Cabral Gold Mobilizes Drill Rig to Test High- Grade Targets at the Cuiú Cuiú Gold Project
Cabral Gold Mobilizes Drill Rig to Test High-
Grade Targets at the Cuiú Cuiú Gold Project
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2020) -
Cabral Gold Inc.
(TSXV: CBR)
(OTC Pink: CBGZF)
("Cabral" or the
"
Company
") is pleased to announce the mobilization of an RC
drill rig to the Cuiú Cuiú
project in northern Brazil. Highlights are as follows;
Cabral is planning a minimum of 25,000m of RC drilling on multiple targets at the Cuiú Cuiú gold
project over the coming months
Drilling will initially focus on the Alonso, Medusa and Cilmar targets located in the eastern part of
the project area which have never been drill tested. Surface sampling of boulders at Alonso during
February 2020 returned gold values ranging from
11.6 to 200.3 g/t gold
and boulders from the
Medusa target (which was identified in April 2020) returned gold values of
1.1 to 82.1 g/t gold
Additional drilling is also planned on several targets outside the existing resource base including
the Machichie East and Machichie zones which were identified in 2019 and returned
3.4m @ 36.9
g/t gold,
Central SE
which has four diamond drill holes to date including
27.0m @ 6.9 g/t gold
,
and Pau de Merenda which has several drill intercepts
including 47.0m @ 1.8 g/t gold
Drilling is also planned to further assess the high-grade zones at the two existing deposits at
Central and MG where drilling during late 2019 returned
7.6m @ 18.5 g/t and 5.6m @ 13.0 g/t
gold,
in order to better define the core high-grade zones of both deposits
The objective of the planned drill program is to outline multiple high-grade gold deposits at the Cuiú Cuiú
project where previous drilling has already outlined a large low-grade resource with
Indicated
Resources of 5.9Mt @ 0.9 g/t (200,000oz) and Inferred resources of 19.5Mt @ 1.24 g/t
(800,000oz)
and comprises the MG and Central deposits
.
Drilling completed during 2019 clearly
demonstrates the presence of high-grade zones within the MG and Central deposits, and also increased
the number of peripheral targets with high-grade gold drill intercepts to eight, suggesting the presence of
a major district containing multiple gold deposits.
Drilling will initially test several targets which have returned high-grade gold values on surface. These
include the Alonso, Medusa and Cilmar targets (Figure 1) which have never been previously drill tested
and returned spectacular gold values from surface values earlier this year, including gold values of
11.6
to 200.3 g/t gold
from 24 surface boulders at Alonso, and
1.1 to 82.1 g/t gold
from 19 surface boulders
at Medusa (see press releases dated February 11, 2020 and April 22, 2020).
Following the completion of these initial drill programs, the rig will move to complete further drilling at the
Machichie and Machichie East targets (Figure 1) which are located 600m and 800m respectively, north
of the MG gold deposit, and where initial diamond drilling during 2019 returned encouraging results
including
3.4m @ 36.9 g/t gold
.
Additonal drilling is also planned at the Central SE target located 1km SE of the Central deposit (Figure
1) and where previous drilling returned
27.0m @ 6.9 g/t gold and 8.0m @ 8.4 g/t gold
.
Further drilling
is also planned at the Pau de Merenda target located 1.5km NW of Central (Figure 1) where previous
surface trenching returned
15.0m @ 4.1g/t gold
(open) and limited drilling returned
8.5m @ 5.1 g/t
gold, and 47m @ 1.8 g/t including 1.0m @ 12.8 g/t and 1.2m @ 10.9 g/t gold.
Infill drilling is also planned at the high-grade zones within the MG and Central deposits to further define
the dimensions of the high-grade core zones which are surrounded by lower grade envelopes. Drilling
during late 2019 returned
7.6m @ 18.5 g/t and 5.6m @ 13.0 g/t gold.
Drilling is expected to continue through into mid-2021 and the target sequence is likely to change as drill
results become available. It is considered highly likely that ongoing reconnaissance work in the Cuiú
Cuiú district will generate additional targets. Turn around times for analytical results are expected to be
from 2-4 weeks.
Figure 1: Location of placer workings and the Central and MG deposits and peripheral targets (in
yellow) which are currently scheduled for drilling
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3900/62171_05e414d3a48eb8a1_002full.jpg
Issuance of RSUs
Cabral's Board of Directors has approved the granting of restricted share units ("RSUs") to five officers
and directors pursuant to the Company's RSU plan. Subject to any necessary or required approval of the
TSX Venture Exchange, the RSUs entitle the holders to acquire a total of 575,000 common shares in the
capital stock of the Company. Fifty percent of the RSUs will vest 18 months after the date of grant with
the remainder vesting after 36 months.
Annual General Meeting
On August 10, 2020, the Company mailed a Notice of Annual General Meeting (the "Notice") to its
registered and (in accordance with the requirements on National Instrument 54-101) unregistered
shareholders indicating that its 2020 Annual General Meeting (the "Meeting") would be held
at Suite
#1200 - 750 West Pender Street, Vancouver, British Columbia, V6C 2T8 on September 9, 2020 at
10:00 a.m. (Vancouver time).
To ensure the safety of our shareholders and other stakeholders entitled to attend the Meeting amidst the
ongoing COVID-19 pandemic, the Company has determined that in-person attendance will not be
permitted at the Meeting and that there will be no physical location for the Meeting. The Meeting will be
deemed to be held at the Company's registered office located at Suite #1200 - 750 West Pender Street,
Vancouver, British Columbia, V6C 2T8, but the Meeting will be held in virtual only format, which will be
conducted via telephone conference. Registered shareholders and validly appointed proxyholders may
attend the Meeting by calling the following toll free number in Canada and the United States: 1-800-669-
6180, or by calling 1-604-484-1962.
All callers will be prompted to enter the following passcode upon
entering the teleconference: 585276.
Due to the COVID-19 pandemic and issues related to the verification of shareholder identity via
teleconference, in person voting will not be permitted at the Meeting. If you are a registered shareholder
of the Company and wish to vote the shares you hold at the Meeting, you will be required to vote your
shares by completing the proxy provided with the Notice and delivering it to the Company in accordance
with the instructions in the Information Circular and the form of proxy that accompanied the Notice.
If you
are an unregistered shareholder of the Company and wish to vote the shares you hold at the Meeting,
you will be required to vote your shares by completing the voting instruction form provided with the Notice
and delivering it to the Company in accordance with the instructions in the Information Circular and voting
instruction form that accompanied the Notice.
About Cabral Gold Inc.
The Company is a junior resource company and is 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.
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 garimpo in the
Tapajós and produced an estimate 2Moz of placer gold historically.
FOR FURTHER INFORMATION PLEASE CONTACT:
"Alan Carter"
President and Chief Executive Officer
Cabral Gold Inc.
Tel: 604.676.5660
Dr Adrian McArthur, B.Sc. Hons, PhD. FAusIMM., 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:
strategic plans and future operations,
and results of exploration.
Actual results achieved 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.
Notes
Gold assays have been determined by SGS method FAA505 (fire assay; 50 charge). Analytical
quality is monitored by certified references and blanks. Until dispatch, samples are stored in the
company's supervised exploration office. The samples are couriered to the assay laboratory using a
commercial contractor. Pulps and rejects are returned to the Company and archived.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/62171