Brazilian Gold Corp BGC.TSX.V
Bullish on Boa Vista as the Company Completes the Phase Two Exploration Program
Brazilian Gold Completes Phase Two Exploration Program on the Boa Vista Project of Northern Brazil
Brazilian Gold Corporation (TSXV: BGC) and its joint venture partners, Octa Mineração Ltda. and D’Gold Mineral Ltda., are pleased to announce the completion of the Phase Two drill program (2,745 m in 12 holes) on the Boa Vista project in the Tapajós region of northern Brazil. The Boa Vista project is located approximately 170 km southwest of the town of Novo Progresso and benefits from road access that connects directly to the recently paved BR163 highway.
The final three holes reported in this News Release were collared on the Planalto target and intersected wide intervals of silica altered and veined granite that were geochemically anomalous in gold. The first nine holes were collared on the VG1 target and were announced on February 22nd and March 26th, 2012; the VG1 target is located 2.5 km northwest of Planalto.
The Planalto target comprises silica altered, veined and brecciated granitic rocks that forms a northeast trending ridge that is over 2 km long. Three drill holes were completed on two fences spaced 850 m apart; the holes were collared on the eastern side of the ridge and drilled to the northwest (AZ280°) at -55°. All three holes intersected a wide interval (approx. 20 m true thickness) of multi-episodic veining, brecciation and silicification up to 150 m down dip of similar sub-outcrop material mapped on surface. The altered and mineralized zone dips approximately 75° to the east and exhibits open space vein textures suggestive of epithermal style gold mineralization. Gold was anomalous in several samples from the altered interval with values up to 0.42 g/t gold.
Ian Stalker, CEO of Brazilian Gold, commented, “We are encouraged by the potential size and style of mineralization intersected at the Planalto target and plan to complete additional work along this 2 km structure, enabling us to focus and define future drill programs. In addition to Planalto, recent drill results on the VG1 gold-in-soil anomaly (2,000 m) show wide intervals of near surface gold mineralization over the 600 m strike length tested to date and are open in all directions. These two targets, as well as four other high priority targets, indicate the significant potential of our Boa Vista project, an asset that in our view is still underexplored.”
An IP survey (56 km) covering a number of targets was recently completed and is currently being processed and interpreted.
BGC has effectively earned a 61% interest in the Boa Vista project following expenditures of an additional US$2 million. The Company’s expenditure remains on track to ensure that 71% ownership of Boa Vista is secured in accordance with the terms of the Joint Venture agreement.
Laboratory Procedures
Drill core in this program is sampled at 3 m 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 is a Canadian-based public company with a focus on the acquisition, exploration and development of mineral properties in northern Brazil. The Company has title to one of the largest land packages (3,750 km2) in the Tapajós and adjacent Alta Floresta gold provinces. The land package contains green fields to more advance stage projects including the Company’s flagship São Jorge project. Rapid improvements to regional infrastructure continue to provide underlying support to Brazilian Gold’s activities in northern Brazil.
The São Jorge project contains an indicated mineral resource of 11.365 Mt grading 1.0 g/t gold (379,000 ounces of gold) and an inferred mineral resource of 20.673 Mt grading 0.8 g/t gold (558,000 ounces of gold) at a 0.3 g/t gold cut-off (Coffey Mining, June 21, 2011).
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.
No comments:
Post a Comment