block)
which is the subject of this mineral resources estimate
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Level 10, Kyle House, 27-31 Macquarie Place, Sydney NSW 2000 – Tel: + 61 407 123 143
Suite 520, 999 West Hastings Street, Vancouver, British Columbia, Canada – Tel: +1 416 642 1807 Page 5 of 45
Figure 2: Plan view of the Tiros Ti + REE deposit (Tiros Central block) including the existing (and
planned) exploration drill holes
Maiden Mineral Resource Estimate
The current maiden Mineral Resource Estimate at Tiros, applying a 1,000 pm TREO cut-off,
presents 1.7 bn tonnes @ 3,900 ppm TREO with 1,100 ppm MREO (Pr, Nd, Tb, Dy). The
Indicated and Measured resources represent 1bn tonnes at 4,050 ppm TREO containing 1,120
ppm MREO and 12.0% TiO2 with a High Grade zone identified as summarised in Table 1 and
shown in Figures 3, 4 and 5. The drilling data to support the High Grade (HG) and Medium
Grade (MG) is detailed in the JORC table 1 in appendix 1. The grade-tonnage curves for the
mineral resource estimation are shown in Figures 6 and 7.
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Level 10, Kyle House, 27-31 Macquarie Place, Sydney NSW 2000 – Tel: + 61 407 123 143
Suite 520, 999 West Hastings Street, Vancouver, British Columbia, Canada – Tel: +1 416 642 1807 Page 6 of 45
Figure 3: Section view (A-A) of the Tiros Ti + REE deposit showing High Grade (HG) in red (section
is rendered with a x5 vertical exaggeration)
Figure 4: Section view (B-B) of the Tiros Ti + REE deposit showing High Grade (HG) in red (section
is rendered with a x5 vertical exaggeration).
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Level 10, Kyle House, 27-31 Macquarie Place, Sydney NSW 2000 – Tel: + 61 407 123 143
Suite 520, 999 West Hastings Street, Vancouver, British Columbia, Canada – Tel: +1 416 642 1807 Page 7 of 45
Figure 5: Section view (C-C) of the Tiros Ti + REE deposit showing High Grade (HG) in red (section
is rendered with a x5 vertical exaggeration).
Geology and Interpretation
Rare earth and titanium mineralization are hosted in sandstones and conglomerates of the
Capacete Formation, belonging to the Mata da Corda Group. Titanium is associated with the
mineral anatase, originating from the alteration of perovskite. Rare earths are suspected to be
associated with ionic clays.
The Capacete Formation is the result of the sedimentation of the erosion product of the rocks
of the Patos Formation, also belonging to the Mata da Corda Group. The Patos Formation
represents a voluminous set of Upper Cretaceous kamafugite pyroclastic flows and deposits,
hosted in the Brasília Belt, southwest of the São Francisco Craton.
Drilling Techniques
Three (3) types of drilling were carried out on the Project: diamond drilling, air core drilling
and auger drilling. The following is a breakdown of the three types of drill holes used in the
MRE, historical and current.
Resouro Strategic Metals Inc.
BC0430203 (Canada) ARBN 671 716 457 (Australia)
Level 10, Kyle House, 27-31 Macquarie Place, Sydney NSW 2000 – Tel: + 61 407 123 143
Suite 520, 999 West Hastings Street, Vancouver, British Columbia, Canada – Tel: +1 416 642 1807 Page 8 of 45
Historical drilling included Vicenza (2011), who completed a single diamond drill hole (HQ-
size), oriented vertically and reaching 82.45 m. Nineteen 75 mm diameter air core drill holes
were undertaken by the Iluka-Vicenza JV and totalled 914 m with depths of up to 60 metres.
Auger drilling undertaken by Resouro totalled 9 drill holes of 100 mm diameter, totalling 86.5
m and with depth of the holes up to about 15 metres. Air core drilling by Resouro totalled 23
holes totalling 1,425.5 m and up to depths of 85 metres. Diamond drilling (HQ-size) by Resouro
totalled 32 drill holes totalling 2,285.65 m with depths up to 93 metres.
All holes were vertical and with depths below 100 m, therefore no trajectory measures were
collected and deviation of the holes is presumed to be negligible.
Sampling and Sub-Sampling Techniques
Samples were taken from diamond, air core, and auger drill holes. All drilled material was
sampled, with nothing being discarded. The sampling intervals were chosen based on
geological description during logging of the drill core and pulverized cuttings. The samples
were produced according to industry standard procedures.
Measures to ensure sample representativity, include setting up of a specific sampling procedure
and having a dedicated-on-site full-time survey team. A QA/QC program was implemented in
the auger drilling campaign and in the resampling of air core holes.
Best practices as drill core recovery and depth marker audits were adhered to during drilling
campaigns and sampling. The diamond drilling recovery conference consisted of verifying
project advancement with recoveries recorded in the core boxes and drilling records. For auger
and air core drilling, verification was undertaken by weighing chip bags. Industry standard
work was completed.
Diamond drill core samples (NQ-size core), with an average length of 1.00 m, were split in half
using a spatula, and then in half again, with one quarter of the material sent for chemical
analysis and the remaining three quarters stored in the secure core storage shed. The historical
air core sample cuttings are 1.0 m-long. All material was collected and initially analysed only
with portable XRF by Iluka-Vicenza Joint V enture; Resouro sent 1.0 kg average weight
samples to SGS laboratories in Belo Horizonte after quartering with a Jones riffle sample
splitter. Auger samples are 1.0 m-long and all material was collected. 1kg samples from the
first batch and 2kg samples from the second batch to the last were sent to laboratories, always
after quartering with a Jones riffle sample splitter. The sampling and QA/QC were planned by
the geologists and care was taken to avoid any contamination between neighbouring samples.