Cabral Gold drills 4.6 g/t gold over 13 metres at Cuiu Cuiu, Brazil
Cabral Gold Inc. [CBR-TSXV; CBGZF-OTC] reported assay results from nine additional reverse circulation (RC) holes drilled to test the recently identified gold-in-oxide blanket at the PDM target within the 100%-owned Cuiu Cuiu gold district in northern Brazil.
Highlights include drill hole RC310 that returned 13.0 metres of 0.3 g/t gold from surface in oxidized and weathered material and 13.0 metres of 4.6 g/t gold from 25.0 metres in oxide material, including 1.0 metresof 49.2 g/t gold from 34.0 metres.
RC313 returned 17.0 metres of 1.1 g/t gold from surface in oxidized and weathered material. Other significant drill results from oxidized and weathered material at PDM include RC309 that returned 33.0 metres of 0.4 g/t gold from surface including 10.0 metres of 0.8 g/t gold from 23.0 metres.
RC308 returned 27.0 metres of 0.4 g/t gold from surface. RC307 returned 15.0 metres of 0.4 g/t gold from surface. RC311 returned 11.0 metres of 0.4 g/t gold from surface. RC314 returned 15.0 metres of 0.4 g/t gold from surface.
Alan Carter, President and CEO commented, “These latest RC results from the PDM target further demonstrate the presence of a higher-grade core within the unconsolidated oxide blanket, but perhaps more importantly they indicate the possible presence of a second primary mineralized zone in the underlying basement granitic rocks. This may be sub-parallel to the zone of primary gold mineralization previously identified below the oxide blanket, and announced just a few months ago. These results lend further credence to the notion that PDM, like Machichie, is a significant new discovery which will require further drilling.”
The PDM (Pau de Merenda) target is located 2.5 km NW of the Central gold deposit at Cuiu Cuiu within a prominent northwest-trending gold-in-soil anomaly and co-incident magnetic low, which have been traced for over 5 km along strike. Within this anomaly, referred to as the Central Trend, occur the Central gold deposit, Central SE target, Central North target, Mutum target and PDM target.
The gold-in-oxide blanket at PDM was initially identified in August 2021 and a program of diamond drilling which was initiated in late 2021 subsequently identified an underlying zone of primary gold mineralization in the unweathered granitic basement rocks similar to that at MG and Central.
Results from the initial diamond-drill holes in unweathered granitic basement rocks beneath the gold-in-oxide blanket at PDM included 22.4 metres of 4.8 g/t, including 1.35 metres of 62.0 g/t gold in DDH238; 11.9 metres of 3.3 g/t gold including 0.5 metres of 16.1 g/t gold and 1.2 metres of 16.0 g/t gold in DDH239; and 18.0 metres of 2.5 g/t gold from 92.0 metres, including 3.0 metres of 10.5 g/t gold in DDH275. These diamond-drill results define a northwest-trending zone of primary gold mineralization in the granitic rocks directly underlying the PDM oxide blanket.
The current RC drilling program at PDM has been designed to further define the limits of a higher-grade core within the overlying gold-in-oxide blanket, and has confirmed the presence of this higher-grade core area.
Cabral announce an additional closing of its previously announced private placement financing through the issuance of 100,000 additional units on a non-brokered basis at a price of $0.30 per Unit for gross proceeds of $30,000. The current closing brings the total gross proceeds of the Private Placement to $3,041,507.40 comprised of 10,138,358 Units issued at $0.30 per Unit.
Each Unit consists of one common share in the capital of the company and one common share purchase warrant good to buy one common share at an exercise price of $0.50 per common share for 24 months after closing.
Two gold deposits have so far been defined at Cuiu Cuiu and contain NI 43-101 compliant Indicated resources of 5.9Mt of 0.90 g/t (200,000 oz) and Inferred resources of 19.5Mt of 1.24 g/t (800,000 oz).