Lavras Gold discovers new surface gold at LDS Project in Brazil – Lavras Gold (O… – Press Release

TORONTO, May 02, 2023 (GLOBE NEWSWIRE) — Assay results from maiden drilling on the Vila Marieta claim block suggest that Lavras Gold Corp. LGCLGCFF has identified the southwest surface extension of its Cerrito Gold Deposit. Vila Marieta and Cerrito are among the 23 known gold targets on the company’s LDS Project in southern Brazil.

The assay results feature significant gold grades that begin at surface and long intervals. For example, hole 22VM001 returned:

• significant surface mineralization of 28.00 metres at 1.30 g/t gold from 0.00 metres including
  • 4.00 metres at 2.42 g/t gold from 7.00 metres
  • 5.00 metres at 2.49 g/t gold from 16.00 metres.
• 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.
    

At 1.30 g/t gold, the average gold grade from the surface mineralization is 85% higher than the average grade of Cerrito, which has NI 43-101 resources of approximately 500,000 ounces at an average grade of 0.7 g/t gold. So, these results demonstrate the potential for optimizing and enhancing the future mine plan for the deposit.

“This is a significant discovery of new gold mineralization at LDS,” said Michael Durose, President and CEO. “We have always believed that we could improve the overall quality of Cerrito, and these results potentially show that.”

Figure 1 locates Vila Marieta, the Butiá and Cerrito gold deposits, and four advanced gold discoveries at the LDS Project.

Discussion of results

Two holes totalling 521 metres were drilled on the Vila Marieta claim block, which is immediately south of the Cerrito Gold Deposit. Cerrito has an NI 43-101 compliant mineral resource estimate, as follows:

TABLE 1: MINERAL RESOURCE ESTIMATE FOR CERRITO GOLD DEPOSIT

Notes

• Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any…