Surface in Oxide Material at Cuiú Cuiú Gold Project, Brazil
Cabral Gold Drills 27m @ 1.9 g/t Gold from
Surface in Oxide Material at Cuiú Cuiú Gold
Project, Brazil
Vancouver, British Columbia--(Newsfile Corp. - October 12, 2023) -
Cabral Gold Inc. (TSXV: CBR)
(OTC PINK: CBGZF)
("Cabral" or the
"
Company
") is pleased to announce drill results from the initial
six RC holes which form part of the ongoing drill program currently being conducted at both the MG and
Central gold deposits within the Cuiú Cuiú gold district in northern Brazil.
Highlights
Notable drill intercepts from the initial six RC holes testing the MG gold-in oxide blanket and
saprolite include; RC343 which returned
27m @ 1.9 g/t gold
from surface and RC342 which
returned
28m @ 1.8 g/t gold
from surface including
6m @ 7.1 g/t gold
The objectives of the current drill program are to 1) better define and expand the higher-grade
portion of the oxide resources within saprolite and blanket material, particularly closer to surface,
2) to improve confidence in the gold-in-oxide resources, and 3) to aid in the mine planning and
sequencing as part of the ongoing prefeasibility study on trial mining of the gold-in-oxide resources
Drilling is ongoing with a total of 42 RC holes and 9 shallower auger holes completed to date as
part of the current drill program. Assay results are pending on 12 RC holes and 9 power auger
holes at MG, and 24 RC holes at Central
Alan Carter, Cabral Gold's President and CEO commented, "We are very pleased with the initial drill
results from the near surface gold-in-oxide blanket and saprolite at the MG gold deposit. The results
clearly show the presence of higher-grade zones of gold mineralization extending from surface, and
occurring in areas which were previously considered to be much lower grade. These new drill results
will allow us to optimize the resource model of the known gold-in-oxide resources at Cuiú Cuiú with a
greater degree of confidence over the next few months. The prefeasibility study on trial mining of the
oxide resources will consider the exploitation of these higher-grade zones in the initial years of
production utilizing existing trial-mining permits. We look forward to receiving additional drill results in
the coming weeks from both of the near surface gold-in-oxide blankets and saprolite at the MG and
Central gold deposits."
MG Drill Results
The MG gold deposit is one of the two main gold deposits that have been identified to date at Cuiú Cuiú.
As with the nearby Central gold deposit, the upper portion of the MG gold deposit is extensively
weathered resulting in a vertical profile of approximately 60m of highly weathered basement saprolite.
The weathered mineralized basement saprolite is overlain by mud, soil and colluvium material which
forms a blanket. All of 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 MG are contained within the underlying primary (unweathered)
basement material (see the NI 43-101 report dated effective July 31, 2022), the overlying oxide material
currently contains Indicated Resources of 5.78Mt @ 0.5 g/t for 88,300oz, and Inferred Resources of
1.19Mt @ 0.3 g/t for 12,300oz. A significant amount of higher-grade material (greater than 1.75g/t gold)
is contained within these resources and the current drill program at MG is designed to expand these
resources within the near-surface saprolite and blanket material. This should also improve confidence in
the current oxide gold resources, and thereby aid in mine planning and sequencing as part of the
ongoing prefeasibility study regarding trial-mining of the oxide resources, which would most likely involve
open-pit mining and heap-leach processing.
It is important to note that the most recent resource estimate prepared by SLR Consulting (Canada) Ltd.
used a cut-off gold grade for the near surface oxide material of 0.13 g/t gold which represents the value
above which material would have reasonable expectation of being economically viable.
Holes RC342 to RC348 were all drilled within the overall outline of the oxide resource at MG to a
maximum depth of 60m (Figure 1).
Figure 1: Map showing MG gold resources in weathered basement saprolite, existing drill holes and
new drill holes with results. Much of this area is also unconformably overlain by blanket resources
which are not shown.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3900/183739_3d7380a2e410f9d2_002full.jpg
Hole RC342 was drilled on section E553250 and intersected 28m @ 1.8 g/t gold from surface including
6m @ 7.1 g/t gold from 5m depth, in an area which was previously assumed to be much lower grade
material (Figure 2, Table 1). This zone is interpreted as the up-dip extension of a significant zone of high-
grade mineralization which has been traced on strike and to depth within the underlying primary
(unweathered) basement rocks. RC342 also encountered higher-grade blanket material from surface,
which can be traced horizontally continuously from RC342 to DDH289A. All of the unconformable blanket
shown on the section is mineralized with gold grades above the resource cut off. This blanket material is
predominately soil and colluvium.
Figure 2: Section E553250 through the MG gold-in-oxide blanket and underlying oxidized saprolite
showing existing drill holes and higher-grade zones (with gold values contoured at 0.15 g/t, 0.3 g/t and
0.9 g/t gold) from existing resource model. Note that drill intercept in RC342 is located 50m south of
known high-grade zone intersected in DDH289A
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3900/183739_3d7380a2e410f9d2_003full.jpg
Hole RC343 was drilled on section E553210, 40m to the west of RC342, and intersected 27m @ 1.9 g/t
gold from surface including 15m @ 3.3 g/t gold from 15m depth (Figure 3, Table 1). Whilst a higher-
grade zone was known to exist within the oxide material at this location, the grades returned from RC343
are higher than anticipated. As is the case on section E553250, the blanket is continuously mineralized
across the section, but is much higher grade from RC343 to RC204 where it directly overlies weathered
basement saprolite mineralized zones.
Figure 3: Section E553210 through the MG gold-in-oxide blanket and underlying oxidized saprolite
showing existing drill holes and higher-grade zones (with gold values contoured at 0.15 g/t, 0.3 g/t and
0.9 g/t gold) from existing resource model. Note location of RC343 with intercept up-dip of previous
drill hole RC205
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3900/183739_3d7380a2e410f9d2_004full.jpg
Hole RC344 was drilled on section E553150. It is the westernmost hole drilled at MG in this program
and intersected several zones of mineralization including 9m @ 0.8 g/t gold from surface (predominately
in blanket material), 9m @ 0.5 g/t gold from 15m depth and 7m @ 0.7 g/t gold from 38m depth.
Hole RC346 was drilled on section E553610, which is located within a gap between the current saprolite
basement resources as defined in the most recent SLR resource estimate. The overlying blanket
mineralization is much thicker in this area than further to the west. RC346 intersected several zones of
mineralization including 26m @ 0.4 g/t gold from surface in the oxide blanket, and in the saprolite
basement 9m @ 1.2 g/t gold from 53m depth (Figure 4, Table 1). This hole indicates the presence of
higher-grade basement saprolite mineralization beyond the known higher-grade resources (Figure 1).
Figure 4: Section E553610 through the MG gold-in-oxide blanket and underlying oxidized saprolite
showing existing drill holes and higher-grade zones (with gold values contoured at 0.15 g/t, 0.3 g/t and
0.9 g/t gold). Note location of section showing RC346 between higher grade bodies. The flat-lying
higher-grade zone within the blanket is also shown.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3900/183739_3d7380a2e410f9d2_005full.jpg
Hole RC346 also intersected a zone of moderate grade (10m @ 0.5 g/t gold) in the colluvial blanket from
11 to 21m depth. This sub-horizontal blanket zone is interpreted to extend from at least RC153 to
DDH202 on section E553610 (Figure 4), and has been now traced continuously from west to east more
than 250m from section E553508 to section E553750. Grades and widths tend to be highest to the north
and to the west. This may prove to be an important zone for the trial-mining operation.
Drill Hole
Weathering
From
to
Width
Grade
#
m
m
m
g/t gold
RC342
Blanket/Saprolite
0.0
28.0
28.0
1.8
5.0
11.0
6.0
7.1
EOH
50.0
RC343
Blanket/Saprolite
0.0
27.0
27.0
1.9
incl.
0.0
15.0
15.0
3.3
EOH
51.0
RC344
Blanket/Saprolite
0.0
9.0
9.0
0.8
15.0
24.0
9.0
0.5
38.0
45.0
7.0
0.7
EOH
48.0
RC346
Blanket/Saprolite
0.0
26.0
26.0
0.4
53.0
62.0
9.0
1.2
EOH
78.0
RC347
Blanket/Saprolite
3.0
25.0
22.0
0.2
31.0
35.0
4.0
1.5
incl.
33.0
34.0
1.0
4.7
EOH
60.0
RC348
Saprolite
6.0
21.0
15.0
0.3
EOH
30.0
Table 1: Drill results from near surface MG gold-in-oxide blanket / saprolite zone regarding holes
RC342 to RC348
These drill results and those that are pending will allow the generation of a more accurate resource
model of the oxide resources at MG and Central which will form the basis of a proposed mine plan. The
prefeasibility study on trial mining of the gold-in-oxide resources will consider the exploitation by open-pit
mining and heap-leach processing of the higher-grade zones in the initial years of production.
Drilling is ongoing with a total of 42 RC holes and 9 shallower auger holes completed to date as part of
the current drill program. Results are currently pending on 12 RC holes and 9 power auger holes at MG
and 24 RC holes at Central.
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.
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