Cabral Gold Inc (CVE:CBR) (OTCPINK:CBGZF) released a new batch of drill results Thursday containing high-grade gold intercepts from the Machinie and Medusa targets at its flagship Cuiú Cuiú project in Brazil.
Drill hole 40-20 at Machinie returned results of 34 metres (m) at 5.4 grams per tonne (g/t) gold, including 13m at 13.4 g/t gold, within which a bonanza grade section returned 3m at 48.2 g/t gold. Another hole drilled 50m east returned 62.8m at 0.9 g/t gold, including 2.1m at 15.3 g/t gold, and 45m at 1.0 g/t gold including 3.1m at 7.3 g/t gold.
At Medusa, reconnaissance drilling intercepted a mineralized structure directly below surface that Cabral told shareholders will require further drilling to identify the source of surface boulders averaging 24.7 g/t gold.
READ: Cabral Gold identifies a new high-grade gold target at its Cuiú Cuiú project in Brazil
"These very high-grade results from initial step-out RC drill holes at the Machichie target at Cuiú Cuiú, confirm our belief that Machichie is a significant mineralized zone, and in all likelihood, the third significant gold deposit within the Cuiú Cuiú district,” Cabral Gold CEO Alan Carter said in a statement.
“The grade and width of the mineralized intersection in hole 40-20 is the best we have seen so far at Machichie, and these holes significantly extend the mineralized zone to the east.”
Further drilling along strike and down dip is necessary to fully determine the size of the Machichie discovery, Carter added.
The Medusa results that intersected a new mineralized zone at depth was “very encouraging,” according to Carter.
“With two rigs currently drilling, and an aggressive surface exploration program in progress at Cuiú Cuiú, we look forward to a steady stream of results during the first half of 2021,” he said.
Results are pending on another six holes drilled at the Tracaja target and from surface reconnaissance work from a number of different target areas at Cuiú Cuiú.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas