Cabral Gold Inc (CVE:CBR) (OTCMKTS:CBGZF) said it has identified at least six new north-east (NE) trending high-grade veins in the Machichie south-west area located immediately north of the MG deposit at the Cuiú Cuiú gold district in northern Brazil.
The company said the targets have been identified as a result of recent mapping between the MG deposit and the Machichie target, which was drilled during 2019, and returned 3.4 meters (m) at 36.9 gram per tonne (g/t) of gold.
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Previously, it was not known if this zone was the western faulted offset of the Machichie structure or a separate discrete mineralized structure. However, Cabral said it is now clear that this drill intercept represents a separate mineralized vein structure which has been named Machichie SW.
The company added that five other NE trending veins which are parallel to Machichie SW have now been mapped. These include Filão de Amor immediately to the west, and Zezinho, Hamilton Novo, Maranhão W and Maranhão E to the east. Cabral said grab samples from the Maranhão W and Maranhão E veins recently returned 21.4 g/t gold and 15.3 g/t gold, respectively.
Meanwhile, previous trenching of the Hamilton Novo vein returned 5.8m at 16 g/t gold on surface and 3m at 7.4 g/t gold in a single historic drill hole, with the intercept open along strike and down-dip.
In order to test the increasing number of high-grade targets identified at Cuiú Cuiú, the company said it has signed a contract with a third-party independent drilling contractor to bring a second reverse circulation drill rig on site.
“The identification of several new high-grade vein structures in the area between the MG gold deposit and the Machichie target is a truly exciting development and adds to the potential of this particular part of the Cuiú Cuiú district. Until now, we were not certain if the high-grade intercept of 3.4m [at] 36.9 g/t gold which we drilled in 2019, was a faulted offset of the Machichie zone, but it now appears that it is a separate vein structure which is part of a vein array of at least six parallel high-grade veins”, Cabral chief executive Alan Carter said in a statement.
“These new veins could contain a very large amount of high-grade gold mineralization and the addition of a second RC drill rig on the project will allow us to advance on two targets simultaneously”, he added.
Cabral shares advanced over 13% in Toronto to C$0.60.
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Published at Thu, 24 Sep 2020 14:50:00 +0000-Cabral Gold identifies new high grade gold veins at Cuiú Cuiú gold district