Lavras Gold Corp. Intersects 1.4 g/t Gold Over 236 Metres from Surface at Butiá Gold Deposit, LDS Project, Southern Brazil & Provides an Exploration Update Drilling intersection includes 1.6 g/t gold over 199 meters, including 2.4 g/t gold over 20 metres
Lavras Gold Corp. Intersects 1.4 g/t Gold Over
236 Metres from Surface at Butiá Gold
Deposit, LDS Project, Southern Brazil &
Provides an Exploration Update
Drilling intersection includes 1.6 g/t gold over 199 meters,
including 2.4 g/t gold over 20 metres
Toronto, Ontario--(Newsfile Corp. - June 25, 2024) -
Lavras Gold Corp. (TSXV: LGC) (OTCQX:
LGCFF)
("
Lavras Gold
" or the "
Compan
y") is pleased to release the results from seven new drillholes
testing the Butiá Gold Deposit, located at the western edge of the LDS Project in southern Brazil. Gold
mineralization was intersected in all seven holes reported in this news release at the Butiá Gold Deposit
("Butiá" or "Butiá Gold Deposit)", which hosts a NI43-101 compliant measured, indicated and inferred
gold resource of approximately 0.5 million ounces. Three of these seven new holes returned more than
200 metres of continuous gold mineralization characterized by higher-grade subintervals.
The purpose of these drillholes was two-fold: several holes were infill holes designed to increase the
confidence in the Butiá resource (converting the Inferred Resource into the Measured & Indicated
categories) and other holes were drilled to potentially increase the gold endowment 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 the Butiá Gold Deposit and the
adjacent Fazenda do Posto gold target.
HIGHLIGHTS
Drilling
Hole 23BT019 returned:
236.0 metres grading 1.4 g/t gold
from surface
and including:
199.0 metres grading 1.6 g/t gold from 37.0 metres
,
and including:
74.0 metres grading 2.5 g/t gold from 75.0 metres, and including:
0.7 metres grading 44.4 g/t gold from 83.3 metres (visible gold),
1.0 metres grading 48.3 g/t gold from 94.0 metres (visible gold), and
20.00 metres grading 2.4 g/t gold from 195.00 metres.
Hole 24BT023 intersected:
228.0 metres grading 1.0 g/t gold
from surface
and including:
100.0 metres grading 1.6 g/t gold from 35.0 metres, and including:
60.0 metres grading 2.3 g/t gold from 72.0 metres, and including:
5.0 metres grading 3.3 g/t gold from 72.0 metres
"We are very excited by the results that we are seeing at Butiá, with these new drilling results continuing
to demonstrate the excellent near-surface gold grade and continuity of the Butiá Gold Deposit,"
commented Lavras CEO Michael Durose. "Long continuous intervals of gold mineralization over more
than 200 metres depth and beginning at surface confirm the bulk-tonnage nature of Butiá. The presence
of visible gold in cross-cutting stockwork-style quartz veinlets in 24BT019 highlights multiple gold
mineralizing events, locally enhancing gold grade. This style of mineralization has been seen property
wide in other targets that we have drilled including Zeca Souza, Galvao, and Matilde. Laterally, a higher-
grade core of mineralization has been defined over at least 100 metres of strike length within the Butiá
Gold Deposit, starting at surface. This has potentially positive implication for a future open pit mine."
Click here for commentary from CEO Michael Durose
on today's drilling results.
An update of drilling results for Fazenda do Posto target is expected as soon as final assay results are
received and the geological interpretation is completed. Drilling is on-going in this area after a short
delay related to recent unusually heavy rain in the area.
[* 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 - Butiá Deposit
Figure 1
indicates the location of the mineral showings on the LDS Project. Butiá is the most advanced
gold deposit on the LDS Property consisting of approximately 0.5 million ounces of gold, located 150
metres east of the recent Fazenda do Posto gold discovery. The purpose of the current drilling program
at Butiá is to increase the geological confidence of the existing gold resource by converting a significant
portion of inferred geological resources into the measured and indicated categories and to increase the
gold endowment of the existing gold resource. Recent drilling results from Butiá were disclosed in the
Lavras Gold News Release dated February 06, 2024
.
Details of the locations of the new drillholes relative to existing resource categories can be found in the
plan view in
Figure 2.
A long section looking northeast is shown in
Figure 3.
Table 1
summarizes assay
results including newly disclosed results in this press release, and results disclosed earlier this year.
Table 2
tabulates drillhole information including collar coordinates and drillhole depths.
Note that
the
collar coordinates for Butiá have been updated to reflect a recently completed detailed land
survey of all drill collars versus the GPS coordinates previously disclosed.
Drillhole 23BT019
was collared about 100 metres northwest of drillhole 23BT016 and 23BT018 in the
north-central portion of the Butiá Gold Deposit (see
Figure 2
). The hole was designed to test the lateral
continuity of higher-grade mineralization encountered in hole 23BT016 that included 109.0 metres
grading 1.40 g/t gold from surface. 23BT019 was drilled vertically (see
Figure 3
) for the purpose of
characterizing the vertical continuity of mineralization and defining the mineral deposit at depth. A long
interval of continuous bulk-tonnage disseminated gold mineralization was encountered from surface to a
depth of 236.0 metres within mineralized episyenite with minor subintervals of perthitic granite as
detailed below.
Intersected 236.0 metres grading 1.4 g/t gold from surface (0.0 metres)
and including:
199.00 metres grading 1.6 g/t gold from 34.0 metres
29.0 metres grading 2.9 g/t gold from 25.0 metres
, and
75.0 metres grading 2.5 g/t gold from 74.0 metres
0.7 metres grading 44.4 g/t gold from 83.3 metres (visible gold in quartz stockwork
veinlet),
and
1.0 metre grading 48.3 g/t gold from 94.0 metres (visible gold in quartz stockwork
veinlet); and
20.0 metres grading 2.4 g/t gold from 195.0 metres
Drillhole 23BT019
confirms continuous gold mineralization to a depth of 239.0 metres and lateral
continuity of a higher-grade core of gold mineralization starting at surface over an extent of about 100
metres. There are many higher-grade subintervals encountered in 23BT019, including areas with higher
concentrations of sulphides within episyenite and/or perthitic granite, and two zones of narrow cross-
cutting quartz veinlets hosting visible gold (see
Figures 4, 5
and
6
). These cross-cutting veinlets with
visible gold are very high-grade
(greater than 40 g/t gold)
and highlight a later-stage gold mineralizing
event that was superimposed on the original disseminated gold event associated with episyenite and
perthitic granite host rock. The cross-cutting visible gold veinlets appear similar to those seen at the
Zeca Souza and Galvão gold discoveries located about 1.5 kilometres north of Butiá (see News
Releases dated
September 7, 2022 for Zeca Souza
and
May 9, 2023 for Galvão
) where visible gold in
cross-cutting stockwork veins was encountered. Late-stage visible gold associated with glassy quartz
has also been encountered at the Matilde gold discovery in the southern portion of the LDS Project (see
Figure 1
). Note that if the two high-grade gold intervals in 23BT019 are cut back to 10 g/t gold (from
44.4 g/t gold and 48.3 g/t gold respectively), then the composite interval becomes 239.0 m grading 1.1
g/t gold from surface. Nevertheless, it is possible that future "sweet spots" will be found at Butiá with
future drilling related to the quartz-stockwork style of gold mineralization.
Drillhole 24BT023
was collared about 50 metres northwest of drillhole 23BT016 and 23BT018 in the
central-west portion of the Butiá gold deposit and drilled vertically (see
Figure 2
&
Figure 3
). The
purpose of this hole was to better understand the nature, grade and continuity of gold mineralization in
this portion of the deposit. Continuous gold mineralization was encountered over long intervals in
episyenite and mineralized perthitic granite. Higher-grade subintervals have been observed within zones
of episyenite hosting pyrite +/-arsenian pyrite. A summary of assay composites is as follows:
228.0 metres grading 1.0 g/t gold from surface
including:
100.0 metres grading 1.6 g/t gold from 35.0 metres
; including
60.0 metres grading 2.3 g/t gold from 72.0 metres
; and including
5.0 metres grading 3.3 g/t gold from 72.0 metres
Hole 24BT023
provides a clear indication of long continuous gold mineralization vertically to depths of
more than 200 metres, and laterally in a northwest-southeast direction as it is located midway between
23BT019 and 23BT016.
Drillhole 23BT018
was positioned in the southwest-central portion of the Butiá gold deposit, slightly
south of the currently interpreted measured portion of the gold resource and drilled vertically (see
Figures 2
and
3
). The purpose of this hole was to better grasp the nature of the geology and
mineralization vertically in this portion of the deposit. A continuous bulk-tonnage and disseminated style
of mineralization consisting mainly of disseminated pyrite +/- arsenian pyrite within episyenite +/-
perthitic granite occurred
from surface to a depth of 221.0 metres having an average grade of 0.8
g/t gold
. This included several higher-grade subintervals as detailed below:
130.0 metres grading 1.2 g/t gold from surface
and including:
10.0 metres grading 1.6 g/t gold from 32.0 metres
10.0 metres grading 1.4 g/t gold from 47.0 metres
8.0 metres grading 3.5 g/t gold from 117.0 metres
Gold mineralization occurs within mineralized episyenite and perthitic granite. Higher grade subintervals
are associated with elevated concentrations of sulphide minerals.
Drillhole 24BT020
was collared along the southeastern edge of the Butiá mineralized footprint and
drilled on an azimuth of 200 degrees and inclined 60 degrees (see
Figures 2
and
3
). The purpose of
this hole was to test the southeastern extension of the deposit. Only one minor interval of gold
mineralization consisting of 1.0 metre grading 1.2 g/t gold was encountered within perthitic granite.
Drillhole 24BT021
was positioned along the southeastern edge of the Butiá Gold Deposit and drilled
along an azimuth of 020 degrees at an inclined angle of 60 degrees (see
Figures 2
3
).
The hole
encountered 77.0 metres of continuous gold mineralization grading 0.4 g/t gold from 22.0
metres
, including several moderately higher-grade subintervals including
40.0 metres grading 0.6 g/t
gold from 59.0 metres
, and
24.0 metres grading 0.7 g/t gold from 72.00 metres
.
Drillhole 24BT022
was designed to test the southeast extension of Butiá and encountered several
narrow low-grade intervals of gold mineralization within predominantly fresh rock (perthitic granite).
Drillhole 23BT017
was collared along the northwestern edge of Butiá and was positioned to test the
extension of the Butiá Gold Deposit to the northwest (see
Figure 2
and
Figure 3
). The hole encountered
53.0 metres grading 0.5g/t gold in mineralized episyenite from 80.0 metres
. This included two
higher grade subintervals
including 5.0 meters grading 1.5 g/t gold from 119.0 metres, and 2.0
metres grading 2.5 g/t gold from 130.0 metres.
Drillhole 23BT017 was successful in extending the mineralized footprint at Butiá about 65.0
metres northwest of previous drilling
.
Correction to Press Release dated May 30, 2024
The Company clarifies that it granted 97,242 Restricted Share Units to officers of the Company instead
of 101,419 as disclosed in its press release dated May 30, 2024.
Table 1. Summary of Drillhole Composites from the Butiá Gold Deposit
Drillhole
From
To
Interval
Gold grade
Comment
(metres)
(metres)
(metres)
(grams/tonne)
23BT005
0.00
37.00
37.00
0.74
Episyenite/Perthitic Granite
including
4.00
23.00
19.00
1.17
Saprolite
97.00
99.00
2.00
0.32
Perthitic Granite
101.00
103.00
2.00
0.27
Perthitic Granite
23BT009
54.00
58.00
4.00
0.61
Episyenite
73.00
89.00
16.00
0.63
Episyenite
including
74.00
81.00
7.00
1.14
Episyenite
121.00
186.00
65.00
0.51
Episyenite/Perthitic Granite
including
141.00
159.16
18.16
0.99
Episyenite
including
127.00
131.00
4.00
0.80
Episyenite
including
141.00
149.00
8.00
1.49
Episyenite
including
142.00
145.00
3.00
2.10
Episyenite
including
168.00
172.00
4.00
1.29
Perthitic Granite
including
177.00
178.00
1.00
0.76
Perthitic Granite/Episyenite
including
182.00
186.00
4.00
0.65
Episyenite/Perthitic Granite
208.00
220.00
12.00
0.89
Perthitic Granite
including
208.00
210.00
2.00
1.22
Perthitic Granite
including
214.00
219.00
5.00
1.50
Perthitic Granite
239.00
242.00
3.00
0.45
Perthitic Granite
including
239.00
240.00
1.00
0.81
Perthitic Granite
23BT010
0.00
46.00
46.00
0.48
Episyenite
Including
0.00
9.00
9.00
1.15
Episyenite
Including
17.00
19.00
2.00
1.18
Episyenite
40.00
42.00
2.00
0.58
Perthitic Granite
45.00
46.00
1.00
0.81
Perthitic Granite
61.00
63.00
2.00
0.44
Perthitic Granite
68.00
73.00
5.00
0.30
Perthitic Granite
96.00
100.00
4.00
0.46
Perthitic Granite
including
96.00
97.00
1.00
1.23
Perthitic Granite
110.00
111.00
1.00
0.51
Episyenite
23BT011
12.00
22.00
10.00
0.76
Perthitic Granite
including
13.00
15.00
2.00
2.64
Perthitic Granite
23BT012
67.00
74.00
7.00
0.51
Episyenite
136.00
246.00
110.00
0.71
Episyenite
Including
142.00
147.00
5.00
1.27
Episyenite
Including
142.00
144.00
2.00
2.68
Episyenite
Including
154.00
174.00
20.00
1.59
Episyenite
Including
154.00
157.00
3.00
4.20
Episyenite
Including
163.00
166.00
3.00
6.06
Episyenite
Including
179.00
182.00
3.00
2.77
Episyenite
Including
191.00
193.00
2.00
4.08
Episyenite
Including
205.00
206.00
1.00
0.90
Episyenite
Including
218.00
220.69
2.69
1.12
Episyenite
Including
227.00
229.00
2.00
0.83
Episyenite
Including
231.50
233.51
2.01
0.80
Episyenite
Including
240.18
242.02
1.84
1.27
Episyenite
Including
243.30
244.00
0.70
1.11
Episyenite
253.53
255.37
1.84
1.59
Perthitic Granite
313.00
332.00
19.00
0.60
Perthitic Granite
Including
325.00
327.00
2.00
1.73
Perthitic Granite
Including
329.00
331.00
2.00
1.43
Perthitic Granite
23BT013
4.00
5.00
1.00
0.44
Perthitic Granite
15.00
19.00
4.00
0.30
Perthitic Granite
53.00
55.00
2.00
0.35
Perthitic Granite
56.00
57.00
1.00
0.26
Perthitic Granite
61.00
62.00
1.00
0.44
Perthitic Granite
71.00
72.00
1.00
0.60
Perthitic Granite
107.00
109.00
2.00
0.34
Perthitic Granite
119.00
192.00
73.00
0.74
Episyenite
including
136.00
171.00
35.00
1.18
Episyenite
including
136.00
139.00
3.00
1.00
Episyenite
including
146.00
158.00
12.00
1.54
Episyenite
including
146.00
149.00
3.00
2.21
Episyenite
200.00
201.00
1.00
0.91
Episyenite
202.00
203.00
1.00
0.32
Episyenite
Drillhole
From
To
Interval
Gold grade
Comment
(metres)
(metres)
(metres)
(grams/tonne)
207.00
210.00
3.00
0.59
Episyenite
215.00
217.00
2.00
0.34
Episyenite
218.00
221.00
3.00
1.88
Perthitic Granite
225.00
228.00
3.00
0.46
Perthitic Granite
231.00
233.00
2.00
0.40
Perthitic Granite
236.00
237.00
1.00
0.25
Perthitic Granite
245.00
246.00
1.00
0.25
Perthitic Granite
248.00
249.00
1.00
0.34
Perthitic Granite
257.00
258.00
1.00
0.35
Perthitic Granite
23BT014
43.00
47.00
4.00
0.45
Perthitic Granite
84.00
85.00
1.00
0.32
Perthitic Granite
182.62
185.00
2.38
0.72
Perthitic Granite
215.00
216.00
1.00
0.36
Perthitic Granite
250.00
260.00
10.00
1.45
Episyenite, visible gold,
galena
23BT015
161.33
162.45
1.12
0.27
Perthitic Granite
182.00
184.00
2.00
0.29
Perthitic Granite
242.00
243.00
1.00
0.24
Perthitic Granite
269.00
274.00
5.00
0.62
Perthitic Granite
including
272.00
273.00
1.00
1.73
Perthitic Granite
23BT016
0.00
160.00
160.00
1.04
Episyenite
including
0.00
109.00
109.00
1.36
Episyenite
including
25.00
54.00
29.00
2.90
Episyenite
including
29.00
34.00
5.00
4.65
Episyenite
including
30.00
48.00
18.00
3.22
Episyenite
183.00
187.00
4.00
0.34
208.00
224.00
16.00
1.03
Episyenite
including
208.00
214.00
6.00
2.06
Episyenite
256.00
257.00
1.00
0.25
Episyenite
263.00
264.00
1.00
0.29
Episyenite
266.00
267.00
1.00
0.28
Episyenite
270.00
287.00
17.00
0.43
Episyenite
292.00
293.00
1.00
0.28
Episyenite
316.00
323.00
7.00
0.35
Episyenite
23BT017
80.00
133.00
53.00
0.54
Episyenite
including
107.00
115.00
8.00
0.99
Episyenite
including
119.00
124.00
5.00
1.48
Episyenite
including
130.00
132.00
2.00
2.53
Episyenite
23BT018
0.00
221.00
221.00
0.81
Episyenite +/- Perthitic
Granite
including
0.00
130.00
130.00
1.15
Episyenite +/- Perthitic
Granite
including
32.00
42.00
10.00
1.60
Episyenite
including
47.00
57.00
10.00
1.42
Episyenite
including
117.00
125.00
8.00
3.53
Perthitic Granite +
Episyenite
Drillhole
From
To
Interval
Gold grade
Comment
(metres)
(metres)
(metres)
(grams/tonne)
23BT019
0.00
236.00
236.00
1.35
Episyenite +/- Perthitic
Granite
including
1.00
2.00
1.00
1.57
Saprolite
including
37.00
236.00
199.00
1.56
Episyenite +/- Perthitic
Granite
including
75.00
149.00
74.00
2.45
Episyenite +/- Perthitic
Granite
including
83.31
84.00
0.69
44.40
Visible gold in QV
including
94.00
95.00
1.00
48.30
Visible gold in QV
including
161.00
176.00
15.00
2.09
Episyenite +/- Perthitic
Granite
including
185.00
187.86
2.86
3.66
Episyenite
including
195.00
215.00
20.00
2.35
Episyenite +/- Perthitic
Granite
24BT020
71.00
72.00
1.00
1.18
Perthitic Granite
24BT021
0.00
3.00
3.00
0.63
Saprolite
22.00
99.00
77.00
0.37
Perthitic Grante +/-
Episyenite
including
22.00
25.00
3.00
0.59
Perthitic Granite
including
22.00
23.00
1.00
1.25
Perthitic Granite
including
59.00
99.00
40.00
0.55
Perthitic Granite +/-
Episyenite
including
59.00
60.00
1.00
0.54
Perthitic Granite
including
66.00
67.00
1.00
1.04
Metasomitite
including
72.00
96.00
24.00
0.69
Perthitic Granite
108.00
110.00
2.00
0.25
Perthitic Granite
24BT022
34.00
39.00
5.00
0.23
Perthitic Granite
including
34.00
35.00
1.00
0.69
Perthitic Granite
including
38.00
39.00
1.00
0.32
Perthitic Granite
24BT023
0.00
228.00
228.00
1.03
Episyenite +/- Perthitic
Granite
including
35.00
135.00
100.00
1.64
Episyenite
including
72.00
228.00
156.00
1.30
Episyenite +/- Perthitic
Granite
Including
72.00
213.00
141.00
1.37
Episyenite +/- Perthitic
Granite
including
72.00
170.00
98.00
1.71
Episyenite +/- Perthitic
Granite
including
72.00
132.00
60.00
2.31
Episyenite +/- Perthitic
Granite
including
72.00
92.00
20.00
2.58
Episyenite
including
72.00
77.00
5.00
3.25
Episyenite
including
77.00
82.00
5.00
3.15
Episyenite
including
87.00
92.00
5.00
3.00
Episyenite
Drillhole
From
To
Interval
Gold grade
Comment
(metres)
(metres)
(metres)
(grams/tonne)
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. Butiá Drillhole Coordinates
Drillhole
Easting
Northing
Elevation (m)
Azimuth
(Degrees)
Dip (degrees)
Start Depth
(metres)
Final Depth
(metres)
23BT005
217984
6586490
387
20
-60
0
230.19
23BT009
218119
6586240
407
20
-60
0
252.95
23BT010
217984
6586486
387
200
-60
0
159.79
23BT011
218022
6586572
382
20
-60
0
200.55
23BT012
218043
6586240
407
20
-60
0
358.13
23BT013
218095
6586397
400
0
-90
0
317.87
23BT014
217999
6586257
410
20
-60
0
331.33
23BT015
218125
6586212
404
20
-60
0
294.37
23BT016
218152
6586454
393
200
-60
0
357.66
23BT017
217973
6586670
383
200
-60
0
253.74
23BT018
218152
6586456
393
0
-90
0
256.36
23BT019
218102
6586534
385
0
-90
0
276.54
24BT020
218187
6586357
398
200
-60
0
76.35
24BT021
218171
6586366
397
20
-60
0
125.93
24BT022
218222
6586349
396
20
-60
0
78.72
24BT023
218126
6586494
389
0
-90
0
275.96
Figure 1. Regional Soil Geochemistry Anomalies versus Geology of the Lavras do Sul Intrusive
Complex and Known Mineral Showings
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10429/214245_ca38856e94637ba1_002full.jpg