Cabral Gold Inc (TSX-V:CBR) has released assay results and drill update from an additional seven reconnaissance RC (reverse circulation) holes at the MG gold-in-oxide blanket located at its Cuiú Cuiú gold district in the Tapajós Region, within the state of Pará in northern Brazil.
These most recent results come from seven additional follow-up RC drill holes testing the MG gold-in-oxide blanket target, which directly overlies the primary MG gold deposit.
According to Cabral, drilling continues to return remarkably consistent gold grades over an area of at least 400 meters x 500 meters (m).
READ: Cabral Gold releases additional assays from its Cuiú Cuiú gold district in Brazil
Highlights from the newly reported data suggest, “significant results” on two North-South sections through the middle portion of the blanket, which include 13m at 0.6 grams per tonne (g/t) gold, 7m at 0.5 g/t gold and 34m at 0.7 g/t gold in hole RC-132; and 46m at 0.5 g/t gold in RC-135.
The company noted that the recent drill results indicate the blanket remains open to both the north and south in several areas.
Two additional diamond drill rigs have been deployed to the site raising the total number of operating rigs at Cuiú Cuiú to five, including three diamond drill rigs and two RC drill rigs which are testing multiple targets.
To date, 52 holes of a planned 74-hole RC program designed to define this blanket have been completed.
"Following the identification of the initial gold-in-oxide blanket in unconsolidated material above the MG gold deposit at Cuiú Cuiú, we have moved swiftly to define the limits to this new mineralized zone and drilled a total of 52 holes to date from the planned 74-hole program,” Alan Carter, Cabral's president and CEO said in the statement.
He added: “The results reported here continue to confirm the presence of an extensive gold-in-oxide blanket in unconsolidated material over an area of at least 400 x 500m, which is still open in several areas and is up to 50m in thickness, with excellent gold grades. The recent arrival of two additional diamond drill rigs will allow us to simultaneously test several high-grade and gold-in-oxide blanket targets at Cuiú Cuiú which is expected to generate significant news flow over the next few months."
Elsewhere on the property, one of the new diamond drill rigs is currently in the process of drilling six follow-up holes at Pau de Merenda where an extensive gold-in-oxide blanket was recently identified which is still open in several directions.
Diamond drilling is also in progress at the Alonso target which is located 3 kilometers southeast of the MG gold deposit. Twenty-three samples of this boulder float material previously returned gold values of 11.6 to 200.3 g/t gold.
On the corporate front, Cabral's board of directors has approved the granting of stock options to various employees, directors, officers and consultants. The stock options entitle the holders to purchase a total of 4,050,000 common shares in the capital stock of the Cabral at a price of $0.51 per common share, and are exercisable for five years.
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