Lavras Gold Corp. (TSXV: LGC) has achieved its first
short-term goal for 2022. An NI 43-101 compliant mineral resource
estimate has been completed for the Cerrito Gold Project at its LDS
Project in Brazil. The resource shows that Cerrito has an indicated
gold resource of 187,650 ounces and an inferred gold resource of
293,468 ounces.
“Combining this gold resource estimate for the
Cerrito Gold Prospect with the previously announced 500,000 ounces
from our Butiá Gold Prospect moves us to our first million ounce
milestone at LDS,” said Michael Durose, the Company’s President and
Chief Executive Officer. “This is a major step toward unlocking the
potential gold mineral endowment of LDS, which we have only just
begun to understand. We look forward to releasing results of active
drilling at the Zeca Souza, Matilde, and Matilde Extension
prospects soon.”
NI 43-101 MINERAL RESOURCE ESTIMATE FOR CERRITO
GOLD PROSPECT
|
|
|
Uncapped |
Capped |
Class |
Type |
Tonnes |
Gold (g/t) |
Gold (oz) |
Gold (g/t) |
Gold (oz) |
Indicated |
Saprolite |
474,461 |
0.87 |
13,327 |
0.78 |
11,858 |
|
Hard rock |
7,774,763 |
0.78 |
195,759 |
0.70 |
175,792 |
Inferred |
Saprolite |
286,235 |
0.80 |
7,338 |
0.66 |
6,094 |
|
Hard rock |
12,871,242 |
0.76 |
314,329 |
0.69 |
287,374 |
Notes
- Mineral resources are not mineral
reserves and do not have demonstrated economic viability. There is
no certainty that all or any part of the mineral resources
estimated will be converted into mineral reserves
- Assumes a gold cut-off grade of 0.3
grams per tonne (g/t)
- High grade samples were capped at a
grade of 3.07 g/t for the capped resource estimate
- Numbers may not sum due to
rounding
- The qualified person for the resource
estimate is Dr. Volodymyr Myadzel of VMG Consultoria e Soluções
Ltda.
- This estimate should be read in
conjunction with the full report, NI 43-101 Technical Report for
the Cerrito Gold Prospect, Rio Grande do Sul, Brasil. The report is
authored by Volodymyr Myadzel, MAIG, and Frank Richard Baker,
MIMMM, MAusIMM, and is dated and effective May 31, 2022. It will be
filed on www.sedar.com under the company’s profile within 45
days.
Methodology for estimate
The gold resource for the Cerrito Prospect has been
estimated according to standards set out in National Instrument
43-101 – Standards of Disclosure for Mineral Projects (NI
43-101).
The Cerrito gold resource calculation is based on a
drilling database of 92 diamond drill holes totaling 14,593 metres
of drilling. Distances between drill holes varied from 25 and 100
meters from which 24 vertical sections were created having a
north-south orientation and an average distance of 50 meters
between sections.
Composite samples averaged 1.0 metre in length. The
block model was generated from the discretization of
three-dimensional solids into blocks of defined dimensions. The
process of discretization of the solid included the sub-blocking
process.
Initially, the model was filled with blocks
measuring 10 (X) by 10 (Y) by 10 (Z) metres, which were divided
into subunits of smaller size, with a factor for size subdivision
of 10 by 10 by 10 in contact with the surrounding three-dimensional
solids.
As a result, at the limit with solids, the size of
the blocks became 1.0 (X) by 1.0 (Y) by 1.0 (Z) metres. The initial
size of the blocks was chosen based on the morphology of the
mineralized geological bodies and the size of the exploration grid
at 1/2 of the main grid. The model contains 253,197 blocks.
The solid was used to create a block model within
the mineralized geological body and encode the respective blocks. A
digital model of the topographic surface was used to restrict the
block model along the vertical axis. The blocks were generated with
faces parallel to the north/south and east/west axes.
A capping grade of 3.07 g/t gold was applied to
minimize the impact of high-grade gold assay results on the overall
resource calculation. An uncapped and capped gold resource was
calculated to show the impact of capping on the overall gold
resource model.
The disclosed resource is based on a block model
interpolated by the Ordinary Kriging method. A 0.3 g/t gold cutoff
grade is assumed based on the near and at surface nature of the
Cerrito mineral deposit. The sensitivity of the gold resource
estimate to cut-off grade varying from 0.0 g/t gold to 5.0 g/t gold
is shown in the full report.
This estimate should be read in conjunction with
the full report, which will be filed on www.sedar.com under the
company’s profile within 45 calendar days.
Classification of resources
The classification of resources was carried out in
accordance with NI 43-101 guidelines.
The resources were classified as Indicated and
Inferred according to the degree of reliability of the different
iterations and data used for the interpolation of the block model.
Solids were created and were used to stamp the inner blocks to each
of these reliability zones.
For the indicated resource, a solid that
encompasses an area with a 50-meter regular drilling grid was
created for areas in which more than 90% of the blocks were stamped
in the first to third iterations corresponding to 2 of the search
radius. For interpolation, a minimum of 1 hole and 2 composite
samples were used and the average distance of interpolation between
samples is 50 meters.
All other blocks were classified as inferred
resources.
Qualified
person
Dr. Volodymyr Myadzel of VMG Consultoria e Soluções
Ltda., a qualified person as defined by NI 43-101, has reviewed and
approved the scientific and technical information contained in this
release.
Learn more about LDS Project in our webinar
tomorrow at 11 AM ET
Join CEO Michael Durose for a webinar on the
Cerrito and Butiá mineral resource estimates, as well as the
potential of the LDS Gold Project, on June 7 at 11:00 AM Toronto
time.
Click the following link to register
now:https://6ix.com/event/get-to-know-lavras-gold-and-its-exploration-results/
Lavras Gold: Exploring to realize the
potential of a multi-million ounce district in southern
Brazil
Lavras Gold (TSXV: LGC) is a Canadian exploration
company focused on realizing the potential of the Lavras do Sul
gold project (LDS Project) in Brazil. Located in the state of Rio
Grande do Sul, the LDS Project is believed to host an alkaline
porphyry gold-copper system. More than 23 gold prospects centred on
historic gold workings have been identified on the property, which
spans more than 22,000 hectares.
The Company’s vision is to maximize shareholder
value by applying a sustained systematic and technically-based
exploration program to the LDS Project and any other opportunities
that may arise.
Follow Lavras Gold on www.lavrasgold.com, as well
as on LinkedIn, Twitter, and YouTube.
Contact information
Michael Durose |
Annemarie Brissenden |
President & CEO |
Investor Relations |
416-844-6284 |
416-844-6284 |
info@lavrasgold.com |
info@lavrasgold.com |
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Venture Exchange) accepts responsibility for the adequacy or
accuracy of the content of this news release.
FORWARD-LOOKING INFORMATIONThis 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 statements with respect to
planned exploration activities and goals, the proposed
Consolidation and the timing thereof, 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 and the
ability to obtain regulatory approval for the Consolidation. For a
description of the risks and uncertainties facing the Company and
its business and affairs, readers should refer to the Company’s
Management’s Discussion and Analysis and Listing Statement 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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