Highlights
The RC drilling program at Cuiu Cuiu continues to make excellent progress with a total of 69 holes completed to date. Results are currently pending on 31 RC holes from Central, 12 RC holes and nine power auger holes from MG, and 12 RC holes from Machichie where previous drilling indicates the potential for a new zone of gold-in-oxide mineralization
Drilling results to date support the strategic direction of developing a high grade / high margin project based on the gold-in-oxide blanket above the primary sulphide-hosted orebody at Cuiu Cuiu. Early indications from the drilling point to the potential for an increase in high grade inventory, closer to the surface
Additional metallurgical test work including column-leach tests are planned to better understand the gold recoveries of both the high-grade and low-grade gold-in-oxide ore at Central and MG. Additional metallurgical samples are currently being collected
Pronorte Geotecnica Ltda ('Pronorte') has been contracted to complete a program of geotechnical drilling at Cuiu Cuiu consisting of an initial 16 diamond-drill holes and 30 power-auger holes. The drill rig has arrived on site and drilling has commenced
A LIDAR topographic survey was recently completed on site and will be used to accurately design the construction of the mine and associated infrastructure
Update regarding Pre-feasibility Study
The Company is making good progress on a 43-101 compliant PFS regarding the economic viability of mining and heap leach processing of the gold-in-oxide material at the Central and MG gold deposits at Cuiu Cuiu. The Company has contracted Ausenco do Brasil Engenharia Ltda ('Ausenco') to complete the study.
The Company is currently conducting a program of RC drilling at both the MG and Central deposits as part of the PFS. A total of 69 holes have been completed thus far and results have been released on the initial 14 holes (six holes from MG and eight holes from Central). Initial results have been highly encouraging and include 27m @ 1.9 g/t from surface at MG and 16m @ 5.2 g/t gold from 7m depth at Central.
In addition, results are pending on 12 holes which have been completed at the Machichie target, where previous drilling suggests the presence of a significant gold discovery. Previous drilling in the weathered oxide material returned values up to 34m @ 5.4 g/t gold from 0 to 34m depth including 13m @ 13.4 g/t gold from 18 to 31m depth.
Results are currently pending on 31 RC holes from Central, 12 RC holes and nine power-auger holes from MG and 12 RC holes from Machichie.
Ausenco and Cabral have also elected to undertake additional metallurgical testwork to better understand the ore characteristics and optimize the processing envelopes (throughput rates, recovery rates, leaching times, pad heights etc.). These studies are designed to better understand the leaching characteristics of the entire resource base as well as the scalability, optimal cement-ore ratios, agglomeration and compaction-permeability tests on samples for various potential stack heights.
Pronorte has been contracted to complete a program of geotechnical drilling aimed at understanding the overall ground conditions at Cuiu Cuiu prior to the erection of the heap leach pads, the agglomeration and ADR plants and associated infrastructure. A total of 16 diamond-drill holes and 30 power-auger holes are planned. Drilling is in progress.
The Company recently completed a LIDAR topographic survey as part of the PFS. LIDAR is an acronym which stands for Light Detection and Ranging and uses infra-red light in the form of lasers to precisely measure distances. The LIDAR instrument consists of a laser, a scanner and a GPS receiver mounted on a drone platform, and will be used to accurately design the construction of the mine and associated infrastructure.
The Company has hired Deswick to complete a mine plan as part of the PFS. This work will be completed from
The ongoing PFS continues to evolve and is generating opportunities to optimize the value of the project. These opportunities include the potential to increase the amount of material mined and processed, which may allow for reduced unit operating costs through greater economies of scale, the potential to optimize gold recoveries, and potential capex savings. In order to capture these opportunities within the 43-101 compliant PFS additional time has been allowed which will mean that the PFS results are now expected in Q2 2024.
Completion of debt settlement
Cabral also announces that further to its press release of
A total of 358,762 of the Shares have been issued pursuant to the Debt Settlement to an arm's-length creditor in settlement of
The securities to be issued pursuant to the Debt Settlement are subject to a four-month hold period in accordance with applicable securities laws.
The issuance of 1,261,684 Shares pursuant to the Debt Settlement to
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in
About
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
Contact:
President and Chief Executive Officer
Tel: 604.676.5660
Forward-looking Statements
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. 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.
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