Highlights of the Report (as defined below) include:

  • Exploration potential on the Vila Nova Project can be stated as between 54 million tonnes grading 2.08 g/t gold potentially containing 3.6 million ounces of gold, and 92 million tonnes grading 1.75 g/t gold potentially containing 5.2 million ounces of gold.
  • The Report indicates that conclusions are based on the modelling of the Vila Nova Project derived from the results of both historical and current drilling of 59 historical holes totaling 7,684 meters.
  • The drilling total includes data from historical drill hole work using diamond drilling completed by previous owners or operators of the Vila Nova property pursuant to exploration work undertaken between 1993 – 1996.
  • Only 1 km of the 3 km strike length has been drill-tested
  • Eco Mining (as defined below) have indicated that additional drilling is planned for the third quarter of 2022 to determine the extent of mineralization.

 

June 27, 2022 – TheNewswire – Vancouver, British Columbia, Canada – Jazz Resources Inc. (the “Company” or “JZR”) (TSXV:JZR) announces that it has received a technical report (the “Report”) from Eco Mining Oil & Gas Drilling and Exploration Eireli. (“Eco Mining”) in connection with the Vila Nova gold project located in Amapa, Brazil (the “Vila Nova Project”).  The Report, titled “Geologic Modeling and Assessment of Potential Mineral Resources, Vila Nova Gold Project, Amapa State, Brazil”, was prepared by Eng. Geologo Marcius Costa Machado and Eng. Geologo Remo Almeida Machado of Pesquisa Mineral Geologia, and was commissioned by Eco Mining to analyze prior exploration work and evaluate the exploration potential of the Vila Nova Project. Pursuant to a Joint Venture Royalty Agreement dated July 6, 2020, as amended (the “JVRA”), Jazz has the right to acquire from Eco Mining a 50% Net Profits Interest (as defined in the JVRA) in the Vila Nova Property.  Readers are cautioned that the Report was not prepared in accordance with the requirements set forth in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Report concludes that the results of prior exploration work on the Vila Nova Project showed promising results for gold mineralization, which merited further exploration work on the Vila Nova Project.

 

Set forth below is an image of a diamond drill core that contains gold values, and demonstrates the host rock for the gold mineralization, a laminated siliceous rock unit.

 

The nature of the hardrock mineralization beneath the accumulated mining debris on the property comprising the Vila Nova Project consists of banded iron formation, and surrounding shales and granodiorite-tonalite intrusive host rocks.

Mineralization starts at surface beneath historical mining debris and consists of multiple parallel structures dipping almost vertically.  The deepest historical drilling intersections are between 220 and 258 meters from holes drilled at 45-60 degrees to cross cut the structures. The large volume of unconsolidated debris from previous hand mining activities on the Vila Nova Project will provide materials for testing in the gravimetric plant that has been constructed and assembled on the Vila Nova Project.  These residual materials comprise the bulk of the current exploration potential at the Vila Nova Project.  The Company notes that Eco undertook certain exploration activity on the Vila Nova Project in 2021, which included 18 drill holes at 2,400 meters.  As a result, historical and current drill holes total 77 drill holes, at an aggregate of 10,084 meters.  The Company believes that certain information and analysis set out in the Report, such as tonnage calculations, are based on both the current and historical assays of the 77 holes.

 

This press release has been prepared by Dr. Stewart A. Jackson, PGeo., a Qualified Person within the meaning of National Instrument 43-101 – Standards of Disclosure for Minerals Projects who has approved the technical and scientific information presented herein as accurate and has approved this press release.

 

For further information, please contact:

 

Robert Klenk

Chief Executive Officer

[email protected]

 

Forward-Looking Information

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes all statements that are not historical facts, including, without limitation, statements with respect to the Vila Nova Project, including plans to undertake additional exploration work on the Vila Nova Project and the potential gold mineralization on the Vila Nova Project.  Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it.  Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.  These factors include, but are not limited to: the exploration and testing methods proposed don’t work as well as expected; geological interpretations based on drilling that may change with more detailed information; testing undertaken by Eco Mining may not prove successful and even if tests are successful, the economic and other outcomes may not be as expected; risks associated with the business of the Company; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company’s continuous disclosure documents filed with the Canadian securities regulators.  The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.  The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.

 

CAUTIONARY NOTE TO U.S. READERS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES.  This press release may use the terms “Measured” and “Indicated” Mineral Resources and “Inferred” Mineral Resources. The Company advises U.S. investors that while these terms are recognized and required by Canadian securities administrators, they are not recognized by the U.S. Securities and Exchange Commission (“SEC”). The estimation of “Measured” and “Indicated” Mineral Resources involves greater uncertainty as to their existence and economic feasibility than the estimation of Proven and Probable reserves. The estimation of “Inferred” resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. It cannot be assumed that all or any part of a “Measured,” “Inferred” or “Indicated” Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of “Inferred Mineral Resources” may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment under certain circumstances. The SEC normally only permits issuers to report mineralization that does not constitute “reserves” as in-place tonnage and grade without reference to unit measures. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. U.S. investors are cautioned not to assume that any part or all of a “Measured,” “Indicated” or “Inferred” Mineral Resource exists or is economically or legally mineable. Information concerning descriptions of mineralization and resources contained herein may not be comparable to information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.

 

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 press release.

 

None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or “U.S. persons” (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

Copyright (c) 2022 TheNewswire – All rights reserved.

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