Brazilian Gold Continues to Intersect Gold Mineralization Down Dip of the Sao Jorge Deposit in Its Phase One Drill Program
30 June 2011 - 11:00PM
Marketwired
Brazilian Gold Corporation (TSX VENTURE: BGC) -
Highlights
1. Phase One Drill Program intersects mineralization down dip of historic
drilling.
-- Phase One Drill Program (5,000 metres) is 80% complete with nine holes
completed to date with assays pending for an three holes.
-- Program has intersected mineralization down dip of the historic drilling
to +/-300 metres below surface in the central portion of the Sao Jorge
deposit, a strike length of 700 metres.
-- Significant intersections include 1.37 grams/tonne over 86 metres (SJD-
085-11, previously reported), 1.71 grams/tonne over 12.0 metres (SJD-
086-11), and 1.44 grams/tonne over 18.0 metres (SJD-088-11).
2. Phase Two Drill Program (7,000 metres) soon to commence.
-- Phase Two Drill Program (7,000 metres) will infill along strike
northwest and southeast of the central portion of the Sao Jorge deposit
in areas with wide spaced drilling and will also test new targets
identified from the soil sampling and induced polarization surveys that
are currently in progress.
3. Six new targets identified outside of the Sao Jorge deposit area.
-- Reconnaissance prospecting and sampling program on the large, highly
prospective Sao Jorge property in May and June has identified 6 new
targets for more detailed follow-up exploration work; assay results are
pending.
4. Preliminary Economic Assessment by Coffey Mining on schedule for
completion by the end of Q2 2011.
5. A National Instrument 43-101 compliant resource estimate is scheduled to
be completed by Q1 2012 incorporating the results of the Phase One and
Phase Two Drill Programs.
Brazilian Gold Corporation ("Brazilian Gold" or the "Company")
is pleased to announce assay results from an additional five holes
from the Phase One Drill Program (5,000 metres) at the Sao Jorge
project. The Sao Jorge deposit hosts an NI43-101 indicated resource
of 343,000 ounces (8.3Mt 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 deposit
is approximately 1,450 metres long, up to 100 metres wide and has
been delineated from surface to 200 metres depth; the deposit is
open along strike and at depth. The five holes reported herein were
drilled down dip of existing drilling between 200 to 300 metres
below surface and all five holes intersected significant intervals
of alteration and mineralization (Table 1).
Table 1: Selected drill results from the Phase One Drill Program at Sao
Jorge.
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Hole Id Section From To Interval Au g/t Comments
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SJD-083-11 7250E 346.00 378.00 32.00 0.58
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includes 7250E 362.00 368.00 6.00 1.20
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SJD-084-11 7350E 290.00 378.00 88.00 0.37
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includes 7350E 292.00 308.00 16.00 0.78
----------------------------------------------------------------------------
SJD-085-11 7150E 363.00 449.00 86.00 1.37 Previously Reported
----------------------------------------------------------------------------
SJD-086-11 7300E 240.00 412.00 172.00 0.33
----------------------------------------------------------------------------
includes 7300E 256.00 268.00 12.00 1.71
----------------------------------------------------------------------------
includes 7300E 298.00 316.00 18.00 0.60
----------------------------------------------------------------------------
SJD-087-11 7200E 264.00 274.00 10.00 0.40
----------------------------------------------------------------------------
SJD-087-11 7200E 354.00 412.00 58.00 0.35
----------------------------------------------------------------------------
includes 7200E 370.00 392.00 22.00 0.48
----------------------------------------------------------------------------
SJD-088-11 7400E 310.00 384.00 74.00 0.55
----------------------------------------------------------------------------
includes 7400E 312.00 330.00 18.00 1.44
----------------------------------------------------------------------------
SJD-089-11 7450E Assays Pending
----------------------------------------------------------------------------
SJD-090-11 7100E Assays Pending
----------------------------------------------------------------------------
SJD-091-11 7500E Assays Pending
----------------------------------------------------------------------------
SJD-092-11 7600E In Progress
----------------------------------------------------------------------------
SJD-093-11 7700E In Progress
----------------------------------------------------------------------------
The current drill program tested below the central portion of
the Sao Jorge deposit on 50 metres sections representing
approximately 700 metres of the overall strike length (1,450
metres) of the deposit. The drill holes were drilled to the north
or south at -55 degrees to -60 degrees to intersect the deposit
between 200 to 300 metres below surface; approximately 4,000 metres
of the Phase One program has been completed to date. The Phase Two
drill program (7,000 metres) will infill along strike of the
central portion of the deposit where drilling is widely spaced and
will also test new targets identified by the soil geochemistry and
induced polarization surveys currently in progress. 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/20110630-1/Sao-Jorge-Historic-And-BGC-Drillholes.jpg
Commenting on these latest set of results from Sao Jorge, Ian
Stalker, CEO of the Company, said, "These latest drill results
continue to expand the limits of the Sao Jorge deposit and these
results along with results from the Phase Two Drill program will be
incorporated into a new NI43-101 compliant resource estimate
schedule to be completed by Q1 2012."
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.
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. It is the largest holder of
exploration concessions (3,546 km2) in the underexplored Tapajos
Mineral Province, which historically produced over 30 million
ounces of gold largely from alluvial deposits. 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 Surubim 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 Brazilian Gold Corporation Joanne Yan
President and Director +1 604 602-8188 www.braziliangold.ca
Investor Relations Tom Hart +1 403 701-4278
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