BELO HORIZONTE, BRAZIL –(March 3, 2020) – Jupiter Gold Corporation (OTC: JUPGF, “Jupiter Gold” or the “Company”) announced today that it has retained GE21 Consultoria Mineral Ltda. (“GE21”) to analyze results obtained from the Company’s 100%-owned Alpha Project for gold and to work towards an independent technical report. GE21 is a premier analytical firm used by major gold companies operating in Brazil, and has counted as its clients, among others, Yamana Gold and AngloGold Ashanti. Mario Conrado Reinhardt, Co-Founder and Master Geologist at GE21, is the independent Qualified Person (“QP”) for Jupiter Gold’s Alpha Project. Mr. Reinhardt has more than 38 years of geological and mining related experience ranging from exploration to mining operation with special expertise for gold. He is a Member of the Australian Institute of Geoscientists (CP 3707). During the last ten years, Mr. Reinhardt has written several NI43-101 and JORC technical reports and resource certifications for a variety of gold projects as well as projects in other minerals such as iron, manganese, copper, nickel, and phosphate. Below and attached to this press release is a photograph of the GE21 team while visiting Jupiter Gold’s Alpha Project.
On February 28, 2020, Jupiter Gold purchased a large trove of data from a local geologist which had been affiliated with a prior owner of one of the mineral rights which are now part of the Alpha Project. The Company believes that obtaining and integrating this data with the existing databases of the Alpha Project will likely save the Company substantial costs and several months of exploratory work.
Summary of Highlights of Jupiter Gold’s Alpha Project:
- Jupiter Gold’s Alpha Project is located approximately 100 miles east of Belo Horizonte, capital of the state of Minas Gerais in Brazil. The area has excellent infrastructure (roads, power, labor availability).
- Only ~2% of the total area of Jupiter Gold’s Alpha Project has been researched in detail by a prior owner, and only its saprolite and colluvial layers, and 64,000 oz. of gold (cutoff = 0.8 g/t) was reported in the detailed technical report filed with the Brazilian mining department. Jupiter Gold’s technical team believes that there is potential to increase its gold mineralization number for multiple reasons:
- Expansion of the surface study areas;
- Drilling in rock directly underneath the saprolite and colluvial layers with known gold mineralization to characterize primary gold deposits;
- The price of gold at $1,500-1,600/oz. now (vs. $250-300/oz. then) allows for a lower cutoff for profitable recovery.
- In the map below, produced by CPRM (Brazil’s Geological Service), Jupiter Gold’s first area in the Alpha Project is outlined in yellow; later the Company added the areas outlined in red.
- Summary translation of the legend (found with the CPRM map shown above and written in Portuguese):
- Yellow: gold mine (inactive)
- Blue: gold deposit
- Green: gold occurrence
- Orange: gold indication
- Jupiter Gold’s Alpha Project is located within a geological formation known as the “Supergrupo Rio das Velhas”, where some of the largest gold mines in Brazil have existed. In the map below, also produced by CPRM, Jupiter Gold’s Alpha Project is outlined in the yellow rectangle; multiple gold and iron mines in this geological formation are indicated by red dots.
- Jupiter Gold could confirm in the field 58 deep shafts (up to 70-ft deep) built by the prior owner of one of the areas in the Alpha Project, as can be seen in the map below. A photograph of one of these shafts is also attached below.
- Jupiter Gold’s field geology team descended into two shafts and, in each, samples were collected at a 1 meter spacing, for a total of 37 samples.
- 36 of the 37 samples showed gold by fire assay; results also included a 16 g/t gold intersection and 4-meter width with a 5/t gold on average.
Mr. Marc Fogassa, the Company’s CEO, commented, “We are enthusiastic with the expeditiousness by which GE21 and our technical team have treated the data that we already have in the Alpha Project, and excited to be able to add the trove of data just acquired to our databases. The Alpha Project will most likely be the first one with an independent technical report detailing gold mineralization among our multiple 100%-owned projects.”
Jupiter Gold Corporation (OTC: JUPGF) has 100%-ownership to eight gold projects in development and exploratory stages aggregating 154,000 acres in Brazil. Brazil Minerals, Inc. (OTC: BMIX) is a significant equity holder of Jupiter Gold. More information on Jupiter Gold is available at www.jupitergoldcorp.com. Follow it on Twitter: @JupiterGoldCorp
Safe Harbor Statement
This press release contains forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon the current plans, estimates and projections of Jupiter Gold Corporation’s management and are subject to risks and uncertainties, which could cause actual results to differ from the forward- looking statements. Such statements include, among others, those concerning market and industry segment growth and demand and acceptance of new and existing products; any projections of production, reserves, sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in Brazil, as well as all assumptions, expectations, predictions, intentions or beliefs about future events. Therefore, you should not place undue reliance on these forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions in Brazil, general economic conditions, geopolitical events and regulatory changes, availability of capital, Jupiter Gold Corporation’s ability to maintain its competitive position and dependence on key management. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. We advise U.S. investors that its projects, as of now, do not have measured “reserves” as such term is specifically defined by the Securities and Exchange Commission.