Vancouver, British Columbia--(Newsfile Corp. - October 20, 2020) - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") is pleased to announce the identification of a new high-grade target, and assay results from the initial three RC holes drilled at the Alonso high-grade boulder target at the Cuiú Cuiú gold district in northern Brazil. Highlights are as follows:
- Dona Moca target - The ongoing regional reconnaissance program at Cuiú Cuiú has identified a new high-grade target at Dona Moca which is located 1.6km ENE of the Medusa target. Surface grab samples at Dona Moca returned gold values of 108.3 g/t, 32.0 g/t, 21.9 g/t and 3.9g/t gold in surface cobbles
- Medusa target - Soil sampling in and around the Medusa target has identified a large coherent gold-in-soil anomaly which extends at least 1.4km and has a pronounced ESE trend, extending east of the previously reported high-grade boulders which range from 1.1 to 82.2 g/t gold. The presence of this anomaly suggests that Medusa could be a significant mineralized zone and may in part explain why so much placer gold was historically extracted from the adjacent stream which drains to the north
- Alonso target - Results have been received on the initial three RC holes completed at the Alonso target. Two of the three holes were drilled 150m east of the high-grade boulders at Alonso while the third was drilled south of the target. These initial holes did not intersect any high-grade gold mineralization. Results are pending on an additional twelve RC holes and the current drill program is continuing
Alan Carter, Cabral's President and CEO commented, "The identification of another new high-grade gold target at Dona Moca and a significant gold-in-soil anomaly at Medusa are both positive developments that continue to highlight the potential for discovering additional gold deposits in the eastern part of the Cuiú Cuiú concession area. The current drill program will test at least 10 different targets at Cuiú Cuiú and will take several months to complete. Whilst the first three RC holes at the initial Alonso target did not intercept high-grade mineralization at depth, results are pending on 12 additional drill holes, and we remain committed to identifying the source of the high-grade boulders on surface".
Dona Moca Target
Ongoing regional reconnaissance work in the eastern part of the Cuiú Cuiú concession area has identified another new high-grade target at Dona Moca which is located 1.6km ENE of the high-grade Medusa target (see Figure 1 and press release dated 22nd April 2020).
Figure 1: Regional RTP 1VD magnetic composite map showing location of the Dona Moca target relative to the existing deposits at MG and Central, and the Medusa and Alonso targets, as well as recently identified high-grade targets at Machichie SW and Jerimum North.
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Surface grab samples collected over an area of 65m in length at Dona Moca showed abundant visible gold (Figure 2) and returned peak gold values of 108.3 g/t, 32.0 g/t, 21.9 g/t and 3.9g/t gold. The source of these grab samples is currently unknown and further soil sampling and surface trenching is planned. It is significant that the samples were collected at the northern end of a major placer working which extends at least 2km upstream to the south. A range of vein cobble types are seen in the drainage suggesting a multi-phase hydrothermal event, with the grey quartz returning the highest grades.
Figure 2: Visible gold in quartz vein grab sample from the Dona Moca target.
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Medusa Target
Results have been received on 1,080 soil samples completed as part of a grid surrounding high-grade boulders at the Medusa target and have identified a coherent gold-in-soil anomaly which extends for at least 1.4km in an ESE direction (See Figure 3). This may indicate the presence of a large concealed mineralized system at Medusa.
Drilling at Medusa is expected to commence in the next few days.
Figure 3: Detailed airborne magnetic map (RTP-1VD composite) showing Medusa and Dona Moca targets with recently completed soil sampling grid and outline of ESE trending gold-in-soil anomaly. Note major placer gold workings draining from south to north in eastern part of map area.
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Alonso Target Results and Ongoing Drill Program
In February, Cabral Gold identified the presence of extensive angular quartz vein boulders with visible gold in a drainage with placer gold located 3km SE of the MG gold deposit. Twenty-three samples of this boulder float material were collected and returned gold values of 11.6 to 200.3 g/t gold (see press release dated 11th February, 2020).
Whilst high-grade surface samples have been collected from other targets at Cuiú Cuiú, including the new Dona Moca target described above, the number of samples and the grade of the samples collected at Alonso were unusually high. As a result, the Company elected to drill this target first, even though there were no previous drill holes and an almost complete lack of surface exposure, and considerable challenges regarding access to certain areas of this target.
The initial round of RC drilling at Alonso is now almost complete with 15 holes completed to date. Results have been received on the initial three holes (RC1-20 to RC3-20) and have not identified any significant high-grade gold mineralization. RC1-20 was targeted to drill underneath the area of high-grade boulders but was lost before intercepting the projected down-dip extension of the mineralized zone. RC2-20 and RC3-20 were both drilled as part of a fence 150m east of the high-grade boulders (Figure 4).
Access to the area where high-grade surface boulders have been identified, is challenging, and despite the presence of waterlogged ground due to the proximity to a drainage, the Company was able to drill two additional holes (RC6-20 and RC7-20) which were drilled on the same section as RC1-20. Two additional holes RC4-20 and RC5-20 were completed on the fence 150m to the east. Results on these holes are pending.
Another fence of six holes (RC8-20 to RC13-20) was also completed 950m to the west of the high-grade boulders (western extension) where surface boulders are also mineralized and range from 1.0 to 7.7 g/t gold (Figure 4). Results on these holes are also pending.
Two holes (RC14-20 and RC15-20) have been drilled 75m east of holes RC1-20, RC6-20 and RC7-20, and have been designed to test the northern part of the structural corridor where the high-grade boulders were identified on surface.
The Company remains committed to identifying the source of the extensive alluvial gold in the drainage system at Alonso extending beyond the high-grade boulder occurrences, with the magnetics indicating a significant array of structures and intersections points extending from these initial lines.
The rig will move to the Medusa target this week where drill platforms have already been prepared (see above for discussion of the Medusa target).
Figure 4. Map showing structural corridors interpreted from airborne magnetic data and RC holes completed to date at Alonso target.
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The second drill rig will mobilize to Cuiú Cuiú this week. It is a truck mounted RC machine and has the capability of drilling holes to 450m depth. The rig will initially target several of the recently discovered veins in the Machichie SW and Machichie area which are outcropping on surface (see press release dated 24th September 2020).
About Cabral Gold Inc.
The Company is a junior resource company and is 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.
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 garimpo in the Tapajós and produced an estimate 2Moz of placer gold historically.
FOR FURTHER INFORMATION PLEASE CONTACT:
"Alan Carter"
President and Chief Executive Officer
Cabral Gold Inc.
Tel: 604.676.5660
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 assays have been determined by SGS method FAA505 (fire assay; 50 charge). Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored in the Company's supervised exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps and rejects are returned to the Company and archived. The Medusa gold in soil anomaly is defined by > 90th percentile gold in soil assay result (>15ppb gold to a peak value is 382 ppb Au).
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