Vancouver, March 26, 2019 - Cabral Gold Inc. (TSXV: CBR) (OTC PINK: CBGZF) ("Cabral" or the "Company") is pleased to announce drill results from the Machichie East target at the Cuiú Cuiú Project, Pará State, northern Brazil. These results follow recent initial results from the nearby Machichie target, which like Machichie East, was never previously drill tested. The Machichie East Phase I reconnaissance diamond-drill program is part of a larger 20-hole reconnaissance program designed to test nine separate high-grade gold targets.
Highlights
- Drill hole CC183-19 targeted a coincident magnetic low, chargeability high and Au-Mo-Cu auger anomaly and returned 15.9m @ 1.73 g/t gold including 0.5m @ 21.3 g/t gold and 1.0m @ 10.3 g/t gold in a new and previously unknown structure which is open along strike and at depth
- This new zone is located 400m north-east of the recently discovered Machichie zone and is interpreted to be a new and different structure
- Drill hole CC180-19 which was drilled at the Machichie target and was lost in saprolite but none-the-less returned 1m @ 5.1 g/t gold at the bottom of the hole confirming the presence of mineralization that was encountered in replacement hole CC181-19 at the western end of the main Machichie target
- Elevated silver, tungsten, copper and molybdenum values were also noted from drill hole CC183-19 at Machichie East, which may suggest proximity to a concealed intrusive source
Machichie East Drill Results
A single reconnaissance drill hole CC183-19, was completed to a depth of 250.5m at Machichie East, a target which had never been previously drill tested. The hole was located 400m NE of hole CC177-19 at the recently announced Machichie discovery (see press release dated 28th February 2019), and was designed to test a coincident magnetic low, IP chargeability high anomaly, and multi-element saprolite/soil geochemical anomaly. The hole intersected 15.9m @ 1.73 g/t gold from 79m, including 0.5m @ 21.3 g/t gold from 86.5m and 1m @ 10.3 g/t gold from 91.4m associated with strong silica-pyrite alteration and quartz-pyrite vein zones (see Figures 1 and 2). Several additional shorter and lower grade intersections were intersected elsewhere in the hole (see Table 1).
Unusually for Cuiú Cuiú, elevated silver (Ag), copper (Cu) and tungsten (W) values were returned from the principal intersection described above, with a maximum of 27 g/t Ag, 0.1% Cu and 0.06% W. More broadly outside of this zone, the tungsten mineral scheelite, and coarse centimeter-sized molybdenite was observed in veins. Scheelite also occurs locally in wall-rock alteration zones. Values up to 0.17% W, 0.12% Mo and 0.15% Cu were encountered in selected samples throughout the hole. Tungsten was also recognized outside of the higher-grade gold intervals. Given these initial positive results, further multi-element analysis is planned.
This mineral and metal association is consistent with an intrusive related gold deposit model and raises the possibility of concealed intrusive sources within the Cuiú Cuiú project area, which are yet to be discovered.
Detailed drill results from Machichie East are shown in Table 1.
| Drill hole | From (m) | To (m) | Interval (m) | Grade (g/t gold) |
| | | | |
| Machichie | | | | |
| CC180-19 | 39.4 | 40.5 (EOH) | 1.1 | 5.1 |
| | | | |
| Machichie East | | | | |
| CC183-19 | 22.6 | 29.5 | 6.9 | 1.1 |
| + | 79.0 | 94.9 | 15.9 | 1.7 |
| Incl. | 86.5 | 87.0 | 0.5 | 21.3 |
| Incl. | 91.4 | 92.4 | 1.0 | 10.3 |
| + | 106.7 | 108.1 | 1.4 | 0.8 |
| + | 172.9 | 173.6 | 0.7 | 0.9 |
| + | 220.8 | 221.3 | 0.5 | 0.7 |
Table 1: Drill results from the Machichie and Machichie East target. The drill hole CC180-19 mineralized interval is open, with the hole abandoned in a saprolite-hosted vein at 40.5m. In drill hole CC183-19, the depth of saprolite is 57.45m; the interval 22.6-29.5m is located in the basal sediments of the transported overburden sequence.
Figure 1: Map showing the location of Machichie and Machichie East drill holes in relation to MG deposit
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3900/43668_1377ba1f74c5bb43_002full.jpg
Figure 2: Cross section through Machichie East target showing drill hole CC183-19 and mineralized intervals
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3900/43668_1377ba1f74c5bb43_003full.jpg
Unlike the recently discovered Machichie structure, no historic surface workings are evident at Machichie East. The mineralized zone at Machichie East is a blind target covered by overburden, and located approximately 150m north of the eastern projection of the Machichie structure. Given the reconnaissance nature of this program, and the limited data available, Machichie East is currently interpreted to be a different and previously unrecognised structure to Machichie. Further drilling will be required to determine the orientation and strike extent of this new mineralized zone.
Visible scheelite and molybdenite were also recognized in the Machichie drill core. Given the strong initial Mo and W results from Machichie East, multi-element analysis also is planned for Machichie samples.
Machichie Main East-West Trend
Results on four of the five holes which tested the main E-W trending Machiche magnetic-low were released on 28th February 2019 and included 3.4m @ 36.9 g/t gold. These holes confirmed the discovery of a significant new high-grade mineralized zone at Machichie.
Results were pending on just one hole at Machichie, CC-180-19 which was terminated early in saprolite due to a loss of circulation. This hole returned 1.1m @ 5.1g/t gold from 39.4 - 40.5m depth and terminated at 40.5m having encountered the mineralized zone, but failed to fully penetrate the zone. The subsequent more steeply inclined hole CC-181 was drilled from the same platform and did intersect the Machichie mineralized zone.
Other Drill Targets
Drilling has been completed on three additional targets including MG (3 holes), 6 Irmaos (1 hole) and Quebra Bunda (1 hole). Results are pending from all of these holes. This brings the total number of targets tested as part of this initial drill program to five. Reconnaissance drilling is currently in progress at the sixth target Jerimum Cima, which unlike most of the other targets has had some previous drilling. A historic hole at Jerimum Cima intersected 39m @ 5.1g/t gold and the current program will follow up on this intercept. Assay results from these holes are pending.
Alan Carter, President and CEO commented, "the drill results from Machichie East demonstrate the presence of another previously unknown mineralized structure at Cuiú Cuiú which will require further drilling. These results come soon after the recently announced Machichie discovery located 400m to the south-west. We have now intersected two previously unknown high-grade structures from the first two targets of this initial reconnaissance drill program and look forward to results from the seven additional targets that will be tested as part of this drill program".
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 owns the Cuiú Cuiú gold project, which covers the largest of the historical placer gold camps in the Tapajós region of northern Brazil, having yielded an estimated 2M oz of gold from the overall 20-30M oz gold produced during the Tapajós gold rush. Placer workings cover over 850ha on the property but are largely exhausted. The few remaining artisanal workers now process gold from palaeo-valley placer deposits and in places exploit high-grade gold mineralization from quartz veins in saprolite (shallow highly weathered bedrock).
Cabral reported an updated NI 43-101 Mineral Resource Estimate in December 2018 totalling 5.9M tonnes grading 0.9 g/t Au (Indicated) and 19.5M tonnes grading 1.2 g/t Au (Inferred), or 0.2M ounces and 0.8M ounces of gold, respectively. That estimate was based on four deposits drilled prior to the cessation of exploration in 2012.
FOR FURTHER INFORMATION PLEASE CONTACT:
Alan Carter
President and Chief Executive Officer
Cabral Gold Inc.
Tel: 604.676.5660
Email: info@cabralgold.com
www.cabralgold.com
Dr. Adrian McArthur, B.Sc. Hons, PhD. FAusIMM., 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.
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. 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.
Notes
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. Multi-element analyses are conducted at SGS using a multi-element digest and ICP-OES finish (method ICP40B). Drill holes results are quoted as down-hole length weighted intersections.
Under the agreement with the Cuiú Cuiú condominium, local artisanal operators can process mineralization to a depth of 30m, unless otherwise negotiated. Shafts generally stop at or above the depth of the water-table.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43668
