Recommencing Drilling and Drilling Results
Toronto, June 6, 2024 AEST (ABN Newswire) - Resouro Strategic Metals Inc. (
CVE:RSM) (8TX:FRA) (RSGOF:OTCMKTS) ("RSM", "Resouro" or the "Company") is pleased to provide an update on activities at the Tiros Rare Earths and Titanium project in Brazil ("Tiros Project" or "Project").
Highlights:
- Recommencing of drilling for infill drilling for calculation of a potential JORC compliant resource.
- Latest drill results include the following;
o FDTIR-05: Diamond drill, 13 meters at 5,512ppm TREO, 1,158NdPr and 16.73% TiO2 from 19 meters;
o FDTIR-12: Diamond drill, 20 meters at 6,789ppm TREO, 1,570 NdPr and 16.11% TiO2 from 44 meters;
o FDTIR-14: Diamond drill, 28 meters at 5,519ppm TREO, 1,200 NdPr and 16.14% TiO2 from 22 meters;
o FDTIR-25: Diamond drill, 22 meters at 5,597ppm TREO, 1,375 NdPr and 12.65% TiO2 from 46 meters.
Recommencing of Drilling
Following the successful recent capital raising, the Company commenced the works associated with the work program detailed in the Prospectus lodged with the Australian Securities and Investments Commission (ASIC) on May 1, 2024, including an assessment of the data collected with confirmation, where possible, of the likely resource boundaries, average grades and thickness of mineralization at the Tiros Project.
Whilst the data assessment is currently being reviewed by an independent competent person (Atticus Geo Consultants), Resouro has also undertaken further exploration including "scout holes" and infill drilling with an aim to define a mineral resource estimate for the Tiros Project in accordance with JORC Code.
Latest Drill Results
The exploration team has recently received and analyzed the latest results from the latest drilling program including the diamond drilling (DD) with excellent results summarized in the table below.*
Quality Assurance Quality Control
A QA/QC program is in place for every batch of samples sent to the laboratory including blanks, different types of standards, for REE and titanium, and field duplicates. Further, a number of samples in each batch are later chosen for testing in a secondary laboratory and in the primary laboratory, as pulp or coarse duplicates.
Qualified Person
The technical content of this news release has been reviewed and approved by Rodrigo Mello B.Sc. Geology, FAusIMM and a qualified person as defined by National Instrument 43-101. Mr. Mello has reviewed and verified the drilling and assay data included in this announcement.
Commenting on the latest drilling and assay results and drilling update for the Tiros Project, CEO and President of Resouro, Chris Eager, commented: "Following on previously reported high levels of TREO, NdPr and TiO2 grades reported at the Tiros Central block are exciting. Recommencing the drilling program after reviewing the recent data has allowed the Company to plan better for the present drilling and to allow the project to progress its geological resource model with the aim to achieve a Maiden JORC Resource for Tiros Central. This drilling further confirms the high grade and massive size potential of Tiros project as a whole."
Update on ASX Listing
Resouro lodged the Prospectus to raise AUD$8.0 million (approximately CAD$7.2 million) via the offer of 16,000,000 CHESS Depository Interests ("CDI") over common shares in the capital of the Company at an offer price of AUD$0.50 (approximately CAD$0.45) per CDI (the "Offer").
Resouro intends to use the net proceeds raised pursuant to the Offer to increase shareholder value through the identification, exploration, definition and development of its Tiros Rare Earth Elements and Titanium Project, and Novo Mundo Gold Project as well as to meet working capital requirements.
The Offer opened on May 9, 2024, in Australia. It is envisaged that CDIs will be issued on or around mid-June 2024, in Australia. The listing of the Company on the ASX remains subject to the Company meeting the listing criteria of the Australian Securities Exchange ("ASX") and the Company is working through the standard conditions of admission. Subject to the satisfaction of ASX's conditions to admission, the Company is targeting a listing date on the ASX of on or around June 14, 2024.
Upon successful completion of the listing, Resouro's securities will be tradable on the TSX Venture Exchange (CVE:RSM), the Frankfurt Stock Exchange (8TX:FRA), the Over-theCounter market in the USA (RSGOF:OTCMKTS) and the Australian Stock Exchange (ASX:RAU), providing investors with increased flexibility and accessibility.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/4YVF6ZE3
About Resouro Strategic Metals Inc.
Resouro Strategic Metals Inc. (ASX:RAU) (CVE:RSM) (OTCMKTS:RSGOF) (FRA:8TX) is a Canadian-based mineral exploration and development company focused on the discovery and advancement of economic mineral projects in Brazil, including the rare earth elements and titanium Tiros Project and the Novo Mundo and Santa Angela gold projects.
The Tiros Project, located in northern Minas Gerais, Brazil, is an exploration project focused on rare earth elements and titanium covering an area of approximately 450 km2. The Tiros Project comprises 17 exploration permits, and one exploration permit application held by the Company's Brazilian subsidiary; and 6 exploration permits and one exploration permit application that have been validly assigned to the Company's Brazilian subsidiary and are awaiting ANM approval. The Company holds, via its wholly owned Brazilian subsidiary, a 90% interest in the Tiros Project and the remaining 10% interest in the Tiros Project is held by RBM Consultoria Mineral Eireli (RBM), an unrelated third-party vendor.
The Novo Mundo Project is located in the Alta Floresta Gold Province close to the northern border of the state of Mato Grosso, central Brazil. Within the licensed area is the small town of Novo Mundo, which is 30km west from the larger town of Guaranta do Norte. It comprises three exploration permits. The Company also has another interest in an exploration permit, being the Santa Angela Project, which is not considered material to the Company's operations. Interests in the Novo Mundo Project and Santa Angela Project are held via the Company's wholly owned subsidiary.
| ||
|
