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Vancouver, British Columbia--(Newsfile Corp. - January 17, 2022) - Brascan Gold Inc. (CSE: BRAS) ("Brascan" or the "Company") is pleased to provide an update on its ongoing review of the multiple earn-in options on gold properties in Brazil. As previously announced on December 29, 2021, Brascan completed its due diligence site visit on the Alegre Gold Project (the "Project") in Pará State, northeastern Brazil. The site visit verified multiple recently active or active artisanal gold mines (garimpos) of significant size, evidently recovering gold from the weathered saprolite zone within structurally controlled shear zones. These gold garimpos attest to Project's significant gold potential. Brascan believes the saprolite (weathered zone) gold mineralization is likely to extend into the bedrock below, and that this mineralization will be a focus of the anticipated exploration program. This exploration program is expected to include geophysics (magnetics and electromagnetics), surface sampling and planning with respect to the how to cooperatively work with the garimpos. Brascan hopes to develop strong drill targets from this work, especially given the evidence of garimpo gold production.
Location of the Alegre Gold Project:
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Based on the results of the site visit and additional detailed due diligence on the Alegre Gold Project, Brascan intends to formally announce its acceptance of the earn-in option with the 100% claims owners Chapada Brasil Mineração Ltda. ("CBM" or the "Optionor") by the end of January, 2022.
Gold garimpo of significant scale on the Alegre property.
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The Project is located on the same gold mineralization trend as Goldmining Inc.'s advanced Cachoeira gold project 15 km to the north and Oz Minerals' CentroGold Project 30 km to the south (considered one of Brazil's largest undeveloped gold projects). CBM also reports that other adjacent neighbors to the Alegre Gold Project include Kinross Brasil Mineração and IAM Gold Corp.
https://www.goldmining.com/projects/brazil/cachoeira/
https://www.ozminerals.com/en/where-we-work/gurupi/centrogold
The Alegre Gold Project (yellow) is located between Goldmining's Cachoeira Gold Project (green) to the north, and OZ Minerals' CentroGold Project to the south, within the same 100 km long structurally deformed volcaniclastic stratigraphic unit.
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Additional Brazilian gold targets
Brascan is concurrently conducting detailed due diligence studies on two other gold projects in Brazil. One is in Goias State, about a 3 hour drive from Brasilia, where Brascan has identified "blue-sky" potential for gold along a 1.6 km mineralized trend. This project also may be suitable for bulk sampling under a Brazilian trial mining licence while the blue-sky potential is being explored. The other Project is located in the heart of Brazil's traditional mining district in Minas Gerais State. In that area, gold mining has occurred since the times of the Portuguese empire, but exploration work suggests high-grade targets may remain.
Balbir Johal, CEO, stated, "we look forward to closing the Alegre Gold option agreement in short order, which we hope will mobilize our exploration immediately to unlock the Project's full potential."
Qualified person
Harrison Cookenboo Ph.D., P.Geo. and a QP by the standards of Canadian National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.
For more information, investors should review the Company's filings that are available at www.sedar.com.
Contact InformationBalbir JohalDirector and CEOTelephone: 604 812 1747Email: [email protected]
Forward-Looking Statements
This news release contains certain forward-looking statements that are "forward-looking information" within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the terms of the consulting arrangement are "forward-looking information" and in this news release statements respecting: the Company's exploration and due diligence activities in Brazil; the Company's intention to accept the earn-in option with CBM; expectations respecting drill targets and gold mineralization at the Project; potential for bulk sampling at the project being investigated in Goias State; the possibility that high-grade targets may remain at the Minas Gerais State project being investigated, the Company's hope to mobilize its exploration and unlock the Project's full potential. These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new.
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