Business
Resouro Announces Acquisition of 33% Stake in Large Brazilian Rare Earth and Titanium Project and Provides Corporate Update
Acquisition Terms Include Option to Farm-In to 90% Vancouver, British Columbia--(Newsfile Corp. ...
About this update from Resouro Strategic Metals Inc
[{"type":"text","content":"Resouro Announces Acquisition of 33% Stake in Large Brazilian Rare Earth and Titanium Project and Provides Corporate UpdateAcquisition Terms Include Option to Farm-In to 90%Vancouver, British Columbia--(Newsfile Corp. - February 15, 2023) - Resouro Gold Inc. (TSXV: RAU) (\"Resouro\" or the \"Company\") is pleased to announce that effective February 12, 2023 it has entered into an arm's length agreement with Tiros Strategic Metals Pte Ltd (\"Tiros Strategic Metals\"), that holds a 90% interest in the Tiros Titanium and Rare Earth Project (\"Tiros Project\"), to acquire a 33% equity holding in Tiros Strategic Metals with an option to acquire the remaining equity that will result in Resouro owning a 90% interest in the Tiros Project.The Tiros Project Highlights:11 Mineral Concessions totalling 171km2 and covering 70km of the NE trending Tiros sedimentary sequenceThe Tiros licenses cover the thickest portions of the prospective Capacete formation (dark colours in Figure 1) and the areas with the greatest exploration potentialExtensive horizontally bedded near-surface and outcropping Capacete Formation, formed from the erosion and deposition of the volcaniclastic rocks of the Alkaline province of Alto Paranaiba Preliminary work has identified continuous mineralised beds up to 7m thick showing elevated rare earth values of up to 1.0% TREO, including a high proportion of the permanent magnet rare earths; Neodymium, Praseodymium and Dysprosium.Recently re-assayed core confirmed TiO2 grades consistently >15% and potentially economic Rare Earth Oxide grades of up to 1% TREOHistorical data for the Tiros Project includes:1,033m of drilling from 21 holes within the 10 concessionsGPR Profiles - subsurface imageryAerial geophysical Magnetic and Gamma SurveyGeochemical database of 3,000 soils/rocks/chipsRemote Sensing StudiesPreliminary metallurgical studies on the Titanium beneficiationMineralogy studies and weathering profile characterizationVerification and re-assaying of the available core/drilling materialFigure 1: The Tiros Project area in relation to the regional geologyTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/5944/154904_0f1cb104744319f1_001full.jpgChristopher Eager, CEO of Resouro, commented: \"We believe that by bringing a potentially globally significant project into...