Brascan Gold Activates Earn-in Option on the Alegre Gold Project in Northeastern Brazil

VANCOUVER, British Columbia., Jan. 25, 2022 (GLOBE NEWSWIRE) -- Brascan Gold Inc. (CSE: BRAS) (“Brascan” or the “Company”) is pleased to announce formal activation of the Alegre Gold Project (the “Project”) earn-in option agreement in Pará State in northeastern Brazil. Brascan can now begin exploration of the highly prospective Alegre Gold Property.

Location of the Alegre Gold Project:
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Brascan will earn a 100% interest in the Project after spending exploration expenditures of $1,000,000 and making a payment of $400,000, as well as issuing 750,000 common shares to claim 100% ownership of Chapada Brasil Mineração Ltda. (“CBM”). CBM will retain a 2% net smelter royalty (NSR), 50% of which can be purchased by Brascan for $1 million, on or before a production decision. Brascan will pay a finder’s fee as permitted by the Canadian Stock Exchange (CSE).

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). The Alegre Gold Project is accessible by highway from the city of Belem, which, in turn, is accessible by scheduled air services.

Location of the Alegre Gold Project property (yellow) between Goldmining’s Cachoeira Gold Project (green) to the north, and OZ Minerals’ CentroGold Project to the south, within the same structurally deformed volcaniclastic stratigraphic unit.
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https://www.goldmining.com/projects/brazil/cachoeira/

https://www.ozminerals.com/en/where-we-work/gurupi/centrogold

The Project’s significant gold potential is attested to by the occurrence of multiple active or recently active artisanal gold mines (garimpos) of significant size, that are evidently recovering gold from the weathered saprolite zone within structurally controlled shear zones. Brascan believes the saprolite (weathered zone) gold mineralization is likely to extend into the bedrock below, and that will be a focus of the anticipated exploration program. This exploration program is expected to include geophysics (magnetics and electromagnetics), surface sampling and the development of the best cooperative ways to work with the garimpeiros. Brascan expects to develop strong drill targets from this work, especially given the evidence of garimpo gold production.