Cabral Commences Pre-Feasibility Study on Trial Mining of Near- Surface Gold-in-Oxide Material at Cuiú Cuiú Gold Project, Brazil
Cabral Commences Pre-Feasibility Study on
Trial Mining of Near- Surface Gold-in-Oxide
Material at Cuiú Cuiú Gold Project, Brazil
Vancouver, British Columbia--(Newsfile Corp. - April 5, 2023) -
Cabral Gold Inc.
(TSXV: CBR) (OTC
PINK: CBGZF)
("Cabral" or the
"
Company
") is pleased to announce that its Brazilian subsidiary has
engaged Ausenco do Brasil Engenharia Ltda. ("Ausenco") to commence work on a Pre-Feasibility study
on trial mining and heap leach processing of the near-surface gold-in-oxide saprolitic material at the
Cuiú Cuiú project in northern Brazil.
Following the completion of several months of internal scoping work by Cabral on the possibility of
developing a trial mining operation and heap leach recovery circuit on the near-surface free digging
gold-in oxide saprolitic material, the Company's subsidiary in Brazil has contracted Ausenco to
commence work on a Pre-Feasibility Study.
The Pre-Feasibility study will be NI 43-101 compliant and will include mineral processing, mechanical,
electrical and infrastructure design, hyrdogeological and geotechnical studies and a detailed financial
analysis. The work will be divided into five separate packages of work which will be completed
successively, progress will be dependent on ongoing results.
Additional metallurgical tests, drilling, geotechnical and hydrogeological studies, a LIDAR topographical
program, and mine planning studies are expected to be conducted in parallel with the Pre-Feasibility
Study which is expected to be completed during Q4 2023.
Alan Carter, Cabral's President and CEO commented, "The closing of the recent private placement
financing has allowed Cabral to commence the Pre-Feasibility Study regarding trial mining and heap
leach processing of the near-surface oxide material at Cuiú Cuiú. This is a major milestone in the
development of the Company and builds on extensive internal work undertaken over the past six
months. It is aimed at exploiting the extensive free digging saprolite resource which sits above the
much larger hard rock gold resources at Cuiú Cuiú. Ultimately, the objective is to eliminate the
dependency on expensive and dilutive private placement financings in order to fund further
exploration and drilling within the Cuiú Cuiú district aimed at expanding the current resource base."
Column-leach test work conducted by Kappes Cassidy in Reno on a composite sample of oxide
material from the MG deposit at Cuiú Cuiú, returned gold recoveries of 82% after 70 days. Recoveries
after 15 days were 70% and recoveries after 30 days were 78% (see press release dated 21
st
June
2022). Actual gold grades from the bulk sample were also significantly higher than those expected from
the drilling results. The metallurgical test work conducted thus far on the oxide material at Cuiú Cuiú
indicates heap-leach processing of the oxide material is viable and should result in low initial capital and
operating costs.
The Company previously announced that both Preliminary (LP) and Installation permits (LI) had been
granted by the Para State Environmental Agency (SEMAS / PA) for two Trial Mining Licenses previously
approved by the Brazilian Mining Agency (ANM) (see press release dated 30
th
June 2022). The LP and
LI permits cover the key MG and Central deposits, as well as the Machichie and PDM discoveries and
authorises trial mining and the installation of all necessary infrastructure and equipment required for trial
mining.
About Cabral Gold Inc.
The Company is a junior resource company engaged in the identification, exploration and development
of mineral properties, with a primary focus on gold properties located in Brazil.
The Company has a
100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in
northern Brazil. Two main gold deposits have so far been defined at the Cuiú Cuiú project which contains
National Instrument 43-101 compliant Indicated resources of 21.6Mt @ 0.87 g/t gold (604,000 oz) and
Inferred resources of 19.8Mt @ 0.84 g/t gold (534,500 oz).
The Tapajós Gold Province is the site of the largest gold rush in Brazil's history producing an estimated
30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer
workings in the Tapajós and produced an estimated 2Moz of placer gold historically.
FOR FURTHER INFORMATION PLEASE CONTACT:
"Alan Carter"
President and Chief Executive Officer
Cabral Gold Inc.
Tel: 604.676.5660
Guillermo Hughes, MAusIMM and FAIG., a consultant to the Company as well as a Qualified Person
as defined by National Instrument 43-101, supervised the preparation of the technical information in
this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Forward-looking Statements
This news release contains certain forward-looking information and forward-looking statements within
the meaning of applicable securities legislation (collectively "forward-looking statements").
The use of
the words "will", "expected" and similar expressions are intended to identify forward-looking
statements.
These statements involve known and unknown risks, uncertainties and other factors that
may cause actual results or events to differ materially from those anticipated in such forward-looking
statements.
Such forward-looking statements should not be unduly relied upon.
This news release
contains forward-looking statements and assumptions pertaining to the following:
the use of proceeds
of the funds from the Private Placement including potential exploration and development activities
and repayment of debt.
The manner in which the Company allocates the proceeds from the Private
Placement and repays the debt may vary from the information provided herein as a result of
numerous known and unknown risks and uncertainties and other factors.
The Company believes the
expectations reflected in those forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/161361