VANCOUVER, Oct. 31, 2016 - Brazil Resources Inc. (the "Company" or "Brazil Resources") (TSX-V: BRI; OTCQX: BRIZF) is pleased to announce that further to its press releases dated September 14, the Company has filed a National Instrument 43-101 ("NI 43-101") technical report (the "Technical Report") for its Titiribi Gold-Copper Project (the "Titiribi Project" or "Project") located in Antioquia Department, Colombia.
The Technical Report, dated effective September 14, 2016, is titled "Technical Report on the Titiribi Project Department of Antioquia, Colombia". The Technical Report was authored by Mr. Joseph A. Kantor, MMSA and Dr. Robert Cameron, Ph.D., MMSA of Behre Dolbear & Company (USA), Inc., who are qualified persons within the meaning of NI 43-101 and independent of the Company.
The Technical Report includes the following resource estimate for the Titiribi Project at a 0.3 g/t gold cut-off.
Table 1: Titiribi Mineral Resource Estimate.
| Deposit | Classification | Tonnage | Grade | Contained Metal | ||||
| Au | Cu | AuEq1 | Au | Cu | AuEq1 | |||
| (Mt) | (g/t) | % | (g/t) | Moz | Mlbs | Moz | ||
| Cerro Vetas | Measured | 51.6 | 0.492 | 0.172 | 0.776 | 0.82 | 195.1 | 1.29 |
| Cerro Vetas | Indicated | 132.4 | 0.483 | 0.157 | 0.744 | 2.06 | 459.3 | 3.17 |
| Chisperos | Indicated | 62.1 | 0.484 | - | 0.484 | 0.97 | - | 0.97 |
| NW Breccia | Indicated | 39.7 | 0.618 | - | 0.618 | 0.79 | - | 0.79 |
| M +I | 285.8 | 0.50 | - | 0.676 | 4.63 | 654.34 | 6.21 | |
| Cerro Vetas | Inferred | 70.8 | 0.429 | 0.050 | 0.511 | 0.98 | 77.9 | 1.16 |
| Chisperos | Inferred | 51.1 | 0.452 | - | 0.452 | 0.74 | - | 0.74 |
| NW Breccia | Inferred | 86.0 | 0.555 | - | 0.555 | 1.54 | - | 1.54 |
| Total | 207.9 | 0.487 | - | 0.515 | 3.25 | 77.9 | 3.44 | |
| Table 1 Notes: | |
| 1. | Gold Equivalence estimated using $1,300 per ounce gold at 83% recovery and $2.90 per pound copper at 90% recovery. |
| 2. | A 0.3 g/t gold cut-off has been highlighted as the base case cut-off. |
| 3. | Totals may not represent the sum of the parts due to rounding. |
| 4. | The mineral resource estimates contained herein were estimated using Canadian Institute of Mining, Metallurgy and Petroleum's, "CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines" (2014). |
The Titiribi Project occurs within the Mid-Cauca Porphyry Belt and consists of several near surface bulk tonnage gold-copper porphyry and associated epithermal gold systems. A total of 270 diamond drill holes, totaling 144,779 metres, have been drilled at the Titiribi Project, with nine mineralized areas identified to date. The Project is located between 1,200 to 2,200 metre elevations, below the elevation of the Páramo tropical mountain ecosystems, and is road accessible by paved highway from Medellin with high power electrical lines passing within three kilometres.
The Mid-Cauca Porphyry Belt is host to several gold projects that are in development or production including AngloGold Ashantiꞌs Quebradona, B2Gold/AngloGold Ashantiꞌs Gramalote, Continental Goldꞌs Buritica, Red Eagleꞌs San Ramon, and Gran Colombiaꞌs Marmato projects.
For further information regarding the Company's Titiribi Project, please refer to the Technical Report, a copy of which is available under the Company's SEDAR profile at www.sedar.com.
About Brazil Resources Inc.
Brazil Resources Inc. is a public mineral exploration company with a focus on the acquisition, exploration and development of projects in Brazil, United States, Canada and other regions of the Americas. Brazil Resources is advancing its Titiribi Gold-Copper Project, located in Colombia, Whistler Gold-Copper Project, located in Alaska, United States, Cachoeira and São Jorge Gold Projects, located in the State of Pará, northeastern Brazil and Rea Uranium Project, located in the western Athabasca Basin in northeast Alberta, Canada.
Paulo Pereira, Brazil Resources' President, has reviewed and approved the technical information contained in this news release. Mr. Pereira holds a bachelors degree in Geology from Universidade do Amazonas in Brazil, is a Qualified Person as defined in NI 43-101 and is a member of the Association of Professional Geoscientists of Ontario.
Table 2: Brazil Resources Inc. – Global Mineral Resource Statement.
| Project | Cut-off | Tonnes | Gold | Silver | Copper | Gold Eq | Gold | Silver | Copper | Gold Eq |
| (g/t) | (Mt) | (g/t) | (g/t) | (%) | (g/t) | (Moz) | (Moz) | (Mlbs) | (Moz) | |
| Measured Resources | ||||||||||
| Cerro Vetas | 0.3 | 51.600 | 0.49 | - | 0.17 | 0.82 | - | 195.10 | 1.290 | |
| Indicated Resources | ||||||||||
| Sao Jorge | 0.3 | 14.420 | 1.54 | - | - | 1.54 | 0.715 | - | - | 0.715 |
| Cachoeira | 0.35 | 17.470 | 1.23 | - | - | 1.23 | 0.692 | - | - | 0.692 |
| Whistler | 0.3 | 79.200 | 0.51 | 1.97 | 0.17 | 0.88 | 1.280 | 5.03 | 302.00 | 2.250 |
| IM | 0.3 | 31.080 | 0.49 | 1.10 | 0.06 | 0.55 | 0.485 | 1.10 | 41.12 | 0.547 |
| Cerro Vetas | 0.3 | 132.400 | 0.48 | - | 0.16 | 0.78 | 2.06 | - | 459.3 | 3.17 |
| Chisperos | 0.3 | 62.100 | 0.48 | - | - | - | 0.97 | - | - | 0.97 |
| NW Breccia | 0.3 | 39.700 | 0.62 | - | - | - | 0.79 | - | - | 0.79 |
| Total | 376.370 | 0.58 | 0.51 | 0.10 | 0.74 | 6.992 | 6.13 | 802.43 | 9.134 | |
| Measured and Indicated Resources | ||||||||||
| Total | 427.970 | 0.57 | 0.44 | 0.11 | 7.812 | 6.13 | 997.52 | 10.424 | ||
| Inferred Resources | ||||||||||
| Sao Jorge | 0.3 | 28.190 | 1.14 | - | - | 1.14 | 1.035 | - | - | 1.035 |
| Cachoeira | 0.35 | 15.667 | 1.07 | - | - | 1.07 | 0.538 | - | - | 0.538 |
| Boa Vista | 0.5 | 8.470 | 1.23 | - | - | 1.23 | 0.336 | - | - | 0.336 |
| Surubim | 0.3 | 19.440 | 0.81 | - | - | 0.81 | 0.503 | - | - | 0.503 |
| Whistler | 0.3 | 145.800 | 0.40 | 1.75 | 0.15 | 0.73 | 1.850 | 8.21 | 467.00 | 3.350 |
| IM | 0.3 | 82.020 | 0.47 | 1.02 | 0.05 | 0.53 | 1.237 | 2.69 | 90.43 | 1.390 |
| RW (shallow) | 0.3 | 31.680 | 0.40 | 5.39 | 0.06 | 0.55 | 0.409 | 5.49 | 41.91 | 0.563 |
| RW (deep) | 0.6 | 51.760 | 0.68 | 3.74 | 0.10 | 0.86 | 1.130 | 6.22 | 114.13 | 1.428 |
| Cerro Vetas | 0.3 | 70.800 | 0.429 | - | 0.05 | 0.51 | 0.98 | - | 77.9 | 1.16 |
| Chisperos | 0.3 | 51.100 | 0.452 | - | - | - | 0.74 | - | - | 0.74 |
| NW Breccia | 0.3 | 86.000 | 0.56 | - | - | - | 1.54 | - | - | 1.54 |
| Total | 383.027 | 0.54 | 1.19 | 0.06 | 0.66 | 10.298 | 22.61 | 791.37 | 12.583 | |
| Table 2 Notes: | |
| 1. | Gold cut-off for all projects except for Whistler, Raintree West and Island Mountain ("IM"), which is gold equivalent cut-off. |
| 2. | Gold equivalent grade for the Whistler resource assumes metal prices of US$990/oz gold, US$15.40/oz silver and US$2.91/lb copper and recoveries of 75% for gold and silver and 85% for copper. |
| 3. | Gold equivalent grade for the Island Mountain resource assumes metal prices of US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and recoveries of 90% for gold (cyanide), 80% for copper (flotation) and 25% silver (recovery in copper concentrate). |
| 4. | Gold equivalent for the Raintree West resource assumes metal prices of US$1,250/oz gold, US$16.50/oz silver and US$2.10/lb copper and recoveries of 75% for gold, 85% for copper and 75% for silver. |
| 5. | Gold equivalent for the Cerro Vetas, Chisperos and NW Breccia resource assumes metal prices of $1,300/oz gold and US2.90/lb copper and recoveries of 83% for gold and 90% for copper. |
| 6. | "Technical Report and Resource Estimate on the São Jorge Gold Project, Pará State, Brazil" prepared by Porfirio Rodriguez and Leonardo de Moraes, with an effective date of November 22, 2013. |
| 7. | "Technical Report and Resource Estimate on the Cachoeira Property, Pará State, Brazil" prepared by Gregory Z. Mosher, P.Geo., with an effective date of April 17, 2013 and amended and re-stated October 2, 2013. |
| 8. | "Technical Report on the Rio Novo Gold Project and Resource Estimate on the Jau Prospect, Tapajos Area, Para State, Northern Brazil" (Surubim Project) prepared by Jim Cuttle and Gary Giroux, with an effective date of November 22, 2013. |
| 9. | "Technical Report on the Boa Vista Project and Resource Estimate on the VG1 Prospect, Tapajos Area, Para State, Northern Brazil" prepared by Jim Cuttle, Gary Giroux and Michael Schmulian, with an effective date of November 22, 2013. |
| 10. | "Technical Report on the Whistler Project" prepared by Gary Giroux, with an effective date of March 24, 2016. |
| 11. | "Technical Report on the Titiribi Project Department of Antioquia, Colombia" prepared by Joseph A. Cantor and Robert E. Cameron, with an effective date of September 14, 2016. |
For further information regarding the Company's projects, please refer to each of the technical reports set forth above, copies of which are filed under the Company's profile on SEDAR.
Source: Brazil Rresources
