Vancouver, British Columbia–(Newsfile Corp. – November 17, 2021) – Cabral Gold Inc. (TSXV: CBR) (OTC PINK: CBGZF) (“Cabral” or the “Company“) is pleased to provide an update regarding the ongoing drilling and exploration program within the NW-SE trending Central trend at the Cuiú Cuiú gold district in northern Brazil.
Highlights are as follows:
Central Gold Deposit:
- Diamond drilling at the Central gold deposit is in progress and is aimed at defining and delimiting high-grade zones within the deposit which is open both at depth and along strike. A total of 43 holes are planned totaling 5,400m. Previous drilling at Central returned 220m @ 2.0 g/t gold, including 9.8m @ 17.9 g/t gold; 65.8m @ 3.5 g/t gold, including 6.1m @ 23.5 g/t gold; 179.6m @ 1.1 g/t gold, including 5.1m 14.1 g/t gold; and 174.2m @ 1.5 g/t gold including 2m @ 36.2 g/t gold
- RC drilling at Central is also in progress and is aimed at identifying a gold-in-oxide blanket, resulting from weathering of the underlying primary Central gold deposit. Gold-in-oxide blankets were recently identified at the PDM target and above the MG gold deposit
- Diamond drilling at PDM is also in progress, testing directly below the recently discovered gold-in-oxide blanket, which has returned up to 40m @ 2.2 g/t gold in oxide material. Limited historic drilling at PDM tested the underlying basement rocks, and returned up to 47m @ 1.8 g/t gold and 30m @ 1.1 g/t gold
Mutum and Central SE Targets:
- Drilling is planned during Q1 2022 at the Mutum and Central SE targets. Limited historic drilling at Central SE returned values of 27m @ 6.9 g/t gold and 8m @ 8.4 g/t gold. At Mutum, which is located 750m SE of PDM, surface trenches returned 32m @ 1g/t, 25.5m @ 0.9g/t and 16.5m @ 0.9g/t gold. The target has never been drill-tested
- Magnetic and auger geochemical surveys of the 2.5km region between Central and PDM suggests a broad NW-trending structure may connect the two targets. This intervening area has never been drill-tested and will be followed up in 2022
Alan Carter, Cabral’s President and CEO commented, “The current drilling campaign has focused in and around the MG gold deposit, and resulted in the discovery of the near surface gold-in-oxide blanket at MG, and the mineralized zone in hard-rock at Machichie. Following these successes, we are turning our attention to the 5km-long Central trend at Cuiú Cuiú, which includes the Central gold deposit and the recently identified PDM gold-in-oxide blanket, located 2.5km to the north. This trend also contains a number of other excellent targets, notably the Central SE target, where historic drilling returned 27m @ 6.9 g/t gold, and the Mutum target where surface trenching previously returned 32m @ 1 g/t gold. These targets, as well as PDM and Central, will be the subject of an aggressive program of follow-up drilling during the coming months.”
Central Trend at Cuiu Cuiu
The NW-trending Central trend at Cuiú Cuiú extends at least 5km in a NW direction. It is defined by coincident and pronounced gold-in-soil and gold-in-auger geochemical anomalies and a magnetic-low geophysical anomaly. The trend contains a number of important targets including (from north to south), PDM, Mutum, Central North, the Central gold deposit and Central SE. It is also parallel to the major NW-trending TZ lineament located 4km to the northeast. The crustal-scale TZ structure is spatially related to all of the known gold deposits in the northern Tapajos, including G Mining Venture Corp’s 2Moz TZ deposit.
Figure 1: Topographic map showing the location of the MG and Central gold deposits (in red) and the outline of the recently discovered gold-in-oxide blankets at PDM and MG (in beige). The outline of the historic placer gold workings are shown in pale yellow.
Figure 2: Map showing the 5km-long Central trend at Cuiu Cuiu including the Central gold deposit (in yellow) and the main gold-in-auger soil anomaly (black lines) with the airborne magnetic data. The outline of the historic placer workings and the main targets along the trend are also highlighted
Central Gold Deposit
The Central deposit is currently the largest gold deposit known at Cuiú Cuiú. It is a NW-trending deposit, which is up to 100m wide and 1.2km in length, and remains open along strike and down-dip. The current resource at Central comprises Indicated Resources of 5.9Mt @ 0.9 g/t gold (200,000oz), and Inferred Resources of 8.7Mt @1.1 g/t gold (300,000oz).
Previous drill results at Central include: 134.5m @ 1.1g/t gold; 65.8m @ 3.5 g/t gold including 6.1m @ 23.5 g/t gold; 179.6m @ 1.1 g/t gold including 5.1m 14.1 g/t gold; 174.2m @ 1.5 g/t gold including 2m @ 36.2 g/t gold; and 220m @ 2.0 g/t gold, including 9.8m @ 17.9 g/t gold.
A total of 76 historic diamond-drill holes, totaling 23,191m, define the current resource at Central. Within the broader zones of lower grade mineralization, 34 high-grade drill intercepts (>10 g/t Au) were encountered at Central. Historic drilling was designed to delimit a potential open-pit, bulk-tonnage deposit and therefore the high-grade intercepts were not the focus of historical drill programs and hence, were not followed up. Moreover, sections were very wide-spaced (in places over 200 m, but more commonly 100 m apart, to 50 m in the core area), and most sections just had one hole, all drilled to various depths.
Of the holes intersecting high grades, only 13 had one or more other holes drilled up-dip or down-dip on the same section, some of these intercepts were nearly 400 m down hole, or close to 350 m deep. As a result, it was not possible to correlate the high-grade intercepts between sections or within sections with any degree of confidence and therefore the orientation of the higher-grade structures and their true widths are not known. Nevertheless, Cabral believes it is important to better define and assess these high-grade intercepts, as several were significantly impacted through implementing top cuts in the 2018 resource estimates. Better defined continuous higher-grade zones could have a material impact on the grade and contained ounces of gold in future resource estimates.
Diamond drilling recently commenced at the Central gold deposit, and is aimed at defining and delimiting high-grade zones within the Central gold deposit. A total of 43 holes are planned totaling 5400m.
In addition, RC drilling is also in progress designed to test the near surface material for a possible third gold-in-oxide blanket at Cuiú Cuiú above the primary Central gold deposit. A total of 25 RC holes are planned.
PDM (Pau de Merenda) Target
The PDM target is an important target at Cuiú Cuiú and is located approximately 2.5km NW of the Central gold deposit (Figures 1 and 2). PDM comprises a gold-in-soil anomaly which is similar in size and magnitude to the Central gold deposit. Limited historic diamond drilling (nine holes totaling 2,593m) at this target previously returned encouraging drill results within the underlying bedrock, including; 30m @ 1.1 g/t gold, 47m @ 1.8 g/t gold, and 9m @ 5.1 g/t gold.
The recent completion of 31 RC holes at PDM has identified a gold-in-oxide blanket 27 hectares in size. This is akin to the recently identified gold-in-oxide blanket above the primary MG gold deposit. Assay results from the gold-in-oxide blanket have included: 40m @ 2.2 g/t gold, including 7m @ 9.4 g/t gold; 13m @ 0.9 g/t gold; 10m @ 0.9 g/t gold; and 11m @ 0.6 g/t gold (see press releases dated August 10, 2021 and October 28, 2021).
Perhaps more importantly, the RC drilling is continuing to define a NW-trending higher grade gold mineralization corridor. This extends at least 500m along strike and may indicate the location of an underlying primary mineralized structure which has eroded to form the gold-in-oxide blanket at PDM.
Diamond drilling aimed at testing for the presence of an underlying deposit is currently in progress. A total of five diamond-drill holes have been completed to date from a planned total of 11 initial holes. Results are pending.
The Mutum target is located within the Central trend 750m SE of the PDM target and within the Central trend adjacent to extensive alluvial placer gold workings. Trenching of this saprolitized basement target revealed extensive stockwork gold mineralization and alteration akin to that which characterizes the primary gold mineralization at the Central gold deposit and the PDM target. Surface trench results at PDM previously returned 32m @ 1g/t gold, 25.5m @ 0.9g/t gold and 16.5m @ 0.9g/t gold, indicating the possible presence of another gold deposit.
Central North Target
The Central North target is located 1km NW of the Central gold deposit (Figure 2). Ten diamond-drill holes totaling 3,470m were previously drilled at this target. The best intervals included 39.4m @ 1.3 g/t gold, 20m @ 0.6 g/t gold and 19m @ 0.5 g/t gold. The drill spacing was however wide and results are not yet clearly understood.
No drilling has been previously completed between the Central North and PDM targets and this part of the Central Trend will also be tested during H1 2022. In particular the Mutum target has never been drill-tested but is expected to be drilled during Q1 2022.
Central SE Target
The Central SE target area covers at least 1km in strike length and is located directly along strike and SE of the Central Gold Deposit (Figure 2). The area is characterized by unexplained historic placer gold workings, and a large unexplained gold-in-soil anomaly. Limited historic drilling on this target has returned gold values including 27m @ 6.9g/t gold, including 14m @ 13.1 g/t gold, and 8m @ 8.4g/t gold.
Follow-up diamond drilling is planned at Central SE during Q2 2022, and is designed to test for the SE extension to the Central gold deposit.
Other Drilling at Cuiú Cuiú
Diamond drilling at the MG gold deposit is continuing with the objective of further defining and delimiting high-grade zones of mineralization along strike and down-dip. Results are currently pending on nine drill holes, and a further 26 diamond-drill holes are planned.
Results are currently pending on five diamond drill holes at the Alonso target which is located 3km SE of the MG gold deposit. Twenty-three samples of boulder float material from Alonso previously returned gold values of 11.6 to 200.3 g/t gold (see press release dated February 11, 2020).
About Cabral Gold Inc.
The Company is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Two gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24g/t (800,000 oz).
The Tapajós Gold Province is the site of the largest gold rush in Brazil’s history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer workings in the Tapajós and produced an estimated 2Moz of placer gold historically.
FOR FURTHER INFORMATION PLEASE CONTACT:
President and Chief Executive Officer
Cabral Gold Inc.
Guillermo Hughes, MAusIMM and FAIG., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “will”, “expected” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: strategic plans and future operations, and results of exploration. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.
Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company’s exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.