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Cabral Gold pinpoints possible gold source at the Climar target on its Cuiú Cuiú project in Brazil

Numerous coarse nuggets were recovered from drainages located around 350 metres from the Climar field in an area consistent with a major structural intersection

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Grades of the 13 float samples recovered ranged from 1.4 to 12.3 g/t gold

Cabral Gold Inc (CVE:CBR) (OTCPINK:CBGZF) has identified a possible source of a number of coarse gold nuggets at the Climar target on its Cuiú Cuiú project in Brazil, it said Thursday.

The Vancouver-based exploration company told shareholders that “numerous” coarse nuggets were recovered from drainages located around 350 metres from the Climar field in an area consistent with a major structural intersection.

Grades of the 13 float samples recovered ranged from 1.4 to 12.3 grams per ton (g/t) gold, averaging around 4.5 g/t. The firm also outlined a significant gold-in-soil anomaly immediately south of the nugget field that extends around 1.8 kilometres.

READ: Cabral Gold now fully funded to explore gold targets at Cuiú Cuiú after closing oversubscribed $4.2 million financing

Cabral said its efforts to locate the source of the nuggets were hampered by dense overburden and post-mineral lake sediments up to 20 metres thick.

"The identification of the potential source of coarse gold nuggets recently recovered from streams in the Cilmar area has not been straightforward due to the presence of thick post-mineral cover,” Cabral CEO Alan Carter told shareholders in a statement.

“However, recent sampling has resulted in a number of good gold values in surface rock samples, which has consequently narrowed the search down to the point where we now have drill targets at Cilmar. The eastern part of the project area is turning out to be very prolific in terms of new high-grade targets and continues to support our belief that Cuiú Cuiú is an emerging district which contains multiple gold deposits.”

Cabral is planning to start RC drilling on the target and other recently identified high-grade targets in early August. The target area has never been previously explored.

The firm also updated shareholders on the resumption of fieldwork at Cuiú Cuiú following a work stoppage due to the coronavirus pandemic. Drilling using a recently acquired ASV ST-50 reverse circulation drill rig is expected to start in early August and will initially focus on the recently identified high-grade Alonso and Medusa targets, then Cilmar, followed by other targets, it told shareholders.

Separately, Cabral said it had issued just over 3.4 million shares of the company priced at C$0.27 to various employees, directors and consultants under the firm’s stock option plan. The options are exercisable for a five-year period and subject to vesting over 24 months.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Cabral Gold Inc

Price: 0.48 CAD

TSX-V:CBR
Market: TSX-V
Market Cap: $45.64 m
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