Cabral Gold up 18% ahead of Brazil drilling

Cabral Gold Inc. [CBR-TSXV; CBGZF-OTC] said it is gearing up to drill multiple targets at its Cuiu Cuiu gold project in Brazil.

The company said it is mobilizing an RC drill rig to the project and is planning a minimum of 25,000 metres of drilling over the coming months.

The objective is to outline multiple high-grade gold deposits at the Cuiu Cuiu Project where previous drilling  outlined a large, low grade resource with an Indicated Resource of 5.9 million tonnes, grading 0.9 g/t  (200,000 ounces) and an Inferred Resource of 19.5 million tonnes at 1.20 g/t (800,000 ounces) in the MG and Central deposits.

The company has a 100% interest in the Cuiu Cuiu gold district, located in the Tapajos Region within the state of Para, northern Brazil.

The Tapajos Gold Province is the site of the largest gold rush in Brazil’s history. It led to the production of an estimated 30-50 million ounces of placer gold between 1978 and 1995, including two million ounces from Cuiu Cuiu.

In an August 20, 2020 press release, the company said drilling will initially test several targets which have returned high-grade gold values on surface. These include the Alonso, Medusa and Cilmar targets which have never been previously drilled. They are being targeted after surface sampling returned spectacular gold values earlier this year, including 11.6 to 200.3 g/t gold from 24 surface boulders at Alonso and 1.1 to 82.1 g/t gold from 19 surface boulders at Medusa.

Following the completion of these initial drill programs, the rig will move to complete further drilling at the Machichie and Machichie East targets, which are located 600 metres and 800 metres respectively, north of the MG gold deposit  and where initial diamond drilling during 2019 returned encouraging results, including 3.4 metres at 36.9 g/t gold.

On Friday August 21, Cabral Gold shares jumped 18.06% or $0.07 to 43 cents on volume of 693,799 shares traded. Cabral recently raised $4.17 million via private placement.