Cabral Gold Inc (TSX-V:CBR) has unveiled more encouraging drill results from its PDM target at its Cuiú Cuiú gold project in Brazil.
The latest assays hail from nine additional reverse circulation (RC) holes drilled to test the recently identified gold-in-oxide blanket at the PDM target, which sits 2.5 kilometres (km) north-west of the Central gold deposit in a trend known as the Central Trend, which has been traced for over 5 km of strike.
Within this trend, sit the Central gold deposit, Central SE target, Central North target, Mutum target and PDM target.
"These latest RC results from the PDM target further demonstrate the presence of a higher-grade core within the unconsolidated oxide blanket, but perhaps more importantly they indicate the possible presence of a second primary mineralized zone in the underlying basement granitic rocks," Alan Carter, Cabral's CEO said in a statement.
"This may be sub-parallel to the zone of primary gold mineralization previously identified below the oxide blanket, and announced just a few months ago. These results lend further credence to the notion that PDM, like Machichie, is a significant new discovery which will require further drilling," he added.
READ: Cabral Gold welcomes latest drilling at Central deposit at Cuiú Cuiú project; results suggest presence of more high-grade material than thought
Among the latest drill highlights were an intercept in one hole of 13 metres (m) at a grade of 0.3 grams per ton (g/t) gold from surface in oxidized and weathered material and another hole, which returned 17m at 1.1 g/t gold from surface in oxidized and weathered material
Other significant assays included 33m at 0.4 g/t gold from surface including 10m at 0.8 g/t gold from 23m depth, noted Cabral.
The gold-in-oxide blanket at PDM was initially identified in August last year and diamond drilling kicked off later that year.
The current RC drilling program at PDM has been designed to further define the limits of a higher-grade core within the overlying gold-in-oxide blanket, and has confirmed the presence of this higher-grade core area.
Also in the statement, Cabral updated on other exploration, saying that results were pending on 12 diamond-drill holes at MG, 30 holes at PDM, 14 follow-up diamond-drill holes at Machichie and 12 trenches totaling 443m.
Results are also pending on six diamond-drill holes at the Indio target and additional drilling is planned, added the firm.
Cabral also reported an additional closing of a previously announced private placing at C$0.30 per unit for gross proceeds of C$30,000, which brings the total gross proceeds to $3,041,507.40 comprised of 10,138,358 units issued at C$0.30 per each.
Cabral is a junior explorer focused on gold properties in Brazil. It has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil.
Two gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 compliant indicated resources of 5.9 million tonnes (Mt) at 0.90 g/t for 200,000 ounces and inferred resources of 19.5 million tons (Mt) at 1.24 g/t for 800,000 ounces.
Contact the author at giles@proactiveinvestors.com