Brazilian Gold Corporation (TSX VENTURE: BGC) ("Brazilian Gold" or
the "Company") is pleased to announce the results obtained from
four diamond drill holes from its Phase One (10 hole) drill program
on its wholly owned Rio Novo Project situated within the Tapajos
Mineral Province (TMP) of northern Brazil. Assay results for the
first two holes of the program were reported on May 16, 2011 (BGC
News Release 9/11) and can be downloaded from the Company's website
(www.braziliangold.ca). The project is located approximately 50
kilometres southwest of the Company's advance stage Sao Jorge gold
deposit and is accessed by the Transgarimpeiro Highway.
Highlights
-- Ten hole program (3,000 metres) targeting large induced polarization
(IP) anomaly.
-- Drill hole JAD-005-11 intersected 1.14 grams/tonne gold over 73.0 metres
with higher grade intervals of 8.12 grams/tonne over 8.0 metres and 2.49
grams/tonne over 3.0 metres (Table 1).
-- Drill hole JAD-001-11 intersected 5.82 grams/tonne gold over 3.0 metres
within a wider zone of lower grade mineralization and alteration.
-- Drill hole JAD-004-11 intersected 0.43 grams/tonne gold over 71.4 metres
with higher grade intervals of 1.49 grams/tonne over 18.2 metres.
-- Preliminary drill results indicate the east-west trending IP anomaly,
which measures 1,000 metres by 200 to 300 metres, is caused by
auriferous quartz+sulphide veins.
-- The quartz+sulphide veins have been intersected over potentially
economic widths and grades in drill holes JAD-002-11, -003-11, -004-11
and -005-11 and the vein system extends from surface to 300 metres
depth.
-- Alteration and mineralization intersected in the current drill program
is open along strike and down dip.
-- A second, parallel chargeability anomaly occurs approximately 400 metres
to the north and has been partially tested by two drill holes in the
Phase One program.
Commenting on these results, Ian Stalker, CEO of Brazilian Gold,
said, "Intersecting significant gold mineralization in four of the
six holes that we received results from to date indicates the
underlying potential of the Rio Novo Project. It is early days and
additional drilling will be required to determine the geometry and
full extent of this new discovery, however, given the style of
mineralization, the potential to find additional areas of
mineralization on this large property appears to be good. A small
part of the overall property has been covered by geophysics and the
Company is in discussions with airborne geophysical contractors to
complete a survey in the upcoming months to identify new areas to
focus our more detailed ground surveys and drill programs."
Significant drill intersections from JAD-001-11, JAD-004-11,
JAD-005-11 and JAD-006-11, and from the two previously reported
holes (JAD-002-11 and JAD-003-11) are shown in the table below.
Table 1: Rio Novo drill intersections.
----------------------------------------------------------------------------
Hole ID Section From (m) To (m) Interval (m) Au g/t Comment
----------------------------------------------------------------------------
JAD-001-11 8400E 94.00 186.00 92.00 0.27
----------------------------------------------------------------------------
includes 8400E 94.00 97.00 3.00 5.82
----------------------------------------------------------------------------
----------------------------------------------------------------------------
JAD-002-11 8200E 156.00 162.00 6.00 0.36 Reported May 16,
2011
----------------------------------------------------------------------------
JAD-002-11 8200E 181.50 184.60 3.10 0.58 Reported May 16,
2011
----------------------------------------------------------------------------
JAD-002-11 8200E 249.00 322.00 73.00 1.34 Reported May 16,
2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
JAD-003-11 8200E 89.50 169.20 79.70 0.78 Reported May 16,
2011
----------------------------------------------------------------------------
JAD-003-11 8200E 381.70 384.90 3.20 0.37 Reported May 16,
2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
JAD-004-11 8200E 329.84 401.28 71.44 0.43 Hole ends in
mineralization
----------------------------------------------------------------------------
Includes 8200E 329.84 348.00 18.16 1.49
----------------------------------------------------------------------------
----------------------------------------------------------------------------
JAD-005-11 8400E 207.00 280.00 73.00 1.14
----------------------------------------------------------------------------
Includes 8400E 207.00 215.00 8.00 8.12
----------------------------------------------------------------------------
Includes 8400E 226.00 228.00 2.00 1.86
----------------------------------------------------------------------------
Includes 8400E 236.00 239.00 3.00 2.49
----------------------------------------------------------------------------
----------------------------------------------------------------------------
JAD-006-11 8600E 125.00 173.00 48.00 0.18
----------------------------------------------------------------------------
Includes 8600E 125.00 127.00 2.00 1.51
----------------------------------------------------------------------------
Includes 8600E 161.00 173.00 12.00 0.39
----------------------------------------------------------------------------
Note: True widths are not known at this time and the large composite
intervals in each drill hole are a result of numerous narrow high grade
veins (less than 3 cm) within an overall interval that is anomalous in gold
compared to the rest of the hole.
The drill program is designed to test an east-west trending
chargeability anomaly that measures approximately 1,000 metres long
by 200 to 300 metres wide that is coincident with a garimpeiro pit
that exposed auriferous quartz+sulphide veins over a 50 metre
width. Nine drill holes (2,847 m) have been completed to date on
three sections (8200E, 8400E and 8600E) space 200 metres apart with
3 holes per section; a 10th hole is currently in progress on
Section 8800E located 200 metres east of previous drilling. The
drill holes have been drilled towards the north at -60 to -55
degrees to test the width of the anomaly. A second, parallel weaker
IP chargeability anomaly occurs approximately 400 metres north of
the above anomaly has been partially tested by two drill holes in
the Phase One drill program. To view a plan map of the drill holes
and cross-sections associated with this press release, please visit
the following link:
http://www.braziliangold.ca/email/20110606-1/Rio-Novo-Drill-Plan-And-Cross-Sections.jpg
All drill holes completed to date in the Phase One drill program
have intersected sericite+pyrite+chalcopyrite altered felsic
volcanic rocks (ignimbrites) cut by quartz+calcite
+sphalerite+galena veins and veinlets that in some intervals form
stockwork zones. The deeper parts of some drill holes (JAD-002-11,
JAD-003-11 and JAD-004-11) terminated in similarly altered
quartz-feldspar granite porphyry. Drill results to date, suggest an
east-west trending mineralized zone that is approximately 50 to 70
metres thick that dips steeply to the south. The zone has been
traced over a strike length of 400 metres and extends from surface
to 300 metres depth. The intensity of alteration and veining in
drill hole JAD-006-11 (Section 8600E) was higher than in other
holes, however the hole returned lower gold values; assay results
for two additional holes (JAD-008-11 and JAD-009-11) on this
section are pending. The gold mineralization appears to have been
deposited in an epithermal to porphyry style environment and the
Company is waiting for further drill results to better understand
the grade, size and geometry of this mineralization.
The Rio Novo Project consists of five exploration concessions
for a total area of 44,576 hectares. The Phase One drill program
and IP survey covers a small part (less than 5%) of this area and
additional known targets including mineralization exposed in
garimpeiro pits and regional geophysical targets on the property
will be followed up in 2011 with geophysical surveys, prospecting,
mapping and sampling.
Drill results from the remaining holes will be release as they
are received, verified and interpreted.
Laboratory Procedures
Drill core is sampled at 2 metre or smaller intervals using a
diamond saw. One half of the sample is archived and the other half
is dispatched to Acme Analytical Laboratories Ltd.'s sample
preparation facility in Itaituba, Brazil, where the sample is
crushed, split and pulverized to -200 mesh. The pulp is shipped to
Santiago, Chile or Vancouver, Canada for gold fire assay. Acme
Analytical Laboratories Ltd. is an internationally certified ISO
9001 laboratory. Brazilian Gold's Quality Assurance - Quality
Control Program involving the insertion of appropriate blanks,
standards and duplicates was employed with acceptable results.
Garnet Dawson, M.Sc., P.Geo. (British Columbia), Vice President,
Exploration for the Company and a Qualified Person, as defined by
National Instrument 43-101, has reviewed and approved the technical
disclosure contained in this News Release.
About Brazilian Gold Corporation
Brazilian Gold Corporation is a Canadian based public company
with a focus on acquisition, exploration and development of mineral
properties in northern Brazil. The Company has a portfolio of ten
grass-roots to development stage gold projects (8 projects in the
Tapajos and 2 projects in the nearby Alta Floresta Gold Province)
with drill programs (4 drill rigs) currently underway on the Sao
Jorge, Rio Novo and Pista Manual projects.
The Sao Jorge development project hosts an NI43-101 indicated
resource of 343,000 ounces (8.3 Mt grading 1.3 g/t gold) and an
inferred resource of 458,000 ounces (12.6 Mt grading 1.1 g/t gold)
using a 0.5 gram/tonne cut-off (Coffey Mining, Sept. 14, 2010). The
Company has commissioned Coffey to complete a Preliminary Economic
Assessment (PEA) or Scoping Study that will look at various
development and production scenarios to determine the financial
viability of the project. The study is expected to be completed in
Q2 2011 and dependent on project economics, the Company plans to
embark on a pre-feasibility/feasibility study soon thereafter.
Brazilian Gold owns a 75% interest in the Rea Uranium Project in
northeastern Alberta, which is currently being operated by AREVA,
who are earning up to a 50% interest by completing an additional
Cdn$2.84 million in expenditures by Dec. 31, 2013.
Some statements in this news release contain forward-looking
information, including without limitation statements as to planned
expenditures and exploration programs. These statements address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include
without limitation the completion of planned expenditures, the
ability to complete exploration programs on schedule and the
success of exploration programs.
Neither 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 the
accuracy of this news release.
Contacts: Brazilian Gold Corporation Ian (John) Stalker CEO and
Director +1 604 602-8188 +1 604 677-6243 (FAX) Brazilian Gold
Corporation Tom Hart Investor Relations +1 403 701-4278
www.braziliangold.ca
Brazilian Gold Corporation (TSXV:BGC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Brazilian Gold Corporation (TSXV:BGC)
Historical Stock Chart
From Jul 2023 to Jul 2024