The news release should be read in conjunction with Lavras Gold’s audited consolidated financial statements and management’s discussion and analysis for the six months ended
All monetary amounts are in Canadian dollars unless stated otherwise.
"We followed the Matilde Extension gold discovery in Q1 with two more new gold discoveries, Vila Marieta and Galvao, in Q2,” said
Two rigs have completed 14,070 metres of a 16,000-metre drill program at the Company’s
During the first quarter, the Company built on this wealth of discoveries with yet another one, the Matilde Extension gold discovery. Then in the second quarter,
The Vila Marieta gold discovery, believed to be the southwest surface extension of the Cerrito Gold Deposit, is noteworthy for two reasons: significant surface mineralization and long intervals.
Hole 22VM001 returned 28.00 metres at 1.30 g/t gold from surface including 4.00 metres at 2.42 g/t gold from 7.00 metres and 5.00 metres 2.49 g/t gold from 16.00 metres. It also returned a long interval of 53.00 metres at 0.68 g/t gold from 139.00 metres including 7.72 metres grading 1.04 g/t gold from 148.00 metres.
These results are consistent with what is being seen elsewhere on the property: lower grade halos of mineralization of 0.6 or 0.7 g/t gold with higher grade intervals in between. At 1.30 g/t gold, the average gold grade from this surface mineralization is 85% higher than the average grade of Cerrito.
This has important positive implications for optimizing future potential open pit mining scenarios since higher-grade surface mineralized material would ideally be mined first.
The Galvao gold discovery is important because it shows how deep the gold system at Lavras could go. A 10-metre-long interval of 4.63 g/t gold was hit starting at 532 metres down the drill core (which is 461 metres vertical depth) that included a 3-metre subinterval grading 11.70 g/t gold.
Gold mineralization at Galvao was traced intermittently over 450 metres in strike length over a north-south direction and remains open to expansion. Very nice zones of mineralized material are being found on the west side of the intrusive complex. This area includes Butiá, with its 500,000 ounces of gold, and
After quarter end, assay results were announced from seven new holes at Zeca Souza, where the area of known gold mineralization has been successfully expanded by over 50%.
Visible gold is developing as a key feature of
- Visible gold near surface in hole 23BT004, which returned 4 metres at 43.59 g/t gold from 31 metres. It is quite remarkable to find this grade of visible gold at such shallow depths and is a testament to the kind of exploration potential that exists.
Zeca Souza has never been drilled prior to this drilling program. - Visible gold at depth in hole 23ZS018. This drillhole returned a mineralized interval of 5 metres at 2.62 g/t gold from 264 metres, and included a 1 metre interval of visible gold grading 9.07 g/t gold from 267 metres.
- A long intercept of 32 metres grading 1.92 g/t gold from 126 metres in drillhole BT003. A zone of visible gold was observed in a 1.24 metre intercept grading 43.20 g/t gold, at an estimated vertical depth of 124.7 metres.
The discovery of a higher grade, potentially lower tonnage zone of mineralization at Zeca Souza could potentially significantly enhance the overall future economics of the project. The objective will be to test for the continuity of these visible gold areas and possibly develop a high-grade "sweet spot" for the project.
Seven advanced mineral deposits/exploration discoveries have now been identified at LDS: Butiá, Caneleira, Cerrito/Vila Marieta, Galvao, Matilde, Matilde Extension, and
At the corporate level, Lavras Gold’s annual and special meeting of shareholders was held after quarter end in July. The appointment of
The Company also continued to raise our profile in the investment community. It participated in three investor conferences, continued to meet with existing shareholders, and targeted potential new shareholders.
The Company has launched a new investor-focused website at www.lavrasgold.com. Some of the features include an overview of our
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DISCLAIMER AND FORWARD-LOOKING INFORMATION
Neither the
This news release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements, including those on planned exploration activities and goals, are only objectives and predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information, including the risks and factors that generally affect exploration and the uncertainty of exploration results. For a description of the risks and uncertainties facing the Company and its business, refer to the Company’s Management’s Discussion and Analysis recently filed under the Company’s profile on www.sedar.com. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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