Brionor Resources Inc. Announces 43-101 Technical Report and Audited Preliminary Resource Estimate for the Pitt Gold Project as
21 June 2011 - 12:42AM
Marketwired Canada
Brionor Resources Inc. ("BRIONOR" ) (TSX VENTURE:BNR) is pleased to announce
that it has received a 43-101 Technical Report and Audited Preliminary Resource
Estimate ("the 43-101 Report") as prepared by Micon International Ltd. of
Toronto, for the Pitt Gold Project located along the Porcupine-Destor Break in
the Duparquet gold camp, Abitibi region, Quebec.
Resource Estimate.
Report Highlights:
In preparing the 43-101 Report, Micon used a cut-off grade of 3 grams per tonne
("gpt") gold ("Au") and a capping grade of 35 gpt Au. Minimum block widths of
1.5m were used as representative of minimum widths for underground mining.
Indicated Resources totalled 600,000 tonnes grading 7.83 g/t Au (151,000 Au
ounces). Inferred Resources totalled 476,000 tonnes grading 6.91 g/t Au (106,000
Au ounces). Please see the tables below for summary results:
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Resource Vein Tonnage Grade (g/t) Ounces
Classification Number
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Indicated 1 323,000 5.73 60,000
2 277,000 10.27 91,000
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Total 600,000 7.83 151,000
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1 78,000 4.03 10,000
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Inferred 2 208,000 7.75 52,000
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3 190,000 7.16 44,000
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Total 476,000 6.91 106,000
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Parameters Used for Polygonal 2011 Pitt Gold Mineral Resource Estimate
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Description Parameter Comments
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Cut-off grade 3 g/t gold Minimum grade per block for resources.
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Based on minimum underground mining
Minimum block width 1.5 m width.
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Grade used to bring blocks up to
Dilution 0 g/t minimum.
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Capping grade 35 g/t
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Specific gravity 2.7
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Polygonal size 1/2 distance to next drill hole to a maximum of 50 m.
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Core length Mineralization converted to horizontal true width.
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The resources come from three distinct east-west trending structures (Veins 1, 2
and 3) which dip steeply to the south, just north of the Porcupine-Destor break,
and remain open at depth. A number of economic intercepts, obtained in recent
drilling, were not accounted for in the resource estimate (including the best
interval ever obtained on the property: 82.94 g/t Au over 4.58 metres). These
intervals could be related to new vein structures but additional definition
drilling is required to include them as resources.
The 43-101 Report indicates that additional exploration potential is found in
the western half of the property, along the Porcupine-Destor break, where
Brionor has undertaken no exploration work to date, and along a parallel
structure that crosses the northern portion of the property, the Lepine Lake
fault, where previous operators cut a number of anomalous to sub-economic gold
intercepts below the Timiskaming sedimentary cover.
The western half of the Pitt Gold property was drill tested historically by
previous operators with a number of shallow drill holes rarely exceeding the 200
metre level. As a result several of these holes were not deep enough to test the
mineralized horizon below the Timiskaming sedimentary cover (post
mineralization). This area therefore, remains virtually open for exploration
below the 200 metre level. It should be noted that the mineralization hosted in
the Pitt Gold deposit is located entirely below this level.
Of Note, the Lepine Lake fault area, below the Timiskasming cover, was tested by
a limited number of holes by past operators (less than 10 holes). Soquem
obtained 5.43 g/t Au over 1.2 metres (hole 1299-01-01) and 0.6 g/t Au over 14.9
metres (hole 1299-01-02), while Lacana Exploration cut 7.54 g/t Au over 1.06
metres (hole 88-11). These intercepts and others define a broad gold anomalous
corridor almost 2 km in length.
The 43-101 report recommends continued exploration, including drilling to test
the numerous targets that remain untested both along strike and at depth on the
property.
Management and the Board of Directors of Brionor are very pleased with the
positive nature of the results of this preliminary assessment of the Pitt Gold
property. "This preliminary modest resource at Pitt Gold is the result of very
good work by our technical team in developing a sound geological model for the
complex gold bearing structures that make-up this deposit." Future work will aim
at defining further resources both along strike and at depth as well as testing
the numerous other targets on the property that are as yet untested.
Bill Lewis of Micon International, responsible for the report, is a qualified
person as defined by National Instrument 43-101. He has reviewed and approved
the technical content of this press release.
Brionor is also pleased to announce changes to the management of the company
whereby effective immediately, Mr. Lewis Lawrick has been appointed President
and CEO, and Mr. Robert Ayotte has been appointed Executive Chairman. Both Mr.
Ayotte and Mr. Lawrick are Board Members and co-founders of Brionor. Further,
and in line with these changes, day to day operations have been centralized to
Mr. Lawrick's offices in Toronto where business development, administrative
services, accounting, and technical services will be facilitated. The Board of
Directors believes that at this point in Brionor's evolution such changes will
expedite it's growth and development through management in Canada's financial
capital. Brionor's Head Office will remain in Montreal, Quebec.
Brionor is a junior mining exploration company with a portfolio of exploration
projects including the 100% owned Pitt Gold Project in Quebec.
Cautionary Note
This news release contains certain forward-looking statements that involve risks
and uncertainties, such as statements of Brionor's plans, objectives,
strategies, expectations and intentions. The words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and
similar expressions, as they relate to Brionor, or its management, are intended
to identify such forward-looking statements. Many factors could cause Brionor's
actual results, performance or achievements to be materially different from any
future results, performance or achievements that may be expressed or implied by
such forward- looking statements. The forward-looking statements included in
this press release represent Brionor's views as of the date of the release.
While Brionor anticipates that subsequent events and developments may cause its
views to change, it specifically disclaims any obligation to update these
forward-looking statements, except in accordance with applicable securities
laws. Accordingly, readers are advised not to place undue reliance on
forward-looking information. All subsequent written and oral forward-looking
statements attributable to Brionor or persons acting on its behalf are expressly
qualified in their entirety by this notice.
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