Lavras Gold discovers new surface gold at LDS Project in Brazil CORRECTION: The news release was refiled on SEDAR to correct a drillhole number in Table 2.
News release 2023-5 (amended)
News release 2023-5: Lavras Gold discovers new surface gold at LDS Project in Brazil (May 2, 2023) 1
Lavras Gold discovers new surface gold at LDS Project in Brazil
CORRECTION: The news release was refiled on SEDAR to correct a drillhole number in Table 2.
TORONTO, ONTARIO – May 2, 2023 – Assay results from maiden drilling on the Vila
Marieta claim block suggest that Lavras Gold Corp. (TSXV: LGC, OTCQB: LGCFF) has
identified the southwest surface extension of its Cerrito Gold Deposit. Vila Marieta
and Cerrito are among the 23 known gold targets on the company’s LDS Project in
southern Brazil.
The assay results feature significant gold grades that begin at surface and long
intervals. For example, hole 22VM001 returned:
• significant surface mineralization of 28.00 metres at 1.30 g/t gold from 0.00 metres
including
o 4.00 metres at 2.42 g/t gold from 7.00 metres
o 5.00 metres at 2.49 g/t gold from 16.00 metres.
• long interval of 53.00 metres at 0.68 g/t gold from 139.00 metres including
o 7.72 metres grading 1.04 g/t gold from 148.00 metres.
At 1.30 g/t gold, the average gold grade from the surface mineralization is 85% higher
than the average grade of Cerrito, which has NI 43-101 resources of approximately
500,000 ounces at an average grade of 0.7 g/t gold. So, these results demonstrate the
potential for optimizing and enhancing the future mine plan for the deposit.
“This is a significant discovery of new gold mineralization at LDS,” said Michael
Durose, President and CEO. “We have always believed that we could improve the
overall quality of Cerrito, and these results potentially show that.”
Figure 1 locates Vila Marieta, the Butiá and Cerrito gold deposits, and four advanced
gold discoveries at the LDS Project.
Discussion of results
Two holes totalling 521 metres were drilled on the Vila Marieta claim block, which is
immediately south of the Cerrito Gold Deposit. Cerrito has an NI 43-101 compliant
mineral resource estimate, as follows:
TABLE 1: MINERAL RESOURCE ESTIMATE FOR CERRITO GOLD DEPOSIT
Category Tonnes
Gold grade
(g/t)
Contained gold
(ounces)
Indicated 8,249,225 0.70 186,870
Inferred 13,157,478 0.69 291,605
Notes
• Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty
that all or any part of the mineral resources estimated will be converted into mineral reserves.
• Assumes a gold cut-off grade of 0.3 g/t. High grade samples were cut to a gold grade of 3.07 g/t.
• This estimate should be read in conjunction with the full report NI 43-101 Technical Report for the Cerrito Gold
Prospect, Rio Grande do Sul, Brasil dated and effective May 31, 2022. It is authored by Volodymyr Myadzel, MAIG, and
Frank Richard Baker, MIMMM, MAusIMM, and is available on www.sedar.com under Lavras Gold’s issuer profile.
News release 2023-5: Lavras Gold discovers new surface gold at LDS Project in Brazil (May 2, 2023) 2
The higher-grade surface gold mineralization from drillhole 22VM001 is interpreted to
be the southwestern extension of Cerrito (see Figure 2). Table 2 shows all the
important assay results from the two holes completed at Vila Marieta.
Highlights from 22VM001 are:
• 28.00 metres at 1.30 g/t gold from 0.00 metres, including:
o 4.00 metres at 2.42 g/t gold from 7.00 metres
o 5.00 metres at 2.49 g/t gold from 16.00 metres.
• 53.00 metres at 0.68 g/t gold from 139.00 metres, including
several higher-grade intercepts:
o 7.72 metres at 1.04 g/t gold from 148.0 metres
o 3.00 metres at 1.08 g/t gold from 170.0 metres
o 4.00 metres at 2.02 g/t gold from 180.0 metres
o 3.77 metres at 1.00 g/t gold from 188.23 metres.
Highlights from 22VM002 are:
• 27.00 metres at 0.47 g/t gold from 0.00 metres, including:
o 11.00 metres grading 0.71 g/t gold from 0.00 metres.
These two holes confirm gold mineralization starts at surface and is interpreted to
dip to the northwest (see Figure 3). Gold mineralization is associated with 1 to 2 per
cent very fine grain disseminated pyrite hosted within pervasively altered
granodiorite. Alteration includes sericite, chlorite and silica cross-cut by mm-scale
quartz-carbonate veinlets. Pinkish-orange potassic alteration is observed to develop
at depth (see figures 4 and 5).
It is significant that the gold grade returned from 22VM001, averaging 1.30 g/t gold
and beginning at surface to 28.00 metres, is 85% higher than the average grade of
the Cerrito Gold Deposit. This has important positive implications for optimizing
future potential open pit mining scenarios since higher-grade surface mineralized
material would ideally be mined first.
Equally important is that gold mineralization found at Vila Marieta remains open to
the south and southeast as defined by surface gold in soil anomalism (see Figure 6).
Next steps
Exploration continues at the LDS Project. Historical information is being
reinterpreted, a regional soil sampling program is on-going, and a 16,000-metre
drilling program with two drills on site continues to probe priority targets. Future
exploration results will be released after being reviewed and interpreted by the
geological team.
Qualified person
Michael Durose, Lavras Gold’s President and CEO, is a qualified person as defined by
NI 43-101. He has reviewed and approved the scientific and technical information
contained in this release.
News release 2023-5: Lavras Gold discovers new surface gold at LDS Project in Brazil (May 2, 2023) 3
Quality assurance and quality control
Sample handling, preparation, and analysis are monitored through the
implementation of formal chain-of-custody procedures and quality assurance/quality
control programs designed to follow industry best practices.
All drillhole samples in this drilling program consist of split NQ diamond drill core.
Drill core is logged and sampled in a secure facility located in Lavras do Sul, Rio
Grande do Sul State, Brazil. Drill core samples for gold assay are cut in half using a
diamond saw and submitted to ALS Laboratories Inc. in Goiania, Goiás State, Brazil for
preparation by crushing to 70% passing 2.0 mm, riffle splitting to obtain
500 g aliquots, and pulverizing to 85% passing 75 microns.
Pulps are shipped to ALS Laboratories in Lima, Peru and analyzed by a 30 g fire assay
and AAS finish. For assays above 10 ppm gold, a cut of the original pulp is re-assayed
with a gravimetric finish.
Certified standards, non-certified blanks and field duplicates are inserted into the
sample stream at regular intervals, so that QA/QC accounted for about 10% of the
total samples. Results are routinely evaluated for accuracy, precision, and
contamination.
About Lavras Gold
Lavras Gold (TSXV: LGC, OTCQB: LGCFF) is a Canadian exploration company focused
on realizing the potential of a multi-million-ounce gold district in southern Brazil. Its
Lavras do Sul Project is in Rio Grande do Sul State and primarily an intrusive hosted
gold system of possible alkaline affinity. More than 23 gold prospects centred on
historic gold workings have been identified on the property, which spans more than
22,000 hectares.
Follow Lavras Gold on www.lavrasgold.com, as well as on LinkedIn, Twitter, and
YouTube.
Contact information
Michael Durose, President & CEO, or Annemarie Brissenden, Investor Relations
+1-416-844-6284 | [email protected]
www.lavrasgold.com
DISCLAIMER AND FORWARD-LOOKING INFORMATION
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of the content of this news release.
This news release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-
looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”,
“estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions
“may” or “will” occur. These statements, including those on planned exploration activities and goals, are only objectives and
predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is
provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ
materially from those projected in the forward-looking information, including the risks and factors that generally affect
exploration and the uncertainty of exploration results. For a description of the risks and uncertainties facing the Company and its
business, refer to the Company’s Management’s Discussion and Analysis recently filed under the Company’s profile on
www.sedar.com. The Company undertakes no obligation to update forward-looking information if circumstances or
management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance
on forward-looking information
News release 2023-5: Lavras Gold discovers new surface gold at LDS Project in Brazil (May 2, 2023) 4
FIGURE 1
Location of the gold deposits, Butiá and Cerrito, as well as the advanced gold discoveries, including
Vila Marieta, at the LDS Project.
FIGURE 2
Location of Vila Marieta drillholes and implicit 0.25 g/t gold grade shell (green) relative to
Cerrito Gold Deposit (yellow).
News release 2023-5: Lavras Gold discovers new surface gold at LDS Project in Brazil (May 2, 2023) 5
FIGURE 3
East-Facing Cross-Section of Vila Marieta drillholes relative to Vila Marieta 0.25 g/t gold implicit grade shell
(green) and to Cerrito Gold Deposit grade shell (yellow).
FIGURE 4
Vila Marieta drillhole 22VM001: musky green hydrothermally altered granodiorite (sericite and silica)
hosting very fine grain disseminated pyrite (yellow circle) and millimetre-scale cross-cutting quartz
carbonate veinlets at 22.00 metres. Width of view is approximately 3 centimetres.
News release 2023-5: Lavras Gold discovers new surface gold at LDS Project in Brazil (May 2, 2023) 6
FIGURE 5
Vila Marieta drillhole 22VM001: musky green and pink hydrothermally altered granodiorite (sericite, silica,
potassic feldspar) hosting very fine grain disseminated pyrite and mm-scale cross-cutting quartz-chlorite
veinlets at 173.50 metres. Width of view is approximately 3 centimetres.
FIGURE 6
Vila Marieta drillholes and implicit 0.25 g/t gold grade shell (green) relative to Cerrito Gold
Deposit (yellow) and gold in soil anomalies (various bright colours).
News release 2023-5: Lavras Gold discovers new surface gold at LDS Project in Brazil (May 2, 2023) 7
TABLE 2: SUMMARY OF ASSAY RESULTS FROM VILA MARIETA
Hole
Azimuth
(degrees)
Dip
(degrees)
End of hole
(metres)
From
(metres)
To
(metres)
Interval
(metres)
Gold grade
(g/t)
22VM001 180 -60.0 241.99 0.00 28.00 28.00 1.30
including 4.00 21.00 17.00 1.89
including 7.00 11.00 4.00 2.42
including 16.00 21.00 5.00 2.49
45.00 46.00 1.00 0.57
48.00 51.00 3.00 0.62
including 50.00 51.00 1.00 1.24
56.00 57.00 1.00 1.36
66.00 69.00 3.00 0.31
including 56.00 57.00 1.00 0.55
71.00 77.00 6.00 0.44
including 71.00 72.00 1.00 0.88
76.00 77.00 1.00 0.80
80.00 81.00 1.00 0.38
85.00 86.00 1.00 0.34
123.00 126.00 3.00 0.46
including 125.00 126.00 1.00 0.84
137.00 138.00 1.00 0.25
139.00 192.00 53.00 0.68
including 143.00 144.00 1.00 1.39
including 147.67 155.72 8.05 1.04
including 147.67 149.00 1.33 1.24
including 149.00 150.00 1.00 1.30
including 151.00 152.00 1.00 1.04
including 154.24 155.00 0.76 1.80
including 155.00 155.72 0.72 1.47
including 170.00 173.00 3.00 1.08
including 172.00 173.00 1.00 1.53
including 180.00 184.00 4.00 2.02
including 181.00 182.00 1.00 4.67
including 188.23 192.00 3.77 1.00
including 188.23 189.00 0.77 1.39
including 190.00 191.00 1.00 1.24
203.00 205.00 2.00 0.62
219.00 227.00 8.00 0.47
including 223.73 227.00 3.27 0.91
including 225.00 226.00 1.00 1.27
231.00 232.00 1.00 0.43
236.00 240.00 4.00 0.55
22VM002 180 -60.0 279.04 0.00 27.00 27.00 0.47
including 0.00 11.00 11.00 0.71
including 10.00 11.00 1.00 1.65
35.00 36.00 1.00 0.41
84.00 85.00 1.00 1.28
129.00 131.00 2.00 0.42