Just one month after releasing its first resource on the Island Mountain gold-copper porphyry at its Whistler project in central Alaska, Brazil Resources (TSXV: BRI; US-OTC: BRIZF) has completed a maiden resource for the project’s Raintree West deposit.
The Whistler project, 150 km northwest of Anchorage, is a 170 sq. km land package that hosts the Whistler, Raintree West and Island Mountain porphyry deposits, all of which now have National Instrument 43-101 resources, in addition to several porphyry targets.
The latest resource brings total resources at the project to 2.797 million gold-equivalent ounces in the indicated category (110.28 million tonnes grading 0.50 gram gold per tonne, 1.72 grams silver per tonne, 0.14% copper) and 6.731 million gold-equivalent ounces in the inferred category (311.26 million tonnes averaging 0.47 gram gold, 2.26 grams silver and 0.11% copper).
All three deposits are open in several directions, and the company says future drill programs will focus on delineating higher grade, near-surface zones, adding to existing resources and testing adjacent porphyry targets.
Raintree West, about 1500 metres east of the Whistler deposit, has been drilled over a strike length of 500 metres and to a depth of 700 metres. The deposit is up to 400 metres in width and is open along strike to the north and south, and at depth. Gold-copper mineralization is associated with quartz and magnetite stockwork zones hosted in potassic altered diorite intrusive rocks.
The company has outlined a total inferred resource at Raintree West of 1.99 million gold-equivalent ounces. But the company has broken down that number into two different zones, Zone A, or the amount of inferred resources below an elevation of 100 metres, and Zone B, the amount above an elevation of 250 metres.
Zone A’s resource stands at 51.76 million tonnes grading 0.68 gram gold, 3.74 grams silver and 0.10% copper for 1.428 million gold-equivalent ounces at a cut-off grade of 0.6 gram gold equivalent, and Zone B’s contains 31.68 million tonnes grading 0.40 gram gold, 5.39 grams silver and 0.06% copper at a 0.3 gram gold-equivalent cut-off grade for 0.563 million gold-equivalent ounces.
The company has moved quickly since acquiring the Whistler project last year from prospect generator Kiska Metals Corp. (TSXV: KSK) in an all-share deal worth about $1.6 million.
Within two months of the purchase in July 2015, the company had updated the historic resource on the project’s Whistler deposit to a National Instrument 43-101 compliant standard. A month ago the company reported a resource on the Island Mountain deposit, about 23 km south of the Whistler deposit.
The company notes that other porphyry centers at the project have mineralized intersections similar to the three major deposits at the project, such as Raintree North, Raintree South, Rainmaker and Cirque. Other targets include Whistler Orbit, directly east of the Whistler deposit, and Muddy Creek, about 18 km southwest of the Whistler deposit.
The project has an all-season camp about 2.7 km east of the Whistler deposit with a gravel airstrip, 38-kilowatt diesel generator, water well, septic system and fuel storage facility. A 6-km access road connects the camp with the Whistler deposit and Whistler Orbit.
At press time in Toronto Brazil Resources was trading at $1.46 per share within a 52-week range of 38¢ and $1.76 per share.
Rob Chang of Cantor Fitzgerald raised his target price on the company following news of the maiden resource on Raintree West from $2.90 to $3.30 per share, a 14% increase.