Cabral Gold continuing to find gold targets at Cuiú Cuiú project in north-eastern Brazil

In the Tapajós Gold Province, the site of the largest gold rush in Brazil's history Two defined gold deposits found so far - Central and Moreira Gomes (MG) Management team has a long history of success in Brazil What Cabral Gold does: Cabral Gold Inc (CVE:CBR) (OTCMKTS:CBGZF) is unlocking the high-grade gold potential of north-eastern Brazil. The Vancouver-based company’s flagship asset is the 100%-owned Cuiú Cuiú project in the Tapajos region, an infrastructure-rich area located approximately 20 kilometres (km) NW of Eldorado Gold’s Tocantinzinho precious metals project.  The Tapajós Gold Province is the site of the largest gold rush in Brazil's history, producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. It is the largest placer gold province in Brazil, and the third-largest in the world. Cuiú Cuiú has Indicated resources of 0.2 million ounces (Moz) and Inferred resources of 0.8 Moz. It boasts a gold-in-soil anomaly that is 18 km long and largely untested. Drill intercepts in six other targets outside of the existing resources include 39 metres (m) at 5.1 grams per ton (g/t) and 27m at 6.9g/t gold.  Exploration work at Cuiú Cuiú has identified multiple high-grade gold vein target areas outside of the historic resource and gold-in-soil anomaly. This work has so far defined two gold deposits; Central and Moreira Gomes (MG), which are 5 km apart.  Central extends over a strike length of at least 800 m in a northwest-southeast direction, and is 50 to 70 m wide, with a maximum known vertical depth of 450 m; MG extends over a strike length of 1,200 m east-west, is 30 to 50 m wide, and has a vertical depth of 400 m. In 2019, the exploration company made a new discovery at Cuiú Cuiú, known as the Machichie zone. Earlier drilling at Machichie revealed a significant new mineralized zone that is open along strike and down-dip, with a high-grade vein structure that looks to be continuous over nearly 450 metres. One intercept from the Machichie West zone returned 3.4 metres at nearly 37 g/t of gold. And another target, Climar is 10 km east of the Central gold deposit and 7 km northeast of the Moreira Gomes deposit on the property. In addition to Cuiú Cuiú, Cabral Gold has three other projects in the Tapajos Region of Para, Brazil, including the Bom Jardim project which is located about 25 km northwest of the Cuiú Cuiú property and 45 km NW of Eldorado’s Tocantinzinho deposit Cabral’s management team has a long history in Brazil, having made four previous discoveries. CEO Alan Carter is ex-Rio Tinto and founded Brazil-focused Magellan Minerals Inc, which was acquired by Anfield Gold Corp in 2016. How is it doing: Cabral Gold was named in the 2021 TSX Venture 50, placing second in the exchange’s mining category having seen its share price increase by 492% and a market cap increase of 1,047% during 2020, and the company is setting itself up for an equally exciting time in 2021. On April 15, Cabral said it had identified a new high-grade gold zone at the MG deposit on the flagship Cuiú Cuiú project. Assay results from a pair of holes drilled on the deposit returned intersections of 2.1 metres at 29.4 grams per ton (g/t) gold, including 0.5 metres at 120.6 g/t gold. Cabral told investors that the result indicates the presence of a parallel high-grade zone located 75 metres south of the main MG deposit. Results from the second hole suggest the presence of an extensive gold-in-oxide blanket up to 48 metres thick averaging 0.5 g/t gold and covering an area of approximately 500 metres by 400 metres, it added. Results on five additional diamond drill holes recently completed at MG are pending, as well as several RC holes at the Jerimum Meio (JM), JN, Hamilton Novo and Maranhao West targets. And at the end of March,  reported new assay results at the previously untested Indio target at Cuiú Cuiú, with intersections including four metres at 2.5 g/t gold, including one metre at 8.7 g/t gold in one hole. Another hole hit five metres at 2.6 g/t gold, including 2 metres at 5.7 g/t gold, suggesting the presence of a previously unknown high-grade vein, according to Cabral. Meanwhile, at the more advanced Machichie target, it said assay results from follow-up reverse circulation drilling revealed 34 metres at 5.4 g/t gold, including 8 metres at 1.3 g/t gold, 2 metres 4 g/t gold from the eastern extension to the zone and 5 metres at 1.4 g/t gold, including 1 metre at 4.7 g/t gold in the western part of the zone. On February 16, Cabral revealed that a third rig had been added to its 5,000-metre diamond drill program at Cuiú Cuiú. The company said the drill will initially focus on the high-grade zones at both the MG and Central gold deposits, the aim being to further define the size and grade of those high-grade zones. At the end of January, Cabral reported new sample results from the JM target at Cuiú Cuiú that showed numerous high-grade gold mineralization exposed at surface. Highlights from the results included an outcropping vein structure where channel sampling returned 0.9 metres (m) at 35.5 grams per ton (g/t) gold, and surface grab samples of 23.7, 42.6, 126.4, 145.8, 162.2 and 700.2 g/t gold.  The JM structure has never been previously drill-tested and will be included in the reconnaissance drill program. However, the company noted that drilling at the target would likely be delayed until mid-late February after an outbreak of coronavirus (COVID-19) at the company’s reconnaissance drill camp, although all of the affected personnel were exhibiting only mild symptoms. And in the same month Cabral said a northeast-trending vein structure had been identified in reconnaissance drilling at the Tracaja target, where a total of seven reconnaissance reverse circulation holes had been completed to date. It noted that 19 surface grab samples collected from the edge of historic placer workings at Tracaja in November 2020, returned gold values of 24.2 g/t to 165.0 g/t gold and averaged 74.9 g/t gold. In the boardroom in April, Cabral announced the appointment of Rodney Cooper to its board of directors with immediate effect. Cooper, a mining engineer, is principal at Cooper Mine Management and Valuation Consulting and is a director of Moneta Porcupine Mines Inc. which has a number of gold exploration projects in Ontario, including a 50% JV with Kirkland Lake Gold. He was formerly a director at Klondex Gold until the company was acquired by Hecla. From the period 2011 to 2017, Cooper was president and COO of Labrador Iron Mines, prior to establishing his own consulting firm. He joined Kinross Gold Corporation in 2000 and was VP Technical Services for Kinross from 2002 to 2006. During that time, he made numerous trips to Brazil evaluating gold opportunities, and worked on Kinross' world-class Paracatu gold mine and the Gurupi project. At the same time, the company also announced that Dennis Moore had resigned from its board of directors as part of his retirement process.  On the financing front, in November 2020, Cabral said it had raised over C$4 million from the exercise of share purchase warrants, which would ensure that an "exploration drill program well into 2021" can take place. The company said 22,296,832 million warrants were exercised, from a total of 22,796,832 that were issued in connection with an oversubscribed private placing that closed in July 2019 which had itself generated nearly C$4.2 million for the gold exploration company. Cabral had initially planned to raise $2 million when it launched the placement in May 2020 but upsized the financing twice due to increased investor demand. Inflection points:  Further drilling news from established MG and Central gold deposits Drilling at main Machichie structure to complete several in-fill holes and step-out holes More news from “compelling” new drill target at Indio within Cuiú Cuiú What the boss says: "The initial diamond drill results from MG are highly encouraging and indicate the presence of a parallel high-grade zone 75m south of the main MG deposit, which also contains considerable high-grade mineralization,” Cabral CEO Alan Carter said in April's statement. “These new drill results suggest we have a significant high-grade zone parallel to the main deposit at MG which could contain a significant amount of gold,” Carter added. “It also appears that the MG deposit is covered by a large low-grade oxide gold blanket which was also not previously included in the historic resource estimate and could add significant ounces to the MG resource.” Contact the author at jon.hopkins@proactiveinvestors.com