Vancouver, B.C. – March 14, 2023 – Resouro Gold Inc. (“Resouro” or the “Company”) (TSXV: RAU) is pleased to announce that the Company has initiated a work program at the Tiros Titanium-REE Project where Resouro recently acquired a 33% stake with a farm-in agreement for a 90% interest announced on February 15, 2023 (see Press Release). The Tiros Project represents 10 mineral concessions totalling 152 km2 located in Minas Gerais, one of the most infrastructurally developed states of Brazil, 350 km from Belo Horizonte, the state capital. The Tiros licenses cover the most prospective portion of the prolific Capacete Formation and the areas with the greatest exploration potential.
Resouro’s team has commenced an initial work program consisting of the following:
- Building and verifying the database of historic data
- Preparation of two 100 kg composite samples from historic drilling
- Planning of an Auger drilling program utilising the Auger drills owned by the Company
- Planning of an aircore drilling program to have sufficient data to produce NI 43-101 compliant resource
- Developing metallurgical testwork flowsheets
- Selection of a metallurgical laboratory in Brazil for initial Titanium and Rare Earth concentration
- Appointment of a UK-based specialist metallurgical laboratory for specialist TiO2 and REE testwork
The initial work program, once completed and all results received and interpreted, will be followed by:
- Planning of Environmental Impact Assessment
- Planning of Environmental and Social Governance programs
- Initial conceptual strip mining planning studies and mine rehabilitation studies
- Further assessment of the infrastructure and initial capital and operating cost assessment
- Segmenting and analysing the REE and TiO2 offtake market
Resouro’s President and CEO, Christopher Eager, said: “We are very excited to commence work on the Tiros Project. The Project has a significant amount of historic data, and the total grades compare favourably with the grades at the two other REE projects at the same stage of development in Brazil.
The ore bodies are continuous layers of soft material at or close to surface, which means that sampling can be done cheaply and quickly to produce a 43-101 resource estimate by drilling short holes at wide spacing. Tiros holds vast potential waiting to be unlocked, and our team is ready to move forward righ away.”
Tiros Project Highlights:
- 10 Mineral Concessions totalling 152km2 and covering 70km of the NE trending Tiros sedimentary sequence.
- Extensive horizontally bedded near surface and outcropping Capacete Formation formed from the erosion and deposition of the volcaniclastic rocks of the Alkaline province of Alto Paranaiba. The Tiros licenses cover the most prospective portions of the Formation and the areas with the greatest exploration potential.
- Historical data for Tiros includes:
- 1,033m of drilling from 21 holes within the concessions
- GPR Profiles – subsurface imagery
- Aerial geophysical Magnetic and Gamma survey
- Remote sensing studies
- Preliminary metallurgical studies on the Titanium beneficiation
- Mineralogy studies and weathering profile characterization
- Verification and re-assaying of the available core/drilling material
- Results from the laboratory SGS-Geosol, using samples from 21 Core and RAC drillholes and totalling 288 samples, were used to define the mineralized bed, using a TiO2 cut-off grade of 6%. Within this bed, TiO2 grades average 13.4% and Rare Earth Oxide average 0.4% TREO. These are averages weighted by sample size and do not represent a resource evaluation.
- High-grade intervals, with more than 20% TiO2 and 1% TREO, up to 4.8 m thick, were identified in five holes.
- Approximately 24% of the content of Rare Earth Elements is made by Neodymium, Praseodymium and Dysprosium, elements used in magnet manufacture.
Table 1 – Historic Drill Results
|Hole||From||To||Thickness (m)||TiO2 %||TREO ppm|
This table is NI 43-101 compliant. A QA-QC program was used concomitant with the sampling and assaying. A sample integrity protocol was observed, with the participation of the QP.
The technical content of this news release has been reviewed and approved by Rodrigo Mello, who is a Fellow of AusIMM with relevant experience in titanium and rare earth exploration, 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 Novo Mundo Gold Project in Mato Grosso and the Tiros Titanium-REE Project in Minas Gerais. Learn more about the Company on its website: https://www.resouro.com.
For further information, please contact the Company at:
Chris Eager, CEO
Iryna Zheliasko, Investor Relations
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