Toronto, Ontario -(Newsfile Corp. – November 1, 2023) – Resouro Strategic Metals Inc. (TSX-V: RSM) (FSE:BU9) (“Resouro” or the “Company“) is pleased to provide an update on activities at the Tiros Rare Earths and Titanium project in Brazil (“Tiros Project” or “Project”).
Metallurgical Test-work Update
Resouro is pleased to announce it has received a report detailing preliminary Rare Earths leaching tests on a broad composite of material from the Tiros Project. The tests were carried out by Prosper Laboratories (“Prosper”), a large and well-respected metallurgical test-work laboratory based in the state of Rio de Janeiro, Brazil.
Key highlights of the test-work include:
- over 41% recovery of Neodymium (Nd);
- over 60% recovery of Dysprosium (Dy);
- over 31% recovery of Praseodymium (Pr).
These results were from a 207kg composite sample made up from 242 samples from 19 historic drill holes, which included multiple samples from a variety of different zones across the Tiros Project. The samples were from the following zones:
Prosper Leach Recoveries
These results were from material passing 600 mesh, leached at 80 degrees Celsius using a 40ml of 0.5 mole Ammonium Sulphate (NH4)2SO4 with pH starting at 3.5 and finishing at 4.5, with an average pH of 4.
Resouro views these initial, preliminary results as highly encouraging in terms of providing the Company with further confidence in the metallurgical characteristics of the Tiros Project. As noted, Prosper is a highly regarded metallurgical testing laboratory in Brazil, which received the initial 207kg overall sample from Resouro in June 2023 and included multiple samples from a variety of different zones across the Tiros project.[i]
ANSTO Follow Up Work Underway
Following receipt of Prosper’s initial positive test-work and its verification of the calculation of those results,[ii] the Australian Nuclear Science and Technology Organisation (“ANSTO“) subsequently recommended that Resouro accelerate its metallurgical testing program, which will involve sending a further 50 composite samples from a similar variety of depth/locations as the Prosper sample; this process is underway and being expedited. In line with the practices of industry peers in the region, both Resouro and ANSTO considers that this is the best pathway forward in order to provide a more comprehensive and holistic understanding of, and further confidence in, the overall metallurgical profile of the Tiros Project. Resouro looks forward to updating the market as further results materialize.
Tiros Drilling Update
Resouro has established a new core yard and site house at the Tiros Project and has completed 256 m of Auger drilling and 297m of Aircore drilling (“AC”) since starting work on the Tiros Project in June 2023. Auger drilling has an average depth of 10.5 m, with 25 holes, while the AC, with 4 holes complete, had an average of 60 m.
Resouro has now mobilized two diamond drill rigs, which will be principally used for producing the 50 composite samples to be provided to ANSTO. Diamond drilling may allow more accurate location of samples down the profile to base of the Capacete formation.
Similar to the follow up metallurgical test-work detailed above, Resouro looks forward to updating the market as drilling results materialize in the coming weeks and months.
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.
Commenting on the Tiros Project update and test-work results, Chris Eager, CEO of Resouro, said:
“We are very encouraged by the initial metallurgical test-work results from Prosper and the preliminary analysis conducted by ANSTO, as well as the decision to accelerate our metallurgical test-work program with two world class laboratories. With both drilling and metallurgical test-work activities accelerating, we look forward to updating the market as results materialize.”
About the Company
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. The Tiros Project represents 25 mineral concessions totaling 477km2 located in the state of Minas Gerais, one of the most infrastructurally developed states of Brazil, 350 km from Belo Horizonte, the state capital.
On behalf of the Board of Directors,
Chris Eager, President & CEO
RESOURO STRATEGIC METALS INC.
For further information, please contact the Company at:
Chris Eager, CEO
[email protected]
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. 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.
_______________________________________________________________________________
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities of the Company in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
[i] These results are early stage but indicative of the potential leach recoveries from a composite of samples over a variety of areas and depts in the profile of the deposit. Public information about other clay hosted rare earths deposits show that recoveries are highly variable at various depths and in different areas within an individual project. The composite tested by Prosper was made up of 242 Samples, each individual sample may have separate recoveries, some high, some low. This very early work indicates average recovery for a very broad composite may be acceptable.
[ii] ANSTO has verified the calculation of the Prosper results, yet given the market sensitive nature of this information and the need for the Company to adhere to continuous market disclosure obligations, ANSTO has not at this stage had sufficient time to verify the raw data of the Prosper testwork.