Gold Deposit, Cuiú Cuiú Gold District, Brazil
Cabral Gold Drills 10m @ 10.5 g/t Gold
Including 1m @ 63.6 g/t Gold at the Central
Gold Deposit, Cuiú Cuiú Gold District, Brazil
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2024) -
Cabral Gold Inc. (TSXV: CBR)
(OTC Pink: CBGZF)
("Cabral" or the
"
Company
"
)
is pleased to announce drill results from a further
eight RC holes from the Central gold deposit located within the Cuiú Cuiú gold district in northern Brazil.
Highlights
RC368 returned
10m @ 10.5 g/t gold
from 67m in fresh rock, including
1m @ 63.6 g/t gold
and
1m @ 28.3 g/t gold.
The hole ended in mineralized material grading 1 g/t gold.
RC384 returned
23m @ 0.9 g/t gold
from 4m in saprolite.
RC385 returned
13m @ 0.7 g/t gold
from 3m depth,
6m @ 1.4 g/t gold
from 44m depth and
4m
@ 2.7 g/t gold
from 59m. All three holes are in saprolite.
Drill results are pending on 13 RC holes from the Central deposit, and nine shallow power-auger
holes testing the MG deposit and 21 RC holes from the Machichie target.
Alan Carter, Cabral's President and CEO, commented, "The recent results from Central and in
particular hole RC368 continue to confirm the presence of near-surface high-grade material. The
bonanza mineralized zone intersected in hole RC368 is the same zone cut in DDH306 which
previously returned 20.9m @ 4.2 g/t gold in saprolite, and should have a positive impact on the near
surface resource base in this part of the Central deposit."
Central RC Drill Results
The Central gold deposit is one of the two main gold deposits identified to date at Cuiú Cuiú. As with the
nearby MG gold deposit, the upper portion of the Central gold deposit is extensively weathered resulting
in a vertical profile of highly weathered basement saprolite averaging approximately 60m. The
weathered mineralized basement saprolite is overlain by mud, soil and colluvium material which forms a
blanket. The blanket material contains gold and is derived from the chemical and physical weathering the
underlying saprolite basement gold mineralization.
Whilst the bulk of the gold resources at Central are contained within the underlying primary (un-
weathered) basement material (see the NI 43-101 report dated effective July 31, 2022), the overlying
oxide material currently contains Indicated Resources of 3.49Mt @ 0.6 g/t gold (65,400oz) and Inferred
Resources of 3.36Mt @ 0.4 g/t gold (44,800oz). A significant amount of higher-grade material (greater
than 1.75g/t gold) is contained within these resources and the current drill program at Central is
designed to expand and delimit these resources within the near-surface saprolite and blanket material.
Cut-off grades of 0.14 g/t gold and 0.26 g/t gold were used for the 2022 open pit resource estimate for
blanket/saprolite and fresh-rock mineralization, respectively.
Holes RC368 and RC379 to RC385 were all drilled within the overall outline of the oxide resource at
Central to a maximum depth of 83m (Figure 1).
Figure 1: Map showing Central gold deposit with limits to oxide blanket and underlying mineralized
zones in weathered basement saprolite, existing RC and diamond-drill holes and new drill holes,
RC368 and RC379 to RC385 with results. Previous RC holes are also shown with results. Terms; g/t =
grams / tonne, m = metres
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3900/193878_df261e424498fbaf_002full.jpg
Section N20895
Drill hole RC368 was drilled on section N20895 in the southern part of the Central deposit (Figures, 1
and 2, Table 1).
RC368 intersected mineralized blanket near surface, and continuous mineralization from 42m to the end
of the hole at 77m. A sharp transition from basement saprolite to fresh basement occurs at 67m. A
notable bonanza zone (10m @ 10.5 g/t gold) was encountered in basement rocks.
RC368 had drilling difficulties within the unconsolidated blanket from surface. No sample were
recovered from 0 to 13m depth downhole. However, directly below the unrecovered material, RC368
returned
4m @ 0.7 g/t gold
in unconformable blanket sediments, including
2m @ 1.2 g/t gold
from 13m
depth (Table 1), indicating that the upper 13m is also potentially mineralized. Short diamond-drill holes
will be required to further evaluate these potentially higher-grade unconsolidated blanket sediments near
surface.
RC368 returned
10m @ 10.5 g/t gold
in basement rocks from 67m to the end of the hole. This includes
the previously noted bonanza intercepts of
1m @ 63.6 g/t gold
and
1m @ 28.3 g/t gold
(Table 1). It is
significant that the hole ended at 77m in mineralization grading 1.0 g/t gold. This basement intercept is
interpreted as the down-dip extension of the high-grade mineralized zone in DDH306, which cut
20.9m
@ 4.2 g/t gold
in saprolite (Figure 2), and including a bonanza intercept of
10.0m @ 8.4 g/t gold
.
Figure 2: Section N20895 through the Central gold-in-oxide blanket and underlying oxidized saprolite
showing results from hole RC368. Terms; g/t = grams / tonne, m = metres, ppm = parts per million or
grams / tonne
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3900/193878_df261e424498fbaf_003full.jpg
Section N21198
Holes RC383 and RC384 were drilled on section N21198 (Figures 1 and 3, Table 1). RC384 returned
23m @ 0.9 g/t gold from 4m depth in saprolite.
RC384 encountered both blanket and basement saprolite mineralization. Within the blanket, the hole
encountered 4m @ 0.5 g/t gold from surface, and intersected
23m @ 0.9 g/t gold
directly below the
blanket from 4m depth downhole. This saprolite zone encountered in RC384 is much further northeast
than expected. This, combined with interpretations of airborne and ground geophysical data, suggests
that the main mineralized zones in this part of the Central deposit could have been offset to the northeast
as a block.
Values returned in RC383 were subdued, returning just 10.0m @ 0.3 g/t gold in basement saprolite from
36m downhole. However, this intercept occurs up-dip of an intercept in basement rocks in historic
diamond-drill hole, CC_61 which returned
5.7m @ 2.71 g/t gold
from 109m, including
1.3m @ 10.9 g/t
gold
.
Results are pending on holes RC394, RC395 and RC397 which were also drilled on this section.
Figure 3: Section N21198 through the Central gold-in-oxide blanket and underlying oxidized saprolite
showing existing diamond-drill hole CC61 as well as new RC holes RC383 and RC384. Results are
pending on holes RC394, RC395 and RC397. Terms; g/t = grams / tonne, m = metres, ppm = parts
per million or grams / tonne
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3900/193878_df261e424498fbaf_004full.jpg
Section N21243
Hole RC385 was drilled on section N21243 (Figures 1 and 4, Table 1). Results from the first holes drilled
on this section (RC358 and RC359) were released in late 2023 (see press release dated December 14,
2023). Results on a fourth hole, RC396, drilled to test the extreme southwestern part of the section, are
pending.
RC385 intersected multiple mineralized zones in saprolite, including
13m @ 0.7 g/t gold
from 3m,
6m
@ 1.4 g/t gold
from 44m and
4m @ 2.7 g/t gold
from 59m downhole.
The shallowest zone is likely
correlative with the
23m @ 0.9 g/t gold
intercept encountered in RC384, on section N21198, 45m to the
southeast (Figures 1, 3 and 4), and mineralization in this area may also have been offset northeast as
discussed above.
Figure 4: Section N21243 through the Central gold-in-oxide blanket and underlying oxidized saprolite
showing RC385 as well as results for previous holes RC358 and RC359. Results are pending on
RC396. Terms; g/t = grams / tonne, m = metres, ppm = parts per million or grams / tonne
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3900/193878_df261e424498fbaf_005full.jpg
Drill Hole
Weathering
From
to
Width
Grade
#
m
m
m
g/t gold
RC0368
Blanket
0.0
13.0
No recovery
13.0
17.0
4.0
0.7
incl.
13.0
15.0
2.0
1.2
Fresh Rock
67.0
77.0
10.0
10.5
incl.
72.0
73.0
1.0
63.6
and
74.0
75.0
1.0
28.3
EOH
77.0
RC0379
Blanket
0.0
3.0
3.0
0.4
EOH
56.0
RC0380
Blanket
N.S.V.
EOH
68.0
RC0381
Blanket
0.0
8.0
8.0
0.6
Saprolite
27.0
28.0
1.0
5.5
EOH
58.0
RC0382
Blanket
N.S.V.
EOH
57.5
RC0383
Saprolite
36.0
46.0
10.0
0.3
EOH
83.0
RC0384
Blanket
0.0
4.0
4.0
0.5
Saprolite
4.0
27.0
23.0
0.9
EOH
65.0
RC0385
Blanket
0.0
3.0
3.0
0.4
Saprolite
3.0
16.0
13.0
0.7
44.0
50.0
6.0
1.4
59.0
63.0
4.0
2.7
incl.
60.0
61.0
1.0
6.7
Fresh Rock
76.0
80.0
4.0
0.3
EOH
81.0
Table 1: Drill results from holes RC368 and RC379 to RC385 at Central gold-in-oxide blanket /
saprolite. Terms; g/t = grams / tonne, m = metres, N.S.V = no significant values
The current drill results and those that are pending, will enable the generation of a more accurate
resource model of the oxide mineralization at Central and MG which in turn will form the basis of a
proposed mine plan for the prefeasibility study regarding trial mining. The prefeasibility study on trial
mining of the gold-in-oxide resources will consider exploitation by open-pit mining and heap-leach
processing.
Drill results are pending on 13 RC holes from Central, nine shallower power-auger holes and 21 RC
holes from the Machichie target. Machichie is located approximately 500m north of the MG gold deposit.
Debt settlement
The Company also announces that it has agreed to settle an aggregate of $15,203 of debt (the "Debt
Settlement") by issuing an aggregate of 74,166 common shares (the "Shares") of the Company at a
deemed price of C$0.205 per Share.
The Shares will be issued to Dr. Alan Carter, a non-arms length party as he is a director and senior
officer of the Company, as payment for accrued interest of $15,203 on a loan provided to the Company
by Dr. Carter. The interest charge is in respect of the period October 1, 2023 through December 13,
2023 being the date on which the principal amount of the loan was repaid in full. Following the issuance
of the Shares, there will be no further amount owing by the Company to Dr. Carter relating to the loan.
Further information regarding the loan provided by Dr. Carter is presented in news releases dated
March 7, 2023, November 2, 2023, November 23, 2023 and December 14, 2023.
The Debt Settlement is subject to TSX Venture Exchange acceptance. The securities to be issued
pursuant to the Debt Settlement will be subject to a four-month hold period in accordance with applicable
securities laws.
The issuance of the Shares to Dr. Carter pursuant to the Debt Settlement constitutes a "related party
transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The Company is relying on exemptions from the
formal valuation and minority shareholder approval requirements of MI 61-101 for related party
transactions in connection with the Debt Settlement contained in section 5.5(b) and section 5.7(1)(a) of
MI 61-101, on the basis that the Company is not listed on specified markets and the fair market value of
the securities of the Company to be issued to related parties does not exceed 25% of its market
capitalization, as determined in accordance with MI 61-101.
The securities offered have not been and will not be registered under the United States Securities Act of
1933, as amended, and may not be offered or sold in the United States absent registration or applicable
exemption from the registration requirements.
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
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. 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/193878