Cerrado Gold Reports Additional Results from Its Infill Drill Program at the Serra Alta Deposit at Its Monte Do Carmo Project in Brazil

2022-07-18 03:07:01

  • Infill drill program continues to deliver positive results with Company on track to deliver an updated Mineral Resource Estimate in Q3 2022
  • Notable results from the reported holes include:

    • FSA-209: 40.7m at 1.86 g/t Au from 1.0m and 20.9m at 3.93 g/t Au from 123m;
    • FSA-221: 23.6m at 2.34 g/t Au from 0.1m; and
    • FSA-233: 29.1m at 2.25 g/t Au from 140.0m.

Toronto, Ontario–(Newsfile Corp. – July 18, 2022) – Cerrado Gold Inc. (TSXV: CERT) (OTCQX: CRDOF) (“Cerrado” or the “Company”) is pleased to announce further assay results from its ongoing infill drill program at the Serra Alta deposit at its Monte do Carmo Project (“MDC”) located in Tocantins State, Brazil. The infill drill program commenced in Q4 2021 with the aim to upgrade the bulk of the Inferred resources into the Measured and Indicated categories to support the ongoing Feasibility Study. The 2022 development program is on track to deliver an updated Mineral Resource Estimate in Q3 2022 which will be used as part of the ongoing Feasibility Study to be completed in 1Q 2023.

The Company is currently reporting assay results from 17 drill holes, totaling 3,600m (see Tables 1 & 2) completed from March to June 2022. The reported holes include both infill (16 holes) and condemnation drilling (1 hole) at Serra Alta. As of July 8, 2022, a total of 117 drill holes, totaling 26,517m, have been completed as part of the 2022 program. Total completed holes include 103 holes at Serra Alta (infill, condemnation and partial extensions); and 14 holes in the satellite exploration areas namely, Gogó de Onça and Capitao. Infill drill results reported today show good grade and width reconciliation from the Inferred blocks within the current Resource estimate at Serra Alta.

The Company has 7 drill rigs on site actively drilling, with six rigs focused on infill and geotechnical programs and a seventh actively drilling at the Gogó de Onça target.

Drill Hole Highlights (All composites are reported as true thickness):

Serra Alta (Infill)

FSA-209

  • 40.7m at 1.86 g/t Au from 1.0m;

    • including 2.2m at 13.11 g/t Au from 26.7m; and

  • 20.9m at 3.93 g/t Au from 123.2m

    • including 6.2m at 7.76 g/t Au from 134.5m

FSA-221

  • 23.6m at 2.34 g/t Au from 0.1m

    • including 4.7m at 7.70 g/t Au from 16.2m

FSA-233

  • 29.1m at 2.25 g/t Au from 140.0m

    • including 1.5m at 17.25 g/t Au from 169.7m

FSA-239

  • 29.8m at 0.99 g/t Au from 113.1m

Mark Brennan, CEO and Co-Chairman commented, “We are extremely pleased with the progress and results of the infill campaign to date as Serra Alta continues to deliver good grades and continuity. We look forward to providing an updated Resources estimate with a strong conversion rate in the coming months.”

Serra Alta Infill

The main objective of the 16 infill drill holes reported today is to convert inferred blocks within the model into the Indicated category, following refined classification scheme parameters. Holes reported today include, 6 collared in the East Zone, 7 in Pit Norte and 3 in Pit Sul (see Figure 1 for drill hole locations, and Figure 2 for cross sections of reported holes).

Drill holes FSA-219, FSA-222, FSA-228, FSA-233, FSA-235, FSA-238 were collared in the East Zone. Results confirm the exceptional lateral extent of the mineralization in this zone. Highlights include hole FSA-233 with 29.1m at 2.25 g/t Au from 140.0m, including 1.5m at 17.25 g/t Au from 169.7m. FSA-233 crossed the northwest extent of the high-grade domain in the east zone, proving consistent high grades along the erosional contact between the hosting granite and the overlying sediments.

Drill holes FSA-209, FSA-220, FSA-231, FSA-232, FSA-234, FSA-239 and FSA-240 were collared in Pit Norte. The highlight in this zone is hole FSA-209, where relevant results include: 40.7m at 1.86 g/t Au from 1.0m, including 2.2m at 13.11 g/t Au from 26.7m; and 20.9m at 3.93 g/t Au from 123.2m, including 6.2m at 7.76 g/t Au from 134.5m. Hole FSA-209 was drilled in the central part of Pit Norte (strike sense) and targeted the immediate footwall of the granitic/volcanic contact, which is the most permissive zone in the deposit for lateral extension and higher grades. Notably, mineralization in the shallower intercept starts at surface confirming the low strip expected in Pit Norte.

Drill holes FSA-207, FSA-211 and FSA-221 were collared in Pit Sul. Most relevant results are included in hole FSA-221 which crossed 23.6m at 2.34 g/t Au from surface, including 4.7m at 7.70 g/t Au from 16.2m. Analogous to hole FSA-209, hole FSA-221 confirms the previous outline of shallow high-grade corridors that represent potential low strip mineable fronts within the deposit.

Figure 1. Reported and Ongoing Drill Hole LocationsJunior Mining Network

Figure 2. Select Highlighted Cross Sections of Reported Holes*Junior Mining Network

East ZoneJunior Mining Network

Pit NorteJunior Mining Network

Pit NorteJunior Mining Network

Pit Sul

* Note sections are shown at different scale

Table 2. Drill Hole locations





















Objective Sector Hole
number
UTM N
m
UTM E
m
Elevation
m
Depth
m
Azimuth Dip
Infill East Zone FSA-219 8810547 820508 572 237.8 103 -36
East Zone FSA-222 8810340 820510 541 223.4 106 -57
East Zone FSA-228 8810378 820531 542 205.5 113 -62
East Zone FSA-233 8810564 820614 664 200.7 112 -50
East Zone FSA-235 8810376 820559 549 228.0 116 -58
East Zone FSA-238 8810564 820614 664 220.0 125 -49
Pit Norte FSA-209 8809974 820440 465 320.4 117 -25
Pit Norte FSA-220 8810099 820438 457 190.1 115 -25
Pit Norte FSA-231 8809969 820340 449 133.3 119 -50
Pit Norte FSA-232 8810089 820301 432 120.6 117 -34
Pit Norte FSA-234 8809997 820387 453 107.6 108 -55
Pit Norte FSA-239 8810068 820502 505 175.3 114 -47
Pit Norte FSA-240 8810044 820441 468 109.1 124 -46
Pit Sul FSA-207 8809684 820337 484 187.9 102 -19
Pit Sul FSA-211 8809603 820344 468 135.3 118 -55
Pit Sul FSA-221 8809745 820158 427 266.0 122 -19
Condemnation East Zone FSZ-005 8810403 821458 697 538.7 272 -65

*Collar coordinates by GNSS TP-20 UTM Coordinates, Datum: SAD69 / zone 22S.
*Azimuth Set by compass
*Dip and drill hole trajectory by DEVIFLEX Devico

Table 2. Drill Hole Composites – Infill Drilling


























































































































  CERRADO GOLD
  DDH   From To LENGTH (m) True Width (m) Au (g/t)
East Zone FSA-222   15.26 16.22 0.96 0.90 1.10
FSA-222 and 27.38 30.78 3.40 3.20 0.31
FSA-222 and 54.68 57.90 3.22 3.03 0.30
FSA-222 and 79.92 80.94 1.02 0.96 0.31
FSA-222 and 92.72 93.85 1.13 1.06 0.50
FSA-222 and 98.37 100.40 2.03 1.91 1.18
FSA-222 and 138.87 139.90 1.03 0.97 0.38
FSA-222 and 179.98 181.13 1.15 1.08 0.87
FSA-228   13.13 17.38 4.25 4.13 0.61
FSA-228 and 22.51 26.55 4.04 3.93 1.20
FSA-228 and 29.51 31.75 2.24 2.18 2.13
FSA-228 and 76.22 77.22 1.00 0.97 0.54
FSA-228 and 79.26 80.29 1.03 1.00 0.32
FSA-228 and 90.74 92.77 2.03 1.97 1.10
FSA-228 and 115.33 116.46 1.13 1.10 0.37
FSA-228 and 128.81 129.82 1.01 0.98 0.55
FSA-228 and 168.33 169.38 1.05 1.02 0.37
FSA-228 and 174.61 175.65 1.04 1.01 1.57
FSA-235   4.50 8.90 4.40 3.90 0.58
FSA-235 and 22.35 25.81 3.46 3.07 0.34
FSA-235 and 47.25 51.58 4.33 3.84 2.68
FSA-235 and 53.80 54.94 1.14 1.01 0.31
FSA-235 and 67.42 68.43 1.01 0.90 0.62
FSA-235 and 71.62 72.58 0.96 0.85 0.66
FSA-219 and 17.90 21.61 3.71 3.71 0.69
FSA-219 and 24.87 25.87 1.00 1.00 0.51
FSA-219 and 41.24 42.24 1.00 1.00 2.55
FSA-219 and 46.42 49.40 2.98 2.98 0.59
FSA-219 and 95.55 96.63 1.08 1.08 1.08
FSA-219 and 103.53 105.68 2.15 2.15 1.54
FSA-219 and 136.74 138.00 1.26 1.26 0.40
FSA-219 and 146.14 147.43 1.29 1.29 0.37
FSA-219 and 158.98 160.08 1.10 1.10 2.91
FSA-219 and 173.24 176.66 3.42 3.42 1.87
FSA-219 and 183.73 184.76 1.03 1.03 0.55
FSA-233 and 140.00 172.15 32.15 29.08 2.25
FSA-233 includes 169.71 171.32 1.61 1.46 17.25
FSA-233 and 177.18 178.20 1.02 0.92 0.43
FSA-238 and 147.50 148.62 1.12 0.93 1.52
FSA-238 and 153.85 158.00 4.15 3.43 1.67
FSA-238 and 159.98 163.04 3.06 2.53 0.54
FSA-238 and 165.09 166.15 1.06 0.88 0.55
FSA-238 and 168.25 169.27 1.02 0.84 0.37
FSA-238 and 172.25 173.30 1.05 0.87 0.80
FSA-238 and 182.71 183.75 1.04 0.86 0.35
FSA-238 and 185.69 186.72 1.03 0.85 0.57
FSZ-005   450.80 451.80 1.00 1.00 0.36
Pit Norte FSA-220   4.10 12.43 8.33 8.08 0.70
FSA-220 and 14.74 15.82 1.08 1.05 0.45
FSA-220 and 17.84 20.14 2.30 2.23 1.06
FSA-220 and 37.89 41.35 3.46 3.36 0.68
FSA-220 and 51.57 55.18 3.61 3.50 1.45
FSA-220 and 62.87 72.35 9.48 9.20 1.22
FSA-220 and 115.37 116.44 1.07 1.04 0.37
FSA-220 and 132.28 134.52 2.24 2.17 0.68
FSA-220 and 144.44 145.60 1.16 1.13 0.63
FSA-220 and 168.64 169.63 0.99 0.96 3.72
FSA-231   47.40 54.45 7.05 6.87 0.94
FSA-231 and 75.51 76.55 1.04 1.01 0.55
FSA-231 and 130.24 131.25 1.01 0.98 0.45
FSA-234   7.10 8.09 0.99 0.99 1.40
FSA-234 and 13.31 21.05 7.74 7.74 0.51
FSA-234 and 36.11 38.09 1.98 1.98 0.40
FSA-234 and 49.80 50.60 0.80 0.80 0.64
FSA-234 and 54.53 55.68 1.15 1.15 0.32
FSA-234 and 71.40 72.43 1.03 1.03 0.45
FSA-239 and 61.07 67.68 6.61 6.45 3.60
FSA-239 and 71.98 73.16 1.18 1.15 0.88
FSA-239 and 79.65 80.68 1.03 1.00 0.52
FSA-239 and 83.28 84.40 1.12 1.09 0.31
FSA-239 and 103.09 106.52 3.43 3.35 0.24
FSA-239 and 113.12 143.71 30.59 29.84 0.99
FSA-239 includes 125.25 127.30 2.05 2.00 4.03
FSA-239 includes 138.63 140.65 2.02 1.97 6.26
FSA-239 and 153.40 155.45 2.05 2.00 0.79
FSA-239 and 159.60 163.80 4.20 4.10 0.50
FSA-239 and 165.90 166.90 1.00 0.98 0.39
FSA-209   0.95 41.68 40.73 40.73 1.86
FSA-209 includes 9.83 11.63 1.80 1.80 6.94
FSA-209 includes 26.74 28.90 2.16 2.16 13.11
FSA-209 includes 35.88 37.10 1.22 1.22 9.55
FSA-209 and 51.55 60.37 8.82 8.82 0.97
FSA-209 and 107.80 111.37 3.57 3.57 2.16
FSA-209 and 123.18 144.10 20.92 20.92 3.93
FSA-209 includes 123.18 124.80 1.62 1.62 12.30
FSA-209 includes 134.45 140.66 6.21 6.21 7.76
FSA-209 and 248.78 252.14 3.36 3.36 0.39
FSA-232   26.89 27.95 1.06 1.06 0.37
FSA-232 and 42.46 43.50 1.04 1.04 0.39
FSA-232 and 47.56 48.61 1.05 1.05 0.57
FSA-232 and 56.33 57.40 1.07 1.07 0.46
FSA-240   2.10 16.24 14.14 13.29 0.78
FSA-240 and 47.48 48.69 1.21 1.14 1.11
FSA-240 and 61.07 62.09 1.02 0.96 0.51
FSA-240 and 71.00 71.97 0.97 0.91 1.44
Pit Sul FSA-207 and 82.90 85.09 2.19 2.19 0.42
FSA-207 and 92.32 105.43 13.11 13.11 1.40
FSA-207 includes 95.37 96.40 1.03 1.03 10.55
FSA-207 and 116.63 123.25 6.62 6.62 0.66
FSA-207 and 133.29 134.59 1.30 1.30 0.43
FSA-221 and 0.07 25.20 25.13 23.64 2.34
FSA-221 includes 16.20 21.19 4.99 4.69 7.70
FSA-221 and 34.80 40.00 5.20 4.89 0.69
FSA-221 and 44.10 45.26 1.16 1.09 0.31
FSA-221 and 55.75 56.64 0.89 0.84 1.59
FSA-221 and 110.72 116.60 5.88 5.53 0.54
FSA-221 and 183.81 185.81 2.00 1.88 1.51
FSA-221 and 256.97 257.98 1.01 0.95 0.44
FSA-211   2.00 6.52 4.52 4.25 1.01
FSA-211 includes 4.18 5.26 1.08 1.01 3.60
FSA-211 and 10.51 11.57 1.06 1.00 0.33
FSA-211 and 45.23 47.30 2.07 1.95 3.98
FSA-211 and 58.17 59.21 1.04 0.98 1.77
FSA-211 and 62.30 63.26 0.96 0.90 0.35
FSA-211 and 76.06 80.38 4.32 4.06 0.83
FSA-211 and 86.55 87.62 1.07 1.01 0.58
FSA-211 and 100.91 102.01 1.10 1.03 0.34

Quality Assurance and Quality Control

Analytical work was carried out by ALS international lab (ALS). MDC send half core samples for sample preparation to the lab. The facilities of the prep lab are located in Goiânia, Brazil 835 km from the MDC project and alternatively in Belo Horizonte, Brazil 1,110 Km from the MDC project. MDC sends out samples to ALS international labs (ALS) with the prep lab located in Goiânia or alternatively in Belo Horizonte. ALS lab sends the prepared aliquots for analytical assay to their lab in Lima, Peru where the prepared samples are systematically analyzed for gold (ppm) by fire assay (Au-AA24) or gold (ppm) by metallic screen (Au-SCR24). Randomly the ICP (Inductively coupled plasma mass spectrometry) is done for trace elements in 4 acids (hydrofluoric, perchloric, nitric and hydrochloric) digestion (ME-MS-61). ALS has routine quality control procedures which ensure that every batch of samples includes three sample repeats and at least two commercial standards and two blanks. Cerrado uses standard QA/QC procedures, inserting reference standards and blanks, for the drilling program. The Reference material used are from CDN Resource Laboratories Ltd., ITAK (Instituto de Tecnologia August Kekulé Ltda. and OREAS).

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Sergio Gelcich, P.Geo., Vice President, Exploration for Cerrado Gold Inc., who is a Qualified Person as defined in National Instrument 43-101.

Mark Brennan
CEO and Co Chairman
Tel: +1-647-796-0023
This email address is being protected from spambots. You need JavaScript enabled to view it.

Nicholas Campbell, CFA
Director, Corporate Development 
Tel.: +1-905-630-0148 
This email address is being protected from spambots. You need JavaScript enabled to view it.

About Cerrado

Cerrado is a Toronto based gold production, development and exploration company focused on gold projects in the Americas. The Company is the 100% owner of both the producing Minera Don Nicolás mine in Santa Cruz province, Argentina and the highly prospective Monte Do Carmo development project, located in Tocantins State, Brazil.

At Minera Don Nicolas, Cerrado is maximising asset value through further operations optimization and continued production growth. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective 334,000ha land package.

At Monte Do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through Feasibility and production. The Serra Alta deposit hosts Indicated Resources of 541kozs of contained gold and Inferred Resources of 780kozs of contained gold. The Preliminary Economic Assessment demonstrates extremely robust economics as well as the potential to be one of the industry’s lowest cost producers. Cerrado also holds an extensive and highly prospective 82,542ha land package at Monte Do Carmo.

For more information about Cerrado please visit our website at: www.cerradogold.com.

Disclaimer

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This press release contains statements that constitute “forward-looking information” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation, all statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado. In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions, including, but not limited to continuing progress of the Feasibility Study and infill drilling at MDC. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

Source link

English English German German