Resouro Commences Field Work at the Tiros Titanium and Rare Earths Project in Brazil to Collect Data for Initial Resource Estimation

Vancouver, British Columbia--(Newsfile Corp. - March 14, 2023) - Resouro Gold Inc. (TSXV: RAU) ("Resouro" or the "Company") is pleased to announce that the Company has initiated a work program at the Tiros Titanium-REE Project where Resouro recently acquired a 33% stake with a farm-in agreement for a 90% interest announced on February 15, 2023 (see Press Release). The Tiros Project represents 10 mineral concessions totalling 152 km² located in Minas Gerais, one of the most infrastructurally developed states of Brazil, 350 km from Belo Horizonte, the state capital. The Tiros licenses cover the most prospective portion of the prolific Capacete Formation and the areas with the greatest exploration potential.

Resouro's team has commenced an initial work program consisting of the following:

• Building and verifying the database of historic data
• Preparation of two 100 kg composite samples from historic drilling
• Planning of an Auger drilling progam utilising the Auger drills owned by the Company
• Planning of an aircore drilling program to have sufficient data to produce NI 43-101 compliant resource
• Developing metallurgical testwork flowsheets
• Selection of a metallurgical laboratory in Brazil for initial Titanium and Rare Earth concentation
• Appointment of a UK-based specialist metallurgical laboratory for specialist TiO₂ and REE testwork

The initial work program, once completed and all results received and interpreted, will be followed by:

• Planning of Environmental Impact Assessment
• Planning of Environmental and Social Governance programs
• Initial conceptual strip mining planning studies and mine rehabilitation studies
• Further assessment of the infrastructure and initial capital and operating cost assessment
• Segmenting and analysing the REE and TiO₂ offtake market

Resouro's President and CEO, Christopher Eager, said: "We are very excited to commence work on the Tiros Project. The Project has a significant amount of historic data, and the total grades compare favourably with the grades at the two other REE projects at the same stage of development in Brazil. The ore bodies are continuous layers of soft material at or close to surface, which means that sampling can be done cheaply and quickly to produce a 43-101 resource estimate by drilling short holes at wide spacing. Tiros holds vast potential waiting to be unlocked, and our team is ready to move forward right away."

Tiros Project Highlights:

• 10 Mineral Concessions totalling 152 km² and covering 70 km of the NE trending Tiros sedimentary sequence.

• Extensive 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. The Tiros licenses cover the most prospective portions of the Formation and the areas with the greatest exploration potential.

• Historical data for Tiros includes:

• 1,033 m of drilling from 21 holes within the concessions
• GPR Profiles - subsurface imagery
• Aerial geophysical Magnetic and Gamma survey
• Remote sensing studies
• Preliminary metallurgical studies on the Titanium beneficiation
• Mineralogy studies and weathering profile characterization
• Verification and re-assaying of the available core/drilling material

• Results from the laboratory SGS-Geosol, using samples from 21 Core and RAC drillholes and totalling 288 samples, were used to define the mineralized bed, using a TiO₂ cut-off grade of 6%. Within this bed, TiO₂ grades average 13.4% and Rare Earth Oxide average 0.4% TREO. These are averages weighted by sample size and do not represent a resource evaluation.

• High-grade intervals, with more than 20% TiO₂ and 1% TREO, up to 4.8 m thick, were identified in five holes.

• Approximately 24% of the content of Rare Earth Elements is made by Neodymium, Praseodymium and Dysprosium, elements used in magnet manufacture.

Table 1 - Historic Drill Results

This table is NI 43-101 compliant. A QA-QC program was used concomitant with the sampling and assaying. A sample integrity protocol was observed, with the participation of the QP.

QP

The technical content of this news release has been reviewed and approved by Rodrigo Mello, who is a Fellow of AusIMM with relevant experience in titanium and rare earth exploration, and a qualified person, as defined by National Instrument 43-101.

About Resouro Gold Inc.

Resouro is a Canadian-based mineral exploration and development company focused on the discovery and advancement of economic mineral projects in Brazil, including the Novo Mundo Gold Project in Mato Grosso and the Tiros Titanium-REE Project in Minas Gerais. Learn more about the Company on its website: https://resouro.com.

For further information, please contact the Company at:

Chris Eager, CEO
chris.eager@resouro.com

Iryna Zheliasko, Investor Relations
iryna@grovecorp.ca
647-249-9298

Disclaimer

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the completion of due diligence, receipt of board approvals, the approval of the TSX Venture Exchange, the assumption and satisfaction of the obligations under the Coogavepe Agreement and the timing and completion of the proposed acquisition. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in the mining industry; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

The TSX Venture Exchange has in no way passed upon the merits of the proposed acquisition and has neither approved nor disapproved the contents of this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/158362