BrazMin Announces Final Phase II Drill Results from the São Jorge Gold Project
Nov 3, 2006
Road Town, Tortola, British Virgin Islands (Nov 3, 2006) - BrazMin Corp. (“BrazMin” or the “Company”) (TSX: BZM) is pleased to announce the results of the final seven diamond drill holes from the Phase II Exploration Program on the Company's 100%-owned São Jorge Gold Project (“São Jorge” or the “Project”), located in the TapajÓs Gold District, ParÁ State, Brazil.
The drill holes reported in this release are from the Wilton East and Kite Zones, as well as several additional target areas; highlights include:
Wilton East Zone
The Phase II Program successfully identified two new gold mineralized zones, namely the Kite and Wilton East Zones, located 350 metres northwest and 430 metres southeast, respectively, of the Wilton Zone. The Kite and Wilton East Zones lie within the same northwest trending structural corridor as the Wilton Zone. This structural corridor is open along strike to the northwest of the Kite Zone and to the southeast of the Wilton East Zone (see maps on the Company's website at www.brazmin.com).
The Kite Zone is located in an area of small-scale “garimpos” (artisanal workings) which exploited the stone line to the mottled zone. A total of seven drill holes, including one reported in this release, have been drilled by BrazMin in the Kite Zone. Of these seven holes, five intersected gold mineralization.
The Wilton East Zone is located in an area overlain by tailings and dams from the Wilton Pit, with little indication of garimpos. To date, three holes, two of which are reported in this news release, have intersected gold mineralization in the Wilton East Zone over a 200 metre strike length.
Three holes reported in this release (SJD-076-06, SJD-079-06, and SJD-082-06) tested Induced Polarization (“IP”) geophysical anomalies. With the exception of hole SJD-076-06, which intersected a narrow zone of sulphide-hosted mineralization yielding 1.06 g/t Au over 0.82 metres north of the Wilton Zone, the sources of the IP anomalies were not explained by the drilling. A fourth hole (SJD-069-06) tested an area with indications of mineralization and alteration at surface, known as the Borboleta target. This hole did not encounter significant mineralization.
Based on the interpretation of structural and airborne geophysical data, a total of eight new regional targets have been defined at São Jorge. Geological mapping and grid-based soil sampling is planned for these targets, with the objective of delineating drill targets. BrazMin's Phase II Drill Program at São Jorge is now complete, with a total of 7,952 metres drilled in 34 holes. Assay results for all holes have now been received and released by the Company.
SJD-065-06 - Kite Zone (inclination: -55, azimuth: 360°, length: 231.70 metres)
SJD-069-06 - Borboleta (inclination: -50, azimuth: 070°, length: 182.60 metres)
SJD-071-06 - Wilton East Zone (inclination: -55, azimuth: 030°, length: 271.10 metres)
SJD-072-06 - Wilton East Zone (inclination: -55, azimuth: 360°, length: 230.10 metres)
**includes two unsampled intervals totaling 6.36 metres; a grade of 0 g/t Au was assumed for these intervals to calculate the weighted average
SJD-076-06 - IP target north of Wilton Zone (inclination: -55, azimuth: 115°, length: 230.25 metres)
SJD-079-06 - IP target 1.35 km SSE of Wilton Zone (inclination: -55, azimuth: 030°, length: 140.10 metres)
SJD-082-06 - IP target 1.35 km SSE of Wilton Zone (inclination: -55, azimuth: 210°, length: 202.10 metres)
Quality Assurance/Quality Control and Qualified Person
The drill holes reported in this release were collared using HQ (63.5mm)-sized core in the oxidized saprolite zone and NQ (47.6mm)-sized core in the fresh (sulphide) bedrock. The core is logged and photographed by BrazMin staff and then split using a diamond saw. Half the core is stored on-site in a secure core shed and the other half is sampled, bagged, secured, and stored on-site until several holes are ready for transporting by road to SGS-Lakefield-Geosol Laboratorio Ltda's (“Lakefield”) sample-preparation laboratory in Itaituba, Brazil. The entire half-core is crushed and two kilograms is pulverized and homogenized. 150 Gram pulps are then air-freighted by Lakefield to their main assay laboratory in Belo Horizonte, Minas Gerais State, Brazil. Lakefield is ISO14001 and ISO 9001:2000 accredited and is independent of BrazMin. Gold is determined by fire assay/atomic absorption with a detection limit of 5ppb Au using 50 gram aliquots. Lead fire assays use silver as a co-collector to facilitate easier handling of prills as well as to minimize losses during the cupellation process. Selected samples will later be analyzed for other elements such as silver, copper, lead, zinc, etc. by ICP spectrometry/multi-acid digestion. The laboratory is instructed to automatically reanalyze abnormally high gold values.Specific gravity determinations are done using a gas picnometer. QA/QC procedures include the submission by BrazMin of systematic duplicates, blanks and standard samples within the sample batches submitted to Lakefield. In addition, Lakefield inserts its own standards into each sample batch. The results from these control samples indicate acceptable consistency of analysis. Selected representative pulverized sample duplicates are submitted for referee analyses to ALS Chemex's laboratory in Vancouver, an ISO 9001:2000 and ISO 17025 accredited laboratory which is independent of BrazMin.
BrazMin's exploration programs are being managed by BrazMin's President and CEO, Mr. Tony Ransom (Pr.Sci.Nat.), and, on-site, by BrazMin's VP Exploration, Mr. Paulo Ilidio de Brito (Member: AusIMM), both of whom are qualified persons within the meaning of National Instrument 43-101. Mr. Ilidio, who is responsible for the technical material in this release, has verified the data disclosed in this release, including the sampling, analytical and test data underlying the information. Geological logging, sampling and core handling procedures were carried out under the supervision of Mr. Ilidio.
BrazMin is a TSX-listed company focused on the acquisition, exploration and advancement of high quality gold projects, primarily in Brazil. BrazMin has a well-qualified exploration and management team with extensive experience and expertise in gold exploration and project management, both within Brazil and worldwide.
Mineral rights to São Jorge are held 100% by BrazMin's wholly-owned subsidiary, Brazilian Resources MineraÇão Ltda. An independent technical report dated October 12, 2006 and entitled “Resource Estimate and Technical Report for the São Jorge Project, Brazil” can be obtained from SEDAR at www.sedar.com.
BrazMin has a treasury of approximately CDN$12.0M. The Company has 27,054,222 shares outstanding and 33,403,018 shares fully diluted. For additional information on BrazMin and its projects visit the Company's website at www.brazmin.com or contact:
Fiona Childe, Ph.D., P.Geo.
This press release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding exploration results, potential mineralization and future plans and objectives of the Company) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in gold prices, changes in equity markets, political developments in Brazil, changes to regulations affecting the Company's activities, delays in obtaining or failures to obtain required regulatory approvals, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other ecological data, and the other risks involved in the gold exploration and development industry. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of buy . Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.