Lavras Gold Corp (TSX-V:LGC) reported that thanks to gold mineralization at the Galvao target it has made yet another new gold discovery at its Lavras do Sul (LDS) project, in southern Brazil.
The Toronto-based company noted that the gold mineralization discovered at the Galvao target is significant because it has “long intervals with bonanza grade subintervals in some cases.”
This is the first time that Galvao has been drill-tested, and the results show that the new gold system has an intermittent north-south strike extent of at least 450 metres (m).
The mineralization, which has been found to a vertical depth of 461m, is hosted by perthitic granite in zones of hydrothermal breccia.
Significantly, the Galvao discovery is the fourth new discovery made by the company in a little over a year. There are now seven advanced mineral deposits and exploration discoveries at LDS: Butiá, Caneleira, Cerrito/Vila Marieta, Galvao, Matilde, Matilde Extension, and Zeca Souza.
According to the company, all the deposits remain open at depth and along strike and some, like Cerrito/Vila Marieta, may even be connected.
“The mineralization discovered at Galvao appears to be the southern extension of the Zeca Souza discovery,” said Lavras CEO Michael Durose.
“Importantly, mineralization has been found at a vertical depth as deep as 461m, which shows that the depth potential of the gold system at LDS is quite significant. Galvao remains open along strike and at depth.”
One of 23 known gold targets at LDS, Galvao is a new gold discovery located immediately south of the Zeca Souza discovery and 1.4 km north of the Butiá Gold Deposit. Assay results from Zeca Souza featured bonanza gold grades near surface of 28.2 grams per ton (g/t) over 3m, and long intervals like 36.40m at 0.47 g/t gold.
Similarly, the Galvao assay results are typical of the style of mineralization found at LDS. Lavras said the results are characterized by “large intervals of moderate gold grade accentuated by higher grade intervals.”
Among many other results, Lavras said the highlight of the drilling was a long, higher-grade interval from 22BT002 that had returned sub-intervals of bonanza grade gold 10m at 4.63 g/t gold from 532m, including 3m at 11.70 g/t gold from 532m, including 1m at 22.40 g/t gold from 534m.
According to the firm, the hole underscores the high-grade and vertical potential of the mineral system at depth. The higher-grade zone of gold mineralization is hosted in hydrothermally brecciated perthitic granite. The matrix material consists of chlorite and silica with pyrite. The pyrite is tipped to host the gold. “Very fine grain visible gold has been observed with a magnifying glass,” said Lavras.
The company’s 16,000-metre drilling program is underway at the LDS property. The geology team is completing surface work at the Galvao target, including sampling of old workings and trenches. The results will be integrated with the drilling results to define new targets, said Lavras.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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