Lavras Gold will stay focused on discovery in 2023 The news release should be read in conjunction with our audited consolidated financial statements and management’s discussion and analysis for the year ended
News release 2023-4
NEWS RELEASE: Lavras Gold will stay focused on discovery (March 3, 2023) 1
Lavras Gold will stay focused on discovery in 2023
The news release should be read in conjunction with our audited consolidated financial statements and
management’s discussion and analysis for the year ended December 31, 2022. Both are available under our profile
at www.sedar.com.
All monetary amounts are in Canadian dollars unless stated otherwise.
TORONTO, ONTARIO – March 3, 2023 – Lavras Gold Corp. (TSXV: LGC) set out its short-
and long-term goals as it reported results for the year ended December 31, 2022 today.
The Company’s singular vision is realizing the economic potential of the LDS Project,
Lavras Gold’s advanced gold exploration property in southern Brazil.
“We achieved all of our 2022 goals,” said Michael Durose, Lavras Gold’s President and
Chief Executive Officer. “We completed our share consolidation, doubled our
consolidated gold resources, and made three new gold discoveries. In 2023, we will
carry on with our exploration program, and are very excited to continue to learn more
about the complex system at LDS.”
As we move into our second year since launching in April 2022, our short-term goals
are to:
• complete our 16,000-metre drilling program at LDS by drill-testing priority targets
aimed at making new gold discoveries and expanding our existing gold
endowment
• foster relationships with our local stakeholders as we begin the permitting process
• sustain our relationships with existing shareholders and attract new shareholders by
marketing Lavras Gold to the investing community.
Two rigs have completed 7,000 metres of our 16,000-metre drill program at LDS, with
results consistently demonstrating that LDS is a unique, large, and complex mineral
system. Returned assays are a mix of bulk tonnage and high grade, a combination
that yields scale and economics in producing assets. And, we made three new gold
discoveries at the Matilde, Matilde Extension, and Zeca Souza targets, and
reinterpreted historical results from a fourth target, Caneleira.
The Matilde gold discovery lies along a portion of a coincident 3 kilometre gold-in-soil
anomaly centred on an east-west trending magnetic-low anomaly that is interpreted
to be a major gold-hosting structure. Gold mineralization at Matilde begins at surface,
has been traced over a strike length of at least 250 metres, and extends to a minimum
vertical depth of 483 metres. It remains open for expansion along strike and at depth.
Results from Matilde includes long intervals of moderate-grade gold that include
higher grade intervals. For example, drill hole 20MT002 returned 144.6 metres at 0.69
g/t gold from 117.0 metres, including 27.0 metres at 1.04 g/t gold from 184.0 metres.
Drilling from Matilde also returned bonanza gold grades, usually associated with
visible gold. Examples include 30.9 g/t gold over 0.60 metres in hole 20MT002 from
261.0 metres and 13.10 g/t gold over 0.66 metres from 419.34 metres in hole 22MT034.
Drilled to a vertical distance of 483 metres, Hole 22MT034 bottomed in gold
mineralization, suggesting that Matilde has deep roots.
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NEWS RELEASE: Lavras Gold will stay focused on discovery (March 3, 2023) 2
The Matilde Extension gold discovery, announced after year-end, is 675 metres
northeast of the Matilde gold discovery. It is a new blind discovery that was made by
drill-testing a coincident gold-in-soil anomaly overlying the intersection of a
northeast-southwest trending structure and an east-west trending structure. Multiple
intervals of gold mineralization were intersected in all holes drilled at Matilde
Extension, and high-grade gold, silver, and copper mineralization was encountered in
three holes.
The best hole, 21MT020, intercepted three intervals of mineralization. The third
intercept was the most important, as it was characterized by a thick interval of
continuous mineralization featuring very high-grade gold, silver, and copper. It
assayed 10.00 metres grading 13.21 g/t gold, 22.94 g/t silver, and 0.22% copper from
345.00 metres, including:
• 5.00 metres grading 23.15 g/t gold, 42.75 g/t silver, and 0.41% copper from 347.00
metres
• a 1.00 metre sub-zone that yielded grades as high as 63.70 g/t, more than 100 g/t
silver, and 0.63% copper from 347.00 metres.
The Zeca Souza gold discovery supports our thesis that there are many, possibly
connected, gold deposits at LDS. Drilling at this target included bonanza gold grades
of more than 10 g/t gold, including 28.2 g/t gold over 3 metres in drill hole 22MT011
within a broader zone of 5.8 g/t gold over 15 metres. Equally important is that long
intervals of moderate gold grade such as 36.40 metres grading 0.47 g/t gold in hole
20ZS003 have been found.
All 14 holes drilled at Zeca Souza hit at least one but more typically multiple intercepts
of gold, and many holes bottomed in gold mineralization. Other highlights of the
results included visible gold, high grades and good widths, long intervals, and holes
open at depth.
There also may be a genetic relationship between Zeca Souza and Caneleira, which is
about 600 metres to the southeast. A gold-bearing structure discovered in 2007-2008
that’s been defined over 900 metres, Caneleira’s assay results include near-surface
gold grades across widths like 36.1 metres grading 1.42 g/t gold just 70.4 metres down
the drill hole, several holes that bottomed in mineralization, and high-grade results
such as 14.1 g/t gold over 1.0 metre.
Locally, we are working hard to foster strong relationships with our stakeholders. Most
of our employees live in and are from the town of Lavras do Sul or surrounding region,
and we work with local suppliers wherever possible. After year end, we launched the
Rota do Ouro, or Gold Trail, a route that highlights the historical importance of gold
mining to the development of the town of Lavras do Sul.
At the corporate level, we continued to raise our profile in the investment community.
In February 2023, we listed on the OTCQB under the symbol LGCFF, which will make it
easier for U.S.-based investors to trade our shares and possibly lead to increased
liquidity. We also participated in selective conferences, continued to meet with
existing shareholders, and targeted potential new shareholders. We made progress
News release 2023-4
NEWS RELEASE: Lavras Gold will stay focused on discovery (March 3, 2023) 3
toward launching our new website and building our social media presence, and
hosted webinars as appropriate.
Qualified person
Michael Durose, our 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.
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 located in Rio Grande do Sul State, and is 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 Annemarie Brissenden
President & CEO Investor Relations
416-844-6284 416-844-6284
[email protected] [email protected]
DISCLAIMER
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.
FORWARD-LOOKING INFORMATION
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
and the ability to obtain regulatory approval for the Consolidation. For a description of the risks and
uncertainties facing the Company and its business and affairs, readers should refer to the Company’s
Management’s Discussion and Analysis and Listing Statement 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.