(TheNewswire)
Highlights of the Report (as defined below)include:
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Exploration potential on the Vila Nova Project can bestated as between 54 million tonnes grading 2.08 g/t gold potentiallycontaining 3.6 million ounces of gold, and 92 million tonnes grading1.75 g/t gold potentially containing 5.2 million ounces ofgold.
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The Report indicates that conclusions are based on themodelling of the Vila Nova Project derived from the results of bothhistorical and current drilling of 59 historical holes totaling 7,684meters.
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The drilling total includes data from historical drillhole work using diamond drilling completed by previous owners oroperators of the Vila Nova property pursuant to exploration workundertaken between 1993 - 1996.
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Only 1 km of the 3 km strike length has beendrill-tested
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Eco Mining (as defined below) have indicated thatadditional drilling is planned for the third quarter of 2022 todetermine the extent of mineralization.
June 27, 2022 – TheNewswire - Vancouver, British Columbia,Canada – Jazz Resources Inc. (the“ Company ” or “ JZR ”) (TSXV:JZR) announces that it hasreceived a technical report (the “ Report ”) from EcoMining Oil & Gas Drilling and Exploration Eireli. (“ Eco Mining ”) inconnection with the Vila Nova gold project located in Amapa, Brazil(the “ Vila NovaProject ”). The Report, titled “GeologicModeling and Assessment of Potential Mineral Resources, Vila Nova GoldProject, Amapa State, Brazil”, was prepared by Eng. Geologo MarciusCosta Machado and Eng. Geologo Remo Almeida Machado of PesquisaMineral Geologia, and was commissioned by Eco Mining to analyze priorexploration work and evaluate the exploration potential of the VilaNova Project. Pursuant to a Joint Venture Royalty Agreement dated July6, 2020, as amended (the “ JVRA ”), Jazz has the right to acquire fromEco Mining a 50% Net Profits Interest (as defined in the JVRA) in theVila Nova Property. Readers are cautioned that the Report was notprepared in accordance with the requirements set forth in NationalInstrument 43-101 – Standards of Disclosure for Mineral Projects .The Report concludes that the results of prior exploration work on theVila 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 corethat contains gold values, and demonstrates the host rock for the goldmineralization, a laminated siliceous rock unit.
The nature of the hardrock mineralization beneath theaccumulated mining debris on the property comprising the Vila NovaProject consists of banded iron formation, and surrounding shales andgranodiorite-tonalite intrusive host rocks.
Mineralization starts at surface beneath historicalmining debris and consists of multiple parallel structures dippingalmost vertically. The deepest historical drilling intersections arebetween 220 and 258 meters from holes drilled at 45-60 degrees tocross cut the structures. The large volume of unconsolidated debrisfrom previous hand mining activities on the Vila Nova Project willprovide materials for testing in the gravimetric plant that has beenconstructed and assembled on the Vila Nova Project. These residualmaterials comprise the bulk of the current exploration potential atthe Vila Nova Project. The Company notes that Eco undertook certainexploration activity on the Vila Nova Project in 2021, which included18 drill holes at 2,400 meters. As a result, historical and currentdrill holes total 77 drill holes, at an aggregate of 10,084 meters. The Company believes that certain information and analysis set outin the Report, such as tonnage calculations, are based on both thecurrent 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 NationalInstrument 43-101 - Standardsof Disclosure for Minerals Projects who hasapproved the technical and scientific information presented herein asaccurate and has approved this press release.
For further information, please contact:
Robert Klenk
Chief Executive Officer
rob@jazzresources.ca
Forward-Looking Information
This press release contains certain “forward-lookinginformation” within the meaning of applicable Canadian securitieslegislation. Forward-looking information in this press releaseincludes 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 VilaNova Project and the potential gold mineralization on the Vila NovaProject. Forward-looking information reflects the expectations orbeliefs of management of the Company based on information currentlyavailable to it. Forward-looking information is subject to known andunkno wn risks, uncertainties and other factorsthat may cause the actual results, level of activity, performance orachievements of the Company to be materiallydifferent from those expressed or implied by such forward-lookinginformation. These factors include, but are not limited to: theexploration and testing methods proposed don’t work as well asexpected; geological interpretations based on drilling that may changewith more detailed information; testing undertaken by Eco Mining maynot prove successful and even if tests are successful, the economicand other outcomes may not be as expected; risksassociated with the business of the Company; business and economicconditions in the mineral exploration industry generally; the supplyand demand for labour and other project inputs; changes in commodityprices; changes in interest and currency exchange ra tes; risks related to inaccurate geological and engineeringassumptions; risks relating to unanticipated operational difficulties(including failure of equipment or processes to operate in accordancewith the specifications or expectations, cost escalation,unavailability of materials and equipment, government action or delaysin the receipt of government approvals, industrial disturbances orother job action and unanticipated events related to health, safetyand environmental matters); risks related to adverse weatherconditions; political risk and social unrest; changes in generaleconomic conditions or conditions in the financial markets; and otherrisk factors as detailed from time to time in the Company’scontinuous disclosure documents filed with the Canadian securitiesregulators. The forward-looking information contained in this pressrelease is expressly qualified in its entirety by this cautionarystatement. The Company does not undertake to update anyforward-looking information, except as required by applicablesecurities laws.
CAUTIONARY NOTE TO U.S. READERSREGARDING ESTIMATES OF MEASURED, INDICATED AND INFERREDRESOURCES. This press release may use theterms “Measured” and “Indicated” Mineral Resources and“Inferred” Mineral Resources. The Company advises U.S. investorsthat while these terms are recognized and required by Canadiansecurities administrators, they are not recognized by the U.S.Securities and Exchange Commission (“ SEC ”). Theestimation of “Measured” and “Indicated” Mineral Resourcesinvolves greater uncertainty as to their existence and economicfeasibility than the estimation of Proven and Probable reserves. Theestimation of “Inferred” resources involves far greateruncertainty as to their existence and economic viability than theestimation of other categories of resources. It cannot be assumed thatall or any part of a “Measured,” “Inferred” or “Indicated”Mineral Resource will ever be upgraded to a higher category. UnderCanadian rules, estimates of “Inferred Mineral Resources” may notform the basis of feasibility studies, pre-feasibility studies orother economic studies, except in prescribed cases, such as in apreliminary economic assessment under certain circumstances. The SECnormally only permits issuers to report mineralization that does notconstitute “reserves” as in-place tonnage and grade withoutreference to unit measures. Under U.S. standards, mineralization maynot be classified as a “reserve” unless the determination has beenmade that the mineralization could be economically and legallyproduced 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 Resourceexists or is economically or legally mineable. Information concerningdescriptions of mineralization and resources contained herein may notbe comparable to information made public by U.S. companies subject tothe reporting and disclosure requirements of the SEC.
Neither the TSXVenture Exchange nor its regulation services provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this pressrelease.
None of thesecurities of JZR have been registered under the U.S. Securities Actof 1933, as amended (the “U.S. Securities Act”), or any statesecurities law, and may not be offered or sold in the United States orto, 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 theU.S. Securities Act) absent registration or an exemption from suchregistration requirements. This press release shall not constitute anoffer to sell or the solicitation of an offer to buy in the UnitedStates nor shall there be any sale of the securities in any State inwhich such offer, solicitation or sale would be unlawful.
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