The company said the new mineralized zone, named E3, is situated approximately 150 metres to the east of the previously outlined east zone at Serra Alta.
News of the discovery is contained in a press release that also features new assay results from a continuing infill/condemnation and extensional drill program at the Serra Alta deposit.
Highlight results include FGO-014, which returned 4.0 metres at 59.97 g/t gold from 171 metres at the Gogo target, which is located 450 metres north of the Serra Alta deposit.
On November 18, 2022, Cerrado shares closed at 77 cents and currently trade in a 52-week range of $1.96 and 72 cents.
Cerrado is a Toronto-based company with a focus on gold projects in the Americas. It is the 100% owner of the producing Minera Don Nicolas mine in Santa Cruz, province, Argentina and the Monte do Carmo development project in Tocantins State, Brazil.
At Monte do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through feasibility and production. The Serra Alta deposit is estimated to host an indicated resource of 541,000 ounces of contained gold and an inferred resource of 780,000 ounces.
The infill/condemnation program commenced in the fourth quarter of 2021. The aim was to increase confidence levels by upgrading the bulk of the resources into the measured and indicated categories., target new satellites, extensional zones, condemn areas of project infrastructure and support the ongoing feasibility study.
On Monday, the company reported assay results from 31 drill holes, covering 10,647 metres completed from June to September, 2022. As of November 4, 2022, 172 drill holes, covering 42,068 metres have been completed, including 137 at Serra Alta; and 35 holes in the satellite exploration areas.
The company currently has five drill rigs on site and plans to complete the current phase of drilling by mid-December.
“The new E3 mineralized zone is the second satellite discovery announced at Serra Alta this year as part of the infill drill program,’’ said Carrado Gold CEO Mark Brennan. The results reported Monday and the geological logging of additional holes with assays still pending allow us to infer a preliminary north-south strike length of approximately 250 metres for E3, with no constraints yet noted in terms of down dip extensions, the company said. It is presumed the E3 will add fresh ounces to the resource inventory.
FSZ-008, considered the discovery hole, returned 13 metres at 5.53 g/t gold from 333 metres, including 3.0 metres of 24.39 g/t from 343 metres.
Cerrado disclosed the discovery of the Gogo target in June, 2022, with additional results released in September, 2022. Further drilling has provided a high confidence level that incremental ounces can be incorporated in the ongoing feasibility study, the company said.