Lavras Gold Corp. Intersects 1.0 g/t Gold over 173 metres from 69 metres at Fazenda do Posto Gold Discovery, LDS Project, Southern Brazil Drilling intersection includes 1.4 g/t gold over 95 metres
Lavras Gold Corp. Intersects 1.0 g/t Gold over 173 metres from 69 metres at
Fazenda do Posto Gold Discovery, LDS Project, Southern Brazil
Drilling intersection includes 1.4 g/t gold over 95 metres
TORONTO, Ontario, Feb. 29, 2024 -- Lavras Gold Corp. (TSX-V:LGC, OTCQX:LGCFF) (“Lavras” or the “Company”) is
pleased to release the results from six (6) new drill holes testing the Fazenda do Posto gold discovery, located at the western
edge of the LDS project in southern Brazil. Gold mineralization was intersected in five of the six holes at the Fazenda do
Posto gold discovery. These new holes were designed to test the nature and extent of gold mineralization and hydrothermal
alteration associated with this new gold discovery as explained below. These new results continue to move Lavras Gold toward
its short-term corporate goal of defining an economically feasible gold resource on the LDS Project, focused on Fazenda do
Posto and adjacent Butiá gold deposit.
HIGHLIGHTS
Hole 23FP011:
• 173.0 metres grading 1.0 g/t gold from 69.0 metres and including:
◦ 2.0 metres grading 2.1 g/t gold from 99.0 metres
◦ 94.8 metres grading 1.4 g/t gold from 126.0 metres (about 109.0 metres vertical),
◦ including 2.0 metres grading 3.6 g/t gold from 126.0 metres, and
◦ 3.0 metres grading 2.5g/t gold from 135.0 metres, and
◦ 6.0 metres grading 2.0 g/t gold from 209.0 metres
Hole 23FP008:
• 123.0 metres grading 1.1 g/t gold from 228.0 metres including:
◦ 78.0 metres grading 1.4 g/t gold from 228.0 metres and
◦ 35.0 metres grading 2.5 g/t gold from 231.0 metres and
◦ 4.0 metres grading 2.7 g/t gold from 331.0 metres and
◦ 3.0 metres grading 3.5 g/t gold from 332.0 metres and
◦ 1.0 metre grading 8.8 g/t gold from 334.0 metres
“These new drilling results are consistent with previous drill results and demonstrate the excellent near-surface gold grade and
continuity of Fazenda do Posto. The large lateral and vertical extent of the hydrothermal alteration points to a sizable gold
mineral system for which the full potential remains to be tested,” commented Lavras Gold President & CEO Michael Durose.
“Results like these have the potential to materially enhance the economics of a combined Butiá-Fazenda do Posto near-
surface bulk tonnage open-pit type of gold project. Fazenda do Posto is not only demonstrating very good continuity and gold
grade at depth, but also laterally, where it remains open in several directions. Two drills are actively working in the area, drilling
off the Fazenda do Posto area in a grid with vertical holes on 50 metre centres.” (Click here for comments on today’s news
from CEO Michael Durose.)
[* Footnote: Butiá hosts an NI 43-101 compliant near-surface gold resource of about 500,000 ounces, as detailed in the NI 43-
101 Technical Report Mineral Resource for Butiá Gold Prospect dated and effective January 25, 2022. The report was
prepared by VMG Consultoria e Soluções Ltda. for Lavras Gold Corp. and is available on the Company’s website and
www.sedar.com under Lavras Gold’s issuer profile.]
Discussion of Drill Results – Fazenda do Posto
Since announcing the Fazenda do Posto gold discovery in late August 2023, a total of 12 drill holes totalling 3,309 metres
have been disclosed. This press release discloses results for six new holes – 23FP007 through 23FP012. Results for the first
six of the 12 holes have been disclosed previously. All assay results are tabulated in Table 1 , and drill-collar coordinates are
summarized in Table 2 . Figure 1 shows a plan view of all drill holes at Fazenda do Posto, and Figure 2 illustrates a cross
section of all drill holes looking west.
So far, drilling has defined a large gold mineral system consisting of a near-surface bulk-tonnage disseminated style of mineral
deposit hosted in a hydrothermally altered granitoid host rock and strategically located 150 metres west of the adjacent half
million-ounce Butiá gold deposit. Fazenda do Posto and Butiá are both open to possible expansion in several directions.
Generally, very long continuous intervals of gold mineralization containing higher-grade subintervals were
encountered. The host rocks are extensively hydrothermally altered, and gold is typically hosted in disseminated sulphide
minerals (pyrite +- arsenian pyrite) within episyenite host rock or mineralized perthitic granite. Occasional visible gold has
been observed associated with sulphide minerals (galena, pyrite). The mineralization is bulk tonnage in its nature and has
been detected to depths of more than 400 metres, and a lateral extent of at least 200 metres northeast-southwest, and 200
metres northwest-southeast.
• Drill hole 23FP011 was collared in the northeastern portion of Fazenda do Posto (see Figure 1). The hole was drilled
at an inclined angle of 60 degrees on an azimuth of 200 degrees. The purpose was to test the lateral continuity of
mineralization and gold grade continuity at depth towards the southwest. A long continuous interval of bulk-tonnage
disseminated gold mineralization was encountered starting at 69.0 metres (60.0 metres vertical depth) to 242.0 metres
down the drill core (vertical depth of 210 metres) within mineralized episyenite as detailed below. Generally, this long
interval of continuous mineralization has multiple higher-grade intervals. Highlights are as follows:173.0 metres grading
1.0 g/t gold from 69.0 metres including:
◦ 4.0 metres grading 1.2 g/t gold from 75.0 metres
◦ 6.0 metres grading 1.1 g/t gold from 97.0 metres
◦ 2.0 metres grading 2.1 g/t gold from 99.0 metres
◦ 94.8 metres grading 1.4 g/t gold from 126.0 metres
◦ 2.0 metres grading 3.6 g/t gold from 126.0 metres
◦ 3.0 metres grading 2.5 g/t gold from 135.0 metres, and
◦ 8.0 metres grading 1.6 g/t gold from 153.0 metres
◦ 14.9 metres grading 1.7 g/t gold from 166.1 metres
◦ 13.0 metres grading 1.5 g/t gold from 191.0 metres
◦ 6.0 metres grading 2.0 g/t gold from 209.0 metres, and
◦ 2.0 metres grading 2.0 g/t gold from 239.1 metres
Drillhole 22FP008 was collared in the northeast portion of Fazenda do Posto and drilled on an azimuth of 200 degrees at an
inclined angle of 80 degrees (see Figure 1). The purpose was to better understand the nature and continuity of gold
mineralization at depth. Continuous gold mineralization was encountered over long intervals in episyenite and mineralized
perthitic granite. Higher-grade intervals have been found at depth. A summary of assay composites is as follows:
• 123.0 metres grading 1.1 g/t gold from 228.0 metres including:
◦ 78.0 metres grading 1.4 g/t gold from 228.0 metres
◦ 35.0 metres grading 2.5 g/t gold from 231.0 metres
◦ 20.0 metres grading 0.6 g/t gold from 325.0 metres
◦ 4.0 metres grading 2.7 g/t gold from 331.0 metres
◦ 3.0 metres grading 3.5 g/t gold from 332.0 metres
Drillhole 23FP010 was positioned in the central portion of Fazenda do Posto, above the trace of drillhole 23FP002 (see
Figure 1 & Figure 2). The hole was drilled on an azimuth of 110 degrees and inclined at 60 degrees. The purpose was to
better understand the nature of the geology and the extent of alteration and possible mineralization along a southeast direction
perpendicular to the azimuth of drill hole 23FP002. Figure 3 shows an example of near-surface mineralized episyenite from
23FP010. A continuous zone of intense albite alteration interspersed with zones of bulk-tonnage and disseminated style of
gold mineralization consisting mainly of disseminated pyrite +- arsenian pyrite within episyenite and perthitic granite was
encountered from 3.0 metres to 147.0 metres – a drillhole length of 144.0 metres. Further highlights are as follows:
• 144.0 metres grading 0.6 g/t gold from 3.0 metres including:
◦ 41.0 metres grading 1.0 g/t gold from 3.0 metres and including
◦ 21.0 metres grading 1.3 g/t gold from 23.0 metres and
◦ 9.0 metres grading 2.2 g/t gold from 31.0 metres and including
◦ 4.0 metres grading 3.5 g/t gold from 31.0 metres
◦ 2.0 metres grading 1.6 g/t gold from 78.0 metres
◦ 4.4 metres grading 1.2 g/t gold from 107.0 metres
Drillhole 23FP012 was collared along the northwest edge of the Fazenda do Posto mineralized footprint and drilled on an
azimuth of 110 degrees and inclined 60 degrees (see Figure 1). The purpose was to test the central western extension of
hydrothermal alteration and mineralization. The hole encountered very intense albite alteration with moderate intervals of gold
starting at 4.0 metres depth. Significant long intervals of higher gold grades were found at 58.0 metres along the drill core after
intersecting a lamprophyre dyke. Several long intervals of disseminated gold mineralization were encountered and including
multiple higher-grade subintervals as follows:
• 115.0 metres grading 0.6 g/t gold from 58.0 metres including:
◦ 53.0 metres grading 0.9 g/t gold from 118.0 metres and
◦ 26.0 metres grading 1.1 g/t gold from 130.0 metres, and including
◦ 15.0 metres grading 1.2 g/t gold from 130.0 metres, and
◦ 6.0 metres grading 1.1 g/t gold from 162.0 metres
Exploration Program – Summary and Next Steps at Fazenda do Posto & Relationship to Butiá Gold Deposit
The purpose of this phase of exploration drilling has been to define the geometry and distribution of alteration and gold
mineralization at Fazenda do Posto. And, although still relatively early in the exploration program, the results of drilling are
very encouraging highlighting the discovery of a large, disseminated, bulk-tonnage intrusive-hosted gold system. The lateral
extent and intensity of the hydrothermal alteration footprint has now been traced over 200 metres in a northeast-southwest
direction, 200 metres in a northwest-southeast direction and to vertical depths of more than 400 metres. Gold mineralization
is being defined over large continuous intervals for hundreds of metres. At Fazenda do Posto, a higher-grade core of
gold mineralization is developing at depth, surrounded by a lower grade halo of gold. The gold mineralization is typically
associated with disseminated sulphides (pyrite, arsenian pyrite) typically hosted within the vuggy spaces of pervasively altered
granitoids. The mineral system is open in several directions and requires significantly more drilling.
Importantly, gold mineralization being defined at Fazenda do Posto is 150 metres west of the adjacent Butiá gold
deposit that hosts an existing 43-101 compliant measured, indicated, and inferred gold resource of 0.5 Moz that is open to
expansion. It is possible that these two deposits may be developed together as one mining project in the future, and so it is
important to understand the relationship between these deposits. Figure 4 illustrates a plan view showing the Butiá gold
resource relative to the Fazenda do Posto gold discovery. Figure 5 shows an oblique view facing northeast. The next step of
the drilling program will systematically drill Fazenda do Posto on 50 metre drill centres with vertical holes. In this way, the
size, geometry, and grade distribution of the discovery will be better understood. This drill strategy will also be applied
selectively to the adjacent Butiá gold deposit. Further ideas will be tested as the drill program evolves.
Lavras Gold’s short-term corporate objective is to define an economic gold resource on the LDS Project with a focus on
Fazenda do Posto and the adjacent Butiá gold deposit.
The current drilling program consists of two diamond drill rigs that are now on site and designed to test exploration targets
continuously from now until the end of the first half of 2025. Approximately 10,000 metres of drilling have been budgeted
to test Fazenda do Posto and Butiá. Further drilling of these targets may occur as results warrant. Drilling of other
exploration targets is anticipated in the second half of 2024 with the objective of discovering new economic gold deposits on
the LDS property.
Table 1. Summary of Drill Hole Composites from Fazenda do Posto Gold Discovery
Drill Hole From To Interval Gold grade Comment
(metres) (metres) (metres) (grams/tonne)
23FP001 77.00 153.00 76.00 0.17
Drilled peripheral
to main target
85.00 86.00 1.00 0.32
Along southeast
edge of FP
90.00 93.00 3.00 0.33
96.00 97.00 1.00 0.57
102.00 104.00 2.00 0.34
109.00 110.00 1.00 0.42
113.00 118.00 5.00 0.23
135.00 137.00 2.00 0.47
143.00 144.00 1.00 0.26
23FP002 58.00 59.00 1.00 0.18
Extensive albite
alteration
117.00 457.00 340.00 1.09
Mineralized
episyenite
Including 199.00 359.00 160.00 1.79
Brick red
colouration (Ba,
Fe)
Including 208.00 235.00 27.00 2.07
Including 293.00 361.00 68.00 2.09
23FP003 24.00 27.00 3.00 0.71
Extensive albite
alteration
87.00 294.00 207.00 0.49
Mineralized
episyenite
including 87.00 227.00 140.00 0.67
Extensive albite
alteration
Including 87.00 195.00 108.00 0.80
Mineralized
episyenite
Including 87.00 151.00 64.00 0.91
Brick red
colouration (Ba,
Fe)
Including 106.00 145.00 39.00 1.17
23FP004
No Significant
Values
Fresh
granodiorite,
perthitic granite,
drilled SW
Extensive albite
23FP005 118.00 119.00 1.00 0.26 alteration
131.55 135.00 3.45 1.01
Mineralized
perthitic granite
139.00 140.00 1.00 0.99
Mineralized
perthitic granite
143.00 146.00 3.00 1.21
Mineralized
perthitic granite
159.00 161.00 2.00 0.26
Mineralized
perthitic granite
171.00 172.00 1.00 0.33
Mineralized
perthitic granite
176.00 177.00 1.00 0.30
Mineralized
perthitic granite
181.00 182.00 1.00 0.33
Mineralized
perthitic granite
23BT006 31.06 261.00 229.94 0.86
Drilled southwest
into target
including 31.06 235.00 203.94 0.95
Mineralized
episyenite
including 31.06 222.00 190.94 1.00
Mineralized
episyenite
including 149.00 214.00 65.00 1.94
Mineralized
episyenite
including 149.00 187.00 38.00 2.03
Mineralized
episyenite
including 154.00 164.00 10.00 2.96
Mineralized
episyenite
including 190.00 205.00 15.00 2.05
Mineralized
episyenite
23FP007
No Significant
Values
Fresh
granodiorite,
perthitic granite,
drilled NE
23FP008 104.00 105.00 1.00 0.27
Mineralized
episyenite
114.00 115.00 1.00 0.42
Mineralized
episyenite
106.00 229.00 123.00 1.12
Mineralized
episyenite
including 228.00 306.00 78.00 1.36
Mineralized
episyenite
including 231.00 266.00 35.00 2.46
Mineralized
episyenite
325.00 345.00 20.00 0.60
Mineralized
perthitic granite
including 331.00 335.00 4.00 2.67
Mineralized
perthitic granite
including 332.00 335.00 3.00 3.49
Mineralized
perthitic granite
23FP009 1.00 3.00 2.00 0.49
Pervasive albite
alteration
15.00 16.00 1.00 0.40
Pervasive albite
alteration
23.01 37.00 13.99 0.79
Pervasive albite
alteration
Including 29.00 38.00 9.00 0.91
Pervasive albite
alteration
40.00 40.94 0.94 0.25
Pervasive albite
alteration
75.00 77.00 2.00 0.72
Pervasive albite
alteration
93.00 96.00 3.00 0.44
Pervasive albite
alteration
131.00 132.00 1.00 0.41
Pervasive albite
alteration
149.00 152.00 3.00 0.44
Pervasive albite
alteration
157.00 160.00 3.00 0.43
Pervasive albite
alteration
162.00 163.00 1.00 0.25
Pervasive albite
alteration
164.00 168.00 4.00 0.30
Pervasive albite
alteration
23FP010 3.00 147.00 144.00 0.58
Pervasive albite
alteration,
episyenite,
Perthitic granite
Including 3.00 44.00 41.00 1.00
Mineralized
episyenite
Including 3.00 4.00 1.00 1.06
Mineralized
episyenite
Including 23.00 44.00 21.00 1.29
Mineralized
episyenite
Including 23.00 26.00 3.00 1.07
Mineralized
episyenite
Including 31.00 40.00 9.00 2.17
Mineralized
episyenite
Including 31.00 35.00 4.00 3.46
Mineralized
episyenite
Including 50.00 51.00 1.00 1.14
Mineralized
episyenite
Including 64.00 65.00 1.00 1.28
Mineralized
episyenite
Including 72.00 79.00 7.00 0.89
Mineralized
episyenite
Including 78.00 80.00 2.00 1.55
Mineralized
episyenite
Including 83.00 90.00 7.00 1.02
Mineralized
episyenite
Including 107.00 111.41 4.41 1.21 Perthitic granite
Including 139.00 142.00 3.00 0.97
Mineralized
episyenite
23FP011 32.00 33.00 1.00 0.29
Mineralized
episyenite
69.00 242.00 173.00 0.95
Mineralized
episyenite
Including 75.00 79.00 4.00 1.16
Mineralized
episyenite
Including 97.00 103.00 6.00 1.07
Mineralized
episyenite
Including 99.00 101.00 2.00 2.08
Mineralized
episyenite
Including 126.00 220.83 94.83 1.37
Mineralized
episyenite
Including 126.00 128.00 2.00 3.56
Mineralized
episyenite
Including 135.00 138.00 3.00 2.47
Mineralized
episyenite
Including 153.00 161.00 8.00 1.64
Mineralized
episyenite
Including 166.10 181.00 14.90 1.66
Mineralized
episyenite
Including 191.00 204.00 13.00 1.46
Mineralized
episyenite
Including 209.00 215.00 6.00 2.01
Mineralized
episyenite
Including 239.13 241.13 2.00 1.97
Mineralized
episyenite
23FP012 4.00 5.27 1.27 0.29
Mineralized
episyenite
12.00 14.00 2.00 0.32 episyenite
58.00 60.00 2.00 0.27 episyenite
63.00 64.00 1.00 3.19
Mineralized
episyenite
58.00 173.00 115.00 0.59
Mineralized
episyenite, albite
alteration
Including 83.00 84.00 1.00 2.26
Mineralized
episyenite
Including 87.77 89.92 2.15 0.95
Mineralized
episyenite
Including 102.16 104.00 1.84 1.06
Mineralized
episyenite
Including 107.00 108.00 1.00 0.95
Mineralized
episyenite
Including 110.00 111.00 1.00 1.10
Mineralized
episyenite
Including 118.00 171.00 53.00 0.86
Mineralized
episyenite,
intermittent
perthitic granite
Including 118.00 119.00 1.00 1.09
Mineralized
episyenite
Including 121.00 169.00 48.00 0.91
Mineralized
episyenite,
intermittent
perthitic granite
Including 130.00 156.00 26.00 1.08
Mineralized
episyenite,
intermittent
perthitic granite
Including 130.00 145.00 15.00 1.24
Mineralized
episyenite
Including 162.00 168.00 6.00 1.09
Mineralized
episyenite
• Assumes 0.25 g/t gold cut-off grade, no top cut.
• The Company has been targeting larger intersections of greater than 0.25 g/t gold. Intersections lower than this
threshold may provide exploration insight and may therefore be disclosed.
• Intervals represent drill core interval; true widths have not been determined at this time.
Table 2. Fazenda do Posto Drill Hole Coordinates
Drill Elevation Azimuth Dip Start Depth Final Depth
Hole Easting Northing (metres) (Degrees) (Degrees) (metres) (metres)
23FP001 217907 6586453 378 20 -60 0 214.1
23FP002 217858 6586480 385 20 -60 0 464.6
23FP003 217892 6586568 379 0 -90 0 332.2
23FP004 217826 6586607 387 200 -60 0 201.3
23FP005 217935 6586309 397 20 -60 0 248.2
23FP006 217932 6586677 377 200 -60 0 308.3
23FP007 217928 6586677 377 20 -60 0 161.4
23FP008 217931 6586675 382 200 -80 0 401.4
23FP009 217910 6586591 383 290 -60 0 232.9
23FP010 217910 6586581 384 110 -60 0 288.0
23FP011 217926 6586674 380 220 -60 0 280.0
23FP012 217845 6586647 386 110 -60 0 177.0
Figure 1. Plan View of 2023 Fazenda do Posto Drill Holes Showing Lithology & Gold Assay Results
Figure 2. Cross Section of 2023 Fazenda do Posto Drill Holes (Looking West) Showing Lithology and Assay Results
Figure 3. Example of Mineralized Episyenite Host Rock at Fazenda do Posto Gold Discovery. Sulphide mineralization
is extremely fine grained but detectable with a magnifying glass. The episyenite displays an aphanitic texture but is
hydrothermally fractured. This sample from drillhole 23FP010 is from interval 25.0 m to 26.0 m and grades 4.6 g/t gold.
Figure 4. Plan View of Fazenda do Posto Gold Discovery Relative to Butiá Gold Deposit
Figure 5. Oblique View Facing Northeast of Fazenda do Posto Gold Discovery Relative to Butiá Gold Deposit