Cabral Gold Extends Drilling Program at Cuiú Cuiú Gold District, Brazil
Cabral Gold Extends Drilling Program at Cuiú
Cuiú Gold District, Brazil
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2024) -
Cabral Gold Inc. (TSXV: CBR) (OTC
Pink: CBGZF) ("Cabral" or the
"
Company
") is pleased to announce that it has extended its RC
drilling program at the Cuiú Cuiú gold district, located in Para state in northern Brazil. This follows a
successful recent round of drilling designed to both upgrade and increase the grade of mineralization
within the near-surface blanket and saprolite oxidized material at both the Central and MG gold deposits.
Highlights
Cabral is planning a focused RC drilling program directed at the following areas:
The Machichie Main zone target which is 500m north of the MG gold deposit. Recent drilling within
the Machichie Main zone returned excellent results in the oxide material including
30m @ 2.6 g/t
gold
, suggesting the presence of additional higher grade oxide material. Previous drilling and
trenching at Machichie identified an E-W trending mineralized zone extending over 900m which
remains open
The Machichie NE target where limited drilling returned positive results including
8m @ 3.3 g/t
and
9m @ 2 g/t gold
.
Machichie NE is located just 200m north-east of the Machichie target and 650m
north of the MG gold deposit
The Machichie West target where trenching identified a sheeted vein system that has never been
drill tested. Surface trenching from Machichie West included intervals of
96.5m @ 0.6 g/t,
and
138m @ 0.5 g/t gold
within an area of 300 x 500m
The Pau da Merenda target which hosts inferred resources in the oxide material but is open along
strike and at depth. Previous drill results include
47.1m @ 1.8 g/t gold, 8.5m @ 5.1 g/t gold, 40m
@ 2.2 g/t gold, 46m @ 1.2 g/t gold,
and
13m @ 4.6 g/t gold
.
The Baixao da Onca and Mutum targets which are both previously untested. Surface trenching at
both locations returned excellent gold grades within oxidized saprolite material including
32m at
1.0 g/t gold
at Mutum and
14.7m @ 2.6 g/t gold
at Baixao da Onca
Alan Carter, Cabral's President and CEO commented, "The completion of the recent oversubscribed
equity financing, and the success of the recent RC drill program at MG and Central, which targeted
areas of higher-grade gold mineralization within blanket sediments and the underlying saprolite, has
prompted us to extend and expand the RC drilling program at Cuiú Cuiú. This is an exciting time for
the Company. Whilst our focus for the next few months remains on the completion of the PFS on the
trial mining and heap leach processing of the near surface oxide material at Cuiú Cuiú, it is clear that
significant upside to the current oxide resources exists at a number of other targets within the Cuiú
Cuiú district. The extension of the current drill program will also test several previously untested
targets within the district and provide a steady flow of drill results in the coming months."
Brian Arkell, Cabral's recently appointed VP Exploration and Technical Services said, "I'm very
impressed with the sheer number of high-quality exploration targets on the Cuiú Cuiú property. We
have a very solid pipeline of prospects for early-stage exploration as well as several drill-ready targets
to potentially add resources. This round of drilling is aimed at adding resources at targets nearby the
Central and MG deposits. Afterwards, we plan to continue scout drilling and infill drilling at several
other targets this year using our low-cost RC drill. At the same time, we will be conducting more
detailed geophysics, further sampling programs, and a comprehensive structural study as part of our
district and regional exploration plans to produce the next generation of drill targets."
Cuiú Cuiú RC drill program
On August 15, 2023 Cabral announced the commencement of an RC drill program with the objectives of
better defining and expanding the higher-grade shallower portion of the oxide resources within the
saprolite and blanket material, to improve confidence in the current oxide gold resources near surface,
and to aid in mine planning and sequencing as part of the ongoing PFS on trial-mining of the oxide
resources at the MG and Central gold deposits.
Since initiating the 2023 drill program using the Cabral-owned RC rig, a total of 78 RC holes have been
completed at the Central and MG gold deposits, and the Machichie target. Results include
27m @ 1.9
g/t gold at MG
(see press release dated October 12, 2023),
16m @ 5.2 g/t gold
at Central (see press
release dated November 2, 2023) and
30m @ 2.6 g/t gold
at Machichie (see press releases dated
February 6, 2024).
The results from this drill program are currently being used to revise and upgrade resource models that
will be utilized in mine planning process that is ongoing and part of the PFS.
In view of the encouraging drill results from the Machichie target in particular where there is currently no
resource due to insufficient density of previous drilling, management has elected to extend and expand
the drill program at the Machichie target, as well as drill a number of additional holes at the Machichie
NE, Pau da Merenda and Jerimum Baixo targets.
The previously untested Machichie West, Baixao da
Onca and Mutum targets will also be tested (Figure 1).
Figure 1 - Cuiú Cuiú location map showing location of main deposits at targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3900/208536_b4cdeb77744249e4_002full.jpg
The Machichie main zone target is located just 500m north of the MG gold deposit (Figure 1). Previous
drilling and trenching at the Machichie Main zone identified an E-W trending mineralized zone extending
over 900m, which is parallel to the MG gold deposit. Previous drilling and trenching returned significant
gold values including
34m @ 5.4 g/t, 6.4m @ 11.6 g/t, 45m @ 1.0 g/t and 62.8m @ 0.9 g/t
in drilling
and
5m @ 8.3 g/t and 9.5m @ 5.3 g/t gold
in trenching. Recent drilling suggests the presence of
distinct higher-grade gold mineralized zones within the saprolite (e.g.
30m @ 2.6 g/t gold
) which extend
into the underlying primary bedrock. Additional holes are planned to further define these zones.
Drilling is also planned at the Machichie NE target located 200m NE of the Machichie Main zone.
Limited previous drilling at this target returned positive results including
8m @ 3.3 g/t
in fresh basement
rocks and
9m @ 2 g/t gold
within blanket sediments. The mineralization is open to the east and at
depth. Previous drilling suggests up to 60m of weathered saprolite at Machichie NE, with mineralization
extending into the primary bedrock.
Drilling is also planned at the Machichie West target which appears to be a sheeted vein system that has
never been previously drill tested. Previous surface trenching from the area returned intervals of
96.5m
@ 0.6 g/t
and
138m @ 0.5 g/t gold
within an area of 300 x 500m.
Cabral plans to also conduct further drilling at Pau da Merenda ("PDM"), a broad area of mineralization
located along strike 1km NW of the Central deposit. PDM hosts an inferred resource within saprolite with
drill highlights include
47.1m @ 1.8 g/t gold and 8.5m @ 5.1 g/t gold, 40m @ 2.2 g/t gold, 46m @ 1.2
g/t gold,
and
13m @ 4.6 g/t gold
. PDM remains open along strike and at depth.
The Company also plans to drill the previously untested Mutum and Baixao da Onca targets where
surface trenching returned excellent gold grades within oxidized saprolite material. The Mutum target has
similarly never been drill tested and is located 600m SE of the PDM discovery. Historic surface trenches
at Mutum returned values including
32m @ 1g/t gold, 25.5m @ 0.9 g/t gold and 16.5m @ 0.9 g/t gold
within a zone of weathered stockwork quartz vein mineralization.
The Baixao da Onca target is located 1.5km east of the MG gold deposit within the main TZ lineament
as defined by airborne magnetic data. Surface trenching of a weathered vein system at Baixao da Onca
returned
14.7m @ 2.6 g/t gold
. The target has never been drill-tested.
The RC drilling program is currently in progress and is expected to continue for several months.
An update on the PFS being conducted by Ausenco Brazil, which is aimed at determining the economic
viability of the near-surface gold-in-oxide material at Cuiú Cuiú, will be provided in the coming weeks.
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) as per the 43-101 technical report dated
October 12, 2022.
The Tapajós Gold Province is the site of the largest gold rush in Brazil's history which according to the
ANM (Agência Nacional de Mineração or National Mining Agency of Brazil) produced 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
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.
Technical information included in this release was supervised and approved by Brian Arkell, B.S.
Geology and M.S. Economic Geology, SME (Registered Member), AusIMM (Fellow) and SEG
(Fellow), Cabral Gold's Vice President, Exploration and Technical Services, and a Qualified Person
under NI 43-101.
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"). These
forward looking statements include plans for drilling, the expansion of the resource estimate,
upgrading existing resources from Inferred to Indicated categories. The use of the words "will",
"expected", "designed to"
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. 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.
Notes
Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher
grade samples checked by FAA525. Analytical quality is monitored by certified references and
blanks. Until dispatch, samples are stored under the supervision the Company's exploration office.
The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned
to the Company and archived. Drill holes results are quoted as down-hole length weighted
intersections.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/208536