Toronto, ON – March 31, 2023 – Resouro Gold Inc. (“Resouro” or the “Company”) (TSXV: RAU) (FSE: BU9) is pleased to announce that the Company has selected the laboratory Prosper, located in Duque de Caxias, for the initial metallurgical testwork at its Tiros Titanium-REE Project in Minas Gerais, Brazil, and has now delivered a 208 kg composite sample as part of its recently announced work program (see Press Release).
Resouro is now planning a 600 m Auger drilling program using its own equipment and tendering for a 500 m air core drilling campaign – both programs will help produce further composite samples for continued metallurgical testwork as well as supply data necessary for the maiden 43-101-compliant resource.
The Tiros Project consists of 10 mineral concessions totalling 152 km2 located in Minas Gerais, one of the most infrastructurally developed and mining-friendly states of Brazil. The Tiros licenses cover the most prospective portion of the prolific Capacete Formation and represent the areas with the greatest exploration potential.
The sample was made by collecting material from 243 samples from the existing RAC drill holes. The samples were selected from the intervals representative of the expected ore, which are defined by predominance of the more intensely weathered zone, by TiO2 grades over 6% and by TREO grades over 0.1%. A Jones quartering device was used for re-sampling.
The laboratory Prosper (previously Nomos laboratory) has a reputed process research facility, with experience in titanium and rare earth concentration. The work program includes the following activities:
- Scrubbing tests
- Magnetic, gravitic and electrostatic concentration tests
- Anatase leaching tests
- Rare earth concentration tests, using different techniques
The expected result is a process route to produce concentrates of TiO2 and Rare Earths. Preliminary values for capital and operational costs will be available in the final report.
The Company also announces that it will not be making a scheduled cash payment for the Buracão Project, therefore returning the project to its original owners as per the terms of the acquisition agreement. While Resouro continues to believe that Buracão is a worthy project, the Company has made a decision to prioritise its Novo Mundo and Tiros Projects, which are more advanced-stage and de-risked.
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://resouro.com.
For further information, please contact the Company at:
Chris Eager, CEO
Iryna Zheliasko, Investor Relations
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. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the completion of due diligence, receipt of board approvals, the approval of the TSX Venture Exchange, the assumption and satisfaction of the obligations under the Coogavepe Agreement and the timing and completion of the proposed acquisition. 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; the availability of capital on acceptable terms; 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.
The TSX Venture Exchange has in no way passed upon the merits of the proposed acquisition and has neither approved nor disapproved the contents of this press release.
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.