Lavras Gold Corp (TSX-V:LGC) told investors it has now advanced to its million ounce resource milestone for its Lavras do Sul (LDS) gold project in Brazil.
The explorer has released a new NI 43-101 resource for the Cerrito gold prospect at the property - one of 23 prospects at the project in the state of Rio Grande do Sul.
According to the report, Cerrito is home to higher confidence indicated gold resources of 187,650 ounces, while the lower confidence inferred category stands at 293,468 ounces.
"Combining this gold resource estimate for the Cerrito Gold Prospect with the previously announced 500,000 ounces from our Butia Gold prospect moves us to our first million ounce milestone at LDS," said Michael Durose, the firm's CEO, in a statement.
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"This is a major step toward unlocking the potential gold mineral endowment of LDS, which we have only just begun to understand. We look forward to releasing results of active drilling at the Zeca Souza, Matilde, and Matilde Extension prospects soon," he added.
The Cerrito gold resource was based on a drilling database of 92 diamond holes totaling 14,593 metres (m). Distances between the holes varied from 25m to 100m, from which 24 vertical sections were created having a north-south orientation and an average distance of 50m between sections.
The estimate assumed a gold cut-off grade of 0.3 grams per tonne (g/t), while high-grade samples were capped at 3.07 g/t for the capped resource estimate.
Lavras also noted in the statement that resources are not mineral reserves and do not have demonstrated economic viability.
The firm is holding a webinar on June 7 at 11 am EST on the Cerrito and Butia mineral resource estimates, as well as the potential of the LDS project. To register, click HERE.
In a separate statement, Lavras Gold also announced that Michael Durose, its president and chief executive officer, and his team joined Robert Peterman, vice president, Global Business Development, Toronto Stock Exchange (TSX), to celebrate the company's new listing on TSX Venture Exchange and opened the market on Monday, June 6, 2022.
Lavras Gold is focused on realizing the potential of the 22,000 hectare Lavras do Sul gold project (LDS) in Brazil, which is believed to host an alkaline porphyry gold-copper system. More than 23 gold prospects centred on historic gold workings have been identified.
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Contact the writer at giles@proactiveinvestors.com