Para Resources Inc. Announces an Update on Trenching Program at Its Tucuma Property in Para State, Brazil
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 17, 2015) - Para Resources Inc. (TSX VENTURE:PBR) ("Para Resources" or the "Company"), a mineral exploration company listed on the TSX Venture Exchange (the "Exchange"), is pleased to announce an update of the results on its recently completed trenching program at the Angelim Target in its Tucumã Gold-Copper Project (the "Project"), located in Carajás Province, Brazil. The Project is 100% owned by Para Resources.
Channel sampling was carried out inside the trenches at depths varying from 1.50 to 3.50 m, over saprolite and saprock with brecciated vuggy quartz veins, beneath soil. Primary gold mineralization is associated with arsenopyrite sulphide, which is mostly oxidized (limonitized) at Zone 1.
Highlights of the Zone 1 assays include composite results over such linear sampling from selected areas in the target, as follows:
North Area:
5.00 meters @ 15.88 gpt Au, 3.60 meters @ 10.24 gpt Au.
South Area:
11.55 meters @ 20.25 gpt Au, including 4.80 meters @ 44.86 gpt Au and 24.00 meters @ 3.05 gpt Au, including 10.00 meters @ 5.92 gpt Au.
The trenching program entailed the digging of trenches along the length of the target vein system as well as transverse trenches every 50 meters in order to determine the width of the zone and to delineate a gold potentially mineralized area. The transversal trenches have defined the target zone 1 with a 0.3 gpt cutoff. The whole trenching program yielded 599 samples for assay where the grade of gold was between <0.005 - 118.50 gpt. The ranges were as follows:
Ranges of assay Results | Number | % |
10.00 - 118.50 | 25 | 4.17% |
5.00 - 9.99 | 16 | 2.67% |
0.30 - 10.00 | 99 | 16.53% |
Assays above 0.30 gpt cutoff | 140 | 23.37% |
0.005 - 0.49 | 418 | 69.78% |
<0.005 | 41 | 6.84% |
Total of samples | 599 | 100.00% |
Considering only Zone 1, a total of 361 samples for assay were taken where the grade of gold was between <0.005 - 118.50 gpt. In Zone 1 only, the ranges were as follows:
Ranges of assay Results | Number of | % |
10.00 - 118.50 | 25 | 6.93% |
5.00 - 9.99 | 14 | 3.88% |
0.30 - 10.00 | 83 | 22.99% |
Assays above 0.30 gpt cutoff | 122 | 33.80% |
0.005 - 0.49 | 222 | 61.50% |
<0.005 | 17 | 4.71% |
Total of samples | 361 | 100.00% |
Channel linear samples were located perpendicularly to the N10-40W structure direction, which controls mineralization and steeply dips SW to vertical, in order to have real width sampled. This way, sampling channels have worked as horizontal to sub-horizontal shallow "holes" usually with ENE-WSW azimuth.
Sampling support was of 1.00 m over the veins and breccia zones and of 2.00 m where saprolite is dominant. About 2 kg of material was taken from each sample and was sent to Intertek Laboratory for analysis by Fire Assay plus Atomic Absorption methodology using a 50g aliquot part.
Samples of the gold standard reference materials used for the QA/QC program were obtained and prepared by CDN Resource Laboratories Limited and their gold values were certified and supervised respectively by Mr. Duncan Sanderson, Licensed Assayer of British Columbia, and Dr. Barry Smee, PhD, P.Geo. and Independent Geochemist.
Coincident to each batch of 40 samples, a standard sample was inserted alternating high, medium and low grade samples. The results tested to date are fully satisfactory as the results for the standard sample assays were in the acceptable error range to meet the standards. Other control samples such as replicate and blank were inserted as well for each 40 samples taken, intercalated to the standards.
Sixteen channel samples were selected to delineate 2 mineralized potential areas as shown in the figure below:
http://media3.marketwire.com/docs/997360m.jpg
Based on the core review of the only one historical drill hole performed close to the north edge of the mineralized contour, saprolite+saprock level was estimated in 25 meters of vertical depth and it was used as a parameter for having an idea of gold potential, as follows:
http://media3.marketwire.com/docs/997360t1.jpg
The potential quantity and grade of a target for further exploration referred to above is conceptual in nature, there has been insufficient exploration to define a mineral resource, and further exploration could result or not in a delineated mineral resource.
Density or Specific Gravity (SG) tests were carried out at Tucumã Project -Angelim Target in order to have a good accurate measure of this parameter.
The methodologies of Hydrostatic Scale (Archimedes Principle) and Water Volume Displacement were used respectively for hard and massive materials, such as vein and breccia units, and for unconsolidated and weathered materials such as veining saprolite and saprolite.
Specific Gravity (SG), Density or Apparent Specific Mass is defined by the division between the total mass of the sampled trial body (expressed in tonnage or kilos) and its volume (expressed in m3 or cm3).
Samples for density determination were taken from the trenches walls and outcrops where the channel samples were done. 15 samples for Hydrostatic Scale method and 32 for Water Volume Displacement were collected:
http://media3.marketwire.com/docs/997360t2.jpg
In addition to the channel sampling work, three bulk samples of about 90 kg each were shipped to Nomos Laboratories in Rio de Janeiro for technological characterization and metallurgical tests as indicated in the table above.
First results suggest a high liberation level of gold particles, making the material from Zone 1 potentially susceptible to an economic process route which is being defined.
Highlights from the results of the samples taken from Zone 2 and Zone 3 of the Angelim Target, both located about 500 meters of Zone 1, are:
8.60 meters @ 3.26 gpt Au (including 1.20m @ 5.09 gpt Au) in Zone 2, and 23.00 meters @ 0.61 gpt Au (including 7m @ 1.14 gpt Au or 2m @ 3.03 gpt Au) in Zone 3.
The three mineralized zones of Angelim Target are in the same structural system.
The Company is very optimistic with Zone 1 results as they suggest that a small operation could be implemented in the short term, taking advantage of the high grade sectors.
Based on the results on the Project to date, Para Resources intends to conduct a short shallow drilling program to better define and measure resources in saprolite.
In addition, the high grade of gold mineralization predicts a potential to explore the deposit at depth in a near future. Additional work is also indicated for Zones 2 and 3.
In the following weeks Para will file an application for trial mining and environmental licenses usual for small deposits in Brazil, while it waits for its definitive Mine Permit, which the Company is expected to receive after presenting a Final Exploration Report to the Brazilian Government, expected in June, 2015.
Mr. Paulo J. Andrade, Senior Geologist, VP and Country Manager for Para Resources stated: "The work conducted and planned on the Angelim Target Zone 1 will serve as a geological and metallurgical laboratory for new discoveries on the property. Once the plant processing on this initial target has been proven up, we may be able to enhance capacity and expand the Project's potential as there are many other similar targets on the property that could act as material feeders for this plant."
Mr. Paulo J. Andrade, a Member of the Australian Institute of Geoscientists (MAIG), Senior Geologist, VP and Country Manager for Para Resources, Inc., and a competent and qualified person under NI-43-101, has reviewed and approved the scientific and technical information in this press release.
About Para Resources:
Para Resources, Inc., is a publicly-listed company on the Exchange with a focus on small scale, South American mining properties. Para owns 100% of a gold and copper bearing property near the town of Tucumã in Para State in Brazil. Tucumã is located within a prospective area for gold and copper deposits, and the Company is looking to add additional prospective or advanced stage properties in LatAm to leverage the experienced and qualified geological team already on the ground.
Neither the 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.
ON BEHALF OF THE BOARD OF DIRECTORS
C. Geoffrey Hampson, Chief Executive Officer, President and Director
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law, including statements regarding the proposed private placement. 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. Forward-looking statements are 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 statements. Although Para Resources believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Para Resources.
Nor is it an offer to sell securities or a solicitation of an offer to buy securities in any state or jurisdiction where prohibited by law. No securities referred to herein have been or will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
