Jazz Resources samples up to 50 g/t Au at Vila Nova

Jun 28, 2021

2021-06-28 10:16 ET – News Release

Mr. Robert Klenk reports

JAZZ OBTAINS WIDESPREAD ENCOURAGING GOLD RESULTS FROM SAMPLING OF WASTE DUMPS AND TAILINGS, VILA NOVA GOLD PROJECT, AMAPA STATE, BRAZIL

Jazz Resources Inc. has received encouraging exploration results as set out in a geological report on the company’s Vila Nova gold project located in the State of Amapa, Brazil. The report was commissioned by the company and ECO Mining Oil & Gaz Drilling and Exploration EIRELI, and was prepared in June, 2021, by geological engineer Hamilton Antonio Giampietro of Genesis Geologia ME located in Macapa, Amapa State, Brazil.

Sampling conducted on the Vila Nova gold project indicates widespread encouraging gold values from extensive auguring and drilling of nine areas of major tailings and mine processing rejects on the Vila Nova gold project. The total area sampled has been measured at 111.7 hectares. Materials being tested have accumulated from 90 years of hand mining and processing and from semi-mechanized tailings production for the last 25 years. Historical recoveries were generally poor with up to 70 per cent of gold remaining in the waste materials.

Sampling was done by representatives of GE21, an independent mineral consulting firm retained by Jazz to conduct exploration and evaluation on the Vila Nova gold project. Samples were submitted to SGS-GEOSOL, Brazil, for fire assay using a 50-gram sample aliquot from samples which were crushed to 75 per cent minus three millimetres, then pulverized to 95 per cent minus 150 mesh.

Sampling conducted on the property to date has returned multiple samples running as high as 10 to 50 grams per tonne over thicknesses averaging about three metres over the 111.7 hectares. Considerable variation in values to date will require many additional test holes to establish an overall definitive grade and tonnage. From work conducted to date an estimated exploration target of between 7.8 and 9.5 million tonnes grading between 2.4 to three grams per tonne can be estimated.

Mr. Giampietro concludes in the report that an average grade of 2.7 grams gold per tonne can be considered, for a projected contained gold content of in excess of 700,000 ounces within the 111.7 hectares in nine separate accumulations of previously mined materials.

The reader is cautioned that there are no current reserves or resources on the property, as such terms are defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects, and further that the company has not conducted any preliminary economic analysis for the property, and any mining to be conducted on the property is subject to multiple risk factors. There can be no assurance of economic recovery of mineralized material. Based on the encouraging results obtained to date, the company is moving forward with plans to construct a bulk sampling facility, as recommended in the company’s National Instrument 43-101 technical report prepared by Dr. Stewart A. Jackson (2021), which can be found on the company’s SEDAR profile.

All work conducted on the Vila Nova gold project is within ESG parameters with sensitivity to the environment. Pursuant to a purchase and sale agreement between the company and Coltan Gold Minerals Inc., in January, 2021, the company acquired all of Coltan’s interests in and to a joint venture royalty agreement dated July 6, 2020, as amended, between ECO and Coltan. Pursuant to the JV agreement, the company has the option and right, subject to making certain payments to ECO, to acquire a 50-per-cent net profits interest in the Vila Nova gold project.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, and reviewed and approved by Dr. Jackson, PGeo, a qualified person under National Instrument 43-101, and independent of the company.

We seek Safe Harbor.

https://www.jazzresources.ca/