Cabral Gold shares advance on more promising drill results from Brazil project

Cabral Gold Inc (CVE:CBR) (OTCMKTS:CBGZF) shares advanced as it unveiled more encouraging drill results from its Cuiú Cuiú project in northern Brazil – this time from the Machichie East target.

The assays are part of a larger 20-hole reconnaissance drill program and come on the heels of initial results from the nearby Machichie target, which like Machichie East, was never previously drilled.

The wider drill program is aimed at testing nine separate high-grade gold targets.

READ: Cabral Gold awaiting drill assays from Machichie target in Brazil; hails sample from Quebra Bunda

Notably, at Machichie East, a single hole was completed to a depth of 250.5m, which hit 15.9m (meters) at 1.73 g/t (grams per ton) gold from 79m.

That intercept included 0.5m at 21.3 g/t (grams per ton) gold from 86.5m and 1m at 10.3 g/t gold from 91.4m associated with strong silica-pyrite alteration and quartz-pyrite vein zones.

The firm said this new zone lies 400m north-east of the recently discovered Machichie zone and is interpreted to be a different structure.

Significantly also higher silver, tungsten, copper and molybdenum values were also noted from the drill hole at Machichie East, which may suggest closeness to a concealed intrusive source, said Cabral.

Drilling has been completed on three further targets including at MG (three holes completed), 6 Irmaos (one hole sunk) and Quebra Bunda (one hole) and results are all pending.

The total number of targets tested as part of this initial drill program is now five and drilling is currently in progress at the sixth target Jerimum Cima, which has had some previous drilling.

Historic hole

A historic hole at Jerimum Cima hit 9m at 5.1g/t (grams per ton) gold and the current program will follow up on this intercept. Assay results from these holes are pending.

“… the drill results from Machichie East demonstrate the presence of another previously unknown mineralized structure at Cuiú Cuiú which will require further drilling,” said Alan Carter, president and CEO of Cabral.

“These results come soon after the recently announced Machichie discovery located 400m to the south-west. We have now intersected two previously unknown high-grade structures from the first two targets of this initial reconnaissance drill program and look forward to results from the seven additional targets that will be tested as part of this drill program.”

Cabral shares in Toronto added 4.76% to $0.22.

Contact Giles at [email protected]

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Story by ProactiveInvestors