Vancouver, British Columbia – March 3, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Cabral Gold Inc. (TSXV: CBR) (OTC PINK: CBGZF) (“Cabral” or the “Company”) is pleased to announce that it has added a fifth drill rig on site at the Cuiu Cuiu gold district in northern Brazil.
Highlights are as follows:
The new diamond drill rig will initially commence drilling at the Indio target located approximately 1.5km SE of the MG gold deposit. Grab samples of mineralized quartz vein float from surface at Indio returned gold values ranging from 1.5 to 137.8 g/t gold
Six reconnaissance RC drill holes completed in early 2021 at Indio failed to test the primary target due to waterlogged ground but nonetheless cut a number of interesting mineralized structures including 4m @ 2.5 g/t gold including 1m @ 8.7 g/t gold and 5m @ 2.6 g/t gold including 2m @ 5.7 g/t gold
Following the completion of drilling at Indio the rig will move to test the Dona Moca, Cilmar and Tracaja targets
Alan Carter, Cabral’s President and CEO commented, “During the last 12 months we have identified three new zones of near-surface gold-in-oxide mineralization at MG, PDM and Central as well as a deeper zone of hard rock gold mineralization at PDM. This unprecedented success has meant that for the last few months the four drills that we currently have on site have been focused on drilling off these new discoveries as well as expanding the two known gold deposits. The arrival of a fifth drill rig gives us the ability to drill test more of the regional targets at Cuiu Cuiu as we seek to discover additional gold deposits within this prolific district”.
Reconnaissance Drilling Program
A first phase diamond drill program is planned for the Indio Target at Cuiu Cuiu. Six reconnaissance RC drill holes completed in early 2021 at Indio failed to test the primary target due to waterlogged ground but nonetheless cut a number of interesting mineralized structures including 4m @ 2.5 g/t gold including 1m @ 8.7 g/t gold and 5m @ 2.6 g/t gold including 2m @ 5.7 g/t gold.
The RC drilling during 2021 at Indio was hampered by excessive water flows, and the arrival of the diamond drill should allow for more thorough testing of the mineralized float material sampled on surface which returned gold values ranging from 1.5 to 137.8 g/t gold, as well as the mineralized drill intercepts returned from the initial RC drilling.
Following the completion of drilling at the Indio target, the rig will move east to test the untested Dona Moca target which is located 7km ESE of the MG gold deposit. Surface samples of quartz vein float at Dona Moca returned gold values up to 108.3 g/t gold and extensive historic placer gold workings characterize the area.
Drilling is also planned at the Cilmar and Tracaja targets. Cilmar has never had any previous drilling and is a target where numerous coarse gold nuggets have been recovered from streams. The source of these nuggets is currently unexplained.
Drilling and Trenching Update
Results are currently pending on six diamond-drill holes at MG and drilling is continuing.
Results are also currently pending on six diamond-drill holes at Central and drilling is continuing.
In addition to the extensive diamond-drilling program that is in progress at Central, RC drilling aimed at further defining the extent of the gold-in-oxide blanket material is also in progress. Results are currently pending on 23 RC drill holes at Central.
Diamond-drilling continues at the recently discovered mineralized zone in basement granitic rocks at the PDM target located 2.5km NW of Central (see press release dated January 12, 2022). Results on seven diamond drill holes are currently pending.
Additional trenching is also in progress at the Machichie target where recent surface trenching 285m west of the most westerly drill hole returned 5m @ 8.3 g/t gold (see press release dated February 2, 2022). Results are pending.
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 Cuiu Cuiu gold district located in the Tapajos Region, within the state of Para in northern Brazil. Two gold deposits have so far been defined at Cuiu Cuiu and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90 g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24 g/t (800,000 oz).
The Tapajos 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. Cuiu Cuiu was the largest area of placer workings in the Tapajos 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.
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