Cabral Gold drills 10.5 g/t gold over 10 metres at Cuiu Cuiu, Brazil
Cabral Gold Inc. [TSXV-CBR; OTC-CBGZF] reported drill results from a further eight RC (reverse circulation) holes from the Central gold deposit located within the Cuiu Cuiu gold district in northern Brazil.
Highlights: RC368 returned 10m of 10.5 g/t gold from 67m in fresh rock, including 1m 63.6 g/t gold and 1m @ 28.3 g/t gold. The hole ended in mineralized material grading 1 g/t gold.
RC384 returned 23m of 0.9 g/t gold from 4m in saprolite. RC385 returned 13m of 0.7 g/t gold from 3m depth, 6m @ 1.4 g/t gold from 44m depth and 4m of 2.7 g/t gold from 59m. All three holes are in saprolite.
Drill results are pending on 13 RC holes from the Central deposit, and nine shallow power-auger holes testing the MG deposit and 21 RC holes from the Machichie target.
Alan Carter, President and CEO, commented, “The recent results from Central and in particular hole RC368 continue to confirm the presence of near-surface high-grade material. The bonanza mineralized zone intersected in hole RC368 is the same zone cut in DDH306 which previously returned 20.9m of 4.2 g/t gold in saprolite, and should have a positive impact on the near surface resource base in this part of the Central deposit.”
The Central gold deposit is one of the two main gold deposits identified to date at Cuiu Cuiu. As with the nearby MG gold deposit, the upper portion of the Central gold deposit is extensively weathered resulting in a vertical profile of highly weathered basement saprolite averaging approximately 60m. The weathered mineralized basement saprolite is overlain by mud, soil and colluvium material which forms a blanket. 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 Central are contained within the underlying primary (un-weathered) basement material, the overlying oxide material currently contains Indicated Resources of 3.49Mt of 0.6 g/t gold (65,400oz) and Inferred Resources of 3.36Mt of 0.4 g/t gold (44,800oz). A significant amount of higher-grade material (greater than 1.75g/t gold) is contained within these resources and the current drill program at Central is designed to expand and delimit these resources within the near-surface saprolite and blanket material.
Cut-off grades of 0.14 g/t gold and 0.26 g/t gold were used for the 2022 open pit resource estimate for blanket/saprolite and fresh-rock mineralization, respectively.
Holes RC368 and RC379 to RC385 were all drilled within the overall outline of the oxide resource at Central to a maximum depth of 83m.
The current drill results and those that are pending, will enable the generation of a more accurate resource model of the oxide mineralization at Central and MG which in turn will form the basis of a proposed mine plan for the prefeasibility study regarding trial mining. The prefeasibility study on trial mining of the gold-in-oxide resources will consider exploitation by open-pit mining and heap-leach processing.
The company agreed to settle an aggregate of $15,203 of debt by issuing an aggregate of 74,166 common shares of the company at a deemed price of C$0.205 per share.
The Shares will be issued to Dr. Alan Carter, a non-arms length party as he is a director and senior officer of the Company, as payment for accrued interest of $15,203 on a loan provided to the company by Dr. Carter. The Debt Settlement is subject to TSX Venture Exchange acceptance.
Cabral Gold has a 100% interest in the Cuiu Cuiu gold district located in the Tapajos Region, within the state of Paray, northern Brazil. Two main gold deposits have so far been defined at the Cuiu Cuiu project which contains NI 43-101 compliant Indicated resources of 21.6Mt of 0.87 g/t gold (604,000 oz) and Inferred resources of 19.8Mt of 0.84 g/t gold (534,500 oz) as per the 43-101 technical report dated October 12, 2022.