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18 July 2024 – Resouro Strategic Metals Inc. (ASX: RAU; TSX-V: RSM; FSE:BU9; OTC:RSGOGF) ("Resouro" or the "Company") is pleased to announce the publication of its maiden JORC-compliant Mineral Resource Estimate (“MRE”) for the Tiros Titanium and Rare Earth Elements Project in Brazil (“Tiros Project” or “Tiros” or “Project”) which marks a significant milestone in the Project’s development.
Highlights
Maiden JORC MRE for the Tiros Project of 1.7 billion tonnes (bn tonnes) at 3,900 parts per million (“ppm”) Total Rare Earth oxide (“TREO”), 1,100 ppm Magnet Rare Earth Oxides (“MREO”) and 12% Titanium Dioxide (“TiO2”) in all three resource categories (refer to Table 1 below).
Of the 1.7 bn tonnes, the deposit contains a high grade domain of 120,000,000 tonnes at 9,000 ppm TREO containing 2,400 ppm of MREO and TiO2 of 23%.
The combined Measured and Indicated resources represent 1.0 bn tonnes at 4,050 ppm TREO containing 1,120 ppm MREO and 12% TiO2.
The MRE places the Tiros Project as one of the largest undeveloped titanium and rare earth resource globally and in Brazil.
DOMAIN | CAT | TONNES (t) | TiO2 (%) | TREO (ppm) | MREO (ppm) |
HG (High Grade)
| Inferred | 42,000,000 | 23 | 8,700 | 2,200 |
Indicated | 55,700,000 | 23 | 9,030 | 2,380 | |
Measured | 20,800,000 | 24 | 9,320 | 2,530 | |
Sum | 120,000,000 | 23 | 9,000 | 2,400 | |
MG (Medium Grade)
| Inferred | 620,000,000 | 11 | 3,500 | 950 |
Indicated | 704,000,000 | 11 | 3,650 | 1,020 | |
Measured | 224,000,000 | 11 | 3,570 | 997 | |
Sum | 1,500,000,000 | 11 | 3,500 | 930 | |
| Totals | 1,700,000,000 | 12 | 3,900 | 1,100 |
Table 1: JORC-compliant maiden MRE, Tiros Project, Brazil (1,000 ppm TREO cut-off). Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. The tonnage and grade figures in the resource statement are rounded off to reflect the relative uncertainty of the estimate, for this reason the summations may not add up.
- The MRE incorporates 4,766 metres of verification drilling including Diamond, Aircore and Auger across 102 drill holes including 20 historical drill holes.
- The maiden MRE is derived from the Central tenements of the Tiros Project, being ~7% of the tenements that comprise the total Tiros Project area.
- The majority of the resource is open laterally and found to be homogeneous in nature.
- Resource exists within Brazil’s most advanced mining state (Minas Gerais) with developed infrastructure, existing access to road, rail and port, in a supportive community, and a favourable environmental region which will support the development of the Tiros Project.
President, CEO, Director and Founder, Chris Eager commented:
“Completion of our maiden JORC-compliant Mineral Resource Estimate for the Central Block of the Tiros Rare Earth project marks a pivotal moment for Resouro Strategic Metals”
“The 1.7 bn tonnes of Measured, Indicated and Inferred Resource is contained in a flat lying consistently thick, near surface and highly weathered clay like material.”
“We consider that the average Resource grades of 3,900 ppm TREO, 1,100 ppm MREO and 12% of TiO2 are well above average for this style of deposit”
“The Resource has a discrete domain containing 120,000,000 tonnes at 9,000 ppm TREO containing 2,400 ppm of MREO and TiO2 of 23% which indicates the potential for the Tiros Project to be mined at a high grade in the initial years of production”
“Resouro has defined a very substantial resource over just 7% of the land area of the project. Step out drilling to the North and South demonstrates consistent thicknesses and grades up to 35 kilometers away from the Central Block”
“We have completed sufficient resource drilling at Tiros and the huge scale of the Maiden JORC Resource means Resouro does not need to add Resource tonnes. Infill drilling is ongoing for mine planning and Feasibility and Environmental purposes.”
“Resouro remains committed to sustainable practices and positive community engagement, ensuring that our growth contributes to the well-being of the regions in which we operate.”
“I would like to congratulate our Technical and Community Relations Team on the ground at Tiros for the work undertaken to derive a 1.7 bn tonne Resource in a short period of time”
“I look forward to updating the market on Resouro's progress to completion of our Preliminary Economic Assessment including the ongoing Metallurgical Test Work Programs.”
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Competent Person Statement
The information in this announcement that relates to Exploration Targets, Exploration Results and Mineral Resources is based on, and fairly represents, information compiled by Mr Simon Mortimer, a Competent and Qualified Person and registered professional geologist (FAIG #4083) with experience in geology, mineral exploration, geological modelling, mineral resource estimation and classification, and database management. Mr Mortimer has worked alongside Mr Luis Oviedo, a Competent and Qualified Person and registered professional geologist (Chliean comisión of mines, number 013) with domain experience in Rare Earth Element deposits. Mr Oviedo and Mr Simon Mortimer are consultants for Atticus Geoscience and between them have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify them as Competent Persons as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and as Qualified Person under the National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr Luis Oviedo and Mr Simon Mortimer consent to the inclusion of this information in this announcement of the matters based on his information in the form and context in which it appears.
This announcement has been authorized for release by the Board of Directors.
Chris Eager, CEO
+44 7388 0579809
Justin Clyne, Director
+61 407 123 143
Melissa Hamilton, Media,
melissa.hamilton@mcpartners.com.au
+61 417 750 274
About the Company
Resouro is a Canadian incorporated mineral exploration and development company, listed on the ASX, TSXV, OTC and FSE, focused on the discovery and advancement of economic mineral projects in Brazil, including the Tiros project in Minas Gerais and the Novo Mundo Gold Project in Mato Grosso. The Tiros project represents 25 mineral concessions totalling 450 km2 located in the state of Minas Gerais, one of the most infrastructurally developed states of Brazil, 350 km from Belo Horizonte, the state capital. Resouro has released a Mineral Resource Estimate for the Tiros Project of 1.7 bn tonnes of Inferred, Indicated and Measured Resource.
Forward-Looking Information
This announcement 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. 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 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 announcement 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.
Neither the ASX, 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.
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