Cabral Gold Inc. said June 7 that an updated resource estimate was completed for four deposits at its Cuiu Cuiu property in northern Brazil.
Indicated resources are estimated to contain 171,000 ounces of gold within 5.9 million tonnes of ore grading 0.9 g/t, while inferred resources are estimated to contain 776,000 ounces of gold within 19.5 million tonnes grading 1.24 g/t.
The estimate covers the Central, Central North, Moreira Gomes and Jerimum de Baixo deposits and uses cutoffs of 0.35 g/t of gold for open pit material and 1.30 g/t of gold for underground material.
Cabral Gold said the estimate used top cuts ranging from 2 g/t to 20 g/t of gold for the two larger deposits, based on various statistical methods, and noted that without top cuts the update would represent a 57% increase in contained gold.
"It is worth remembering that previous drilling has identified ten mineralized zones at Cuiu Cuiu, for which only four thus far have sufficient drilling to determine resources, and significant upside exists in all four of the deposits identified to date," Cabral Gold President and CEO Alan Carter said in the statement.
The company's current surface exploration program includes soil and auger sampling, pitting and trenching, ahead of diamond drilling later planned for later in the year.
