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 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 Titanium-Rare Earths Project and the Novo Mundo Gold Project. The Tiros project has 28 mineral concessions totalling 497 km2 located in the state of Minas Gerais, one of the best infrastructurally developed states of Brazil, 350 km from the state capital of Belo Horizonte. Resouro's Mineral Resource Estimate for the Tiros Project contains 165 million tonne of titanium dioxide and 5.5 million tonne of total rare earths oxides within a Measured and Indicated Resource of 1.4 billion tonne at 12% titanium dioxide and 4,000 ppm of total rare earth oxides.
| ||
|
