Exploration work at the Climar target area is aimed at identifying the source of placer gold, particularly a coarse gold nugget group produced from streams.
Climar is 10 kilometres east of the Central gold deposit and 7km northeast of the Moreira Gomes deposit on the Cuiú Cuiú property.
Vancouver-based Cabral collected 934 soil samples from the target area so far, with an additional 1,000 samples to be collected in the coming weeks.
The company also said that it had purchased a mechanized auger drilling rig and selected Energold as the contractor to complete a diamond drill program on the wider Cuiú Cuiú property. The program will aim to further define the high-grade gold mineralization a the Central and Moreira Gomes deposits as well as the recently discovered Machichie zone.
"A program of mechanized auger drilling has never been tried at Cuiú Cuiú and should shed significant light on the origin of the placer gold in the Cilmar area and other compelling regional magnetic targets that are shedding placer gold at Cuiú Cuiú and which have never been previously drill tested such as Miraboa and Baixa Onca,” Alan Carter, Cabral’s CEO said in a statement on Thursday.
In other news, the gold explorer said it granted nearly 2.6 million stock options at C$0.15 per share to employees, directors and consultants. The options are exercisable over a five-year period and subject to vesting over 24 months.
Cabral’s board of directors also approved the granting of nearly 270,000 restricted share units to two non-executive directors. Half of the restricted share units will vest 18 months after the date of grant and the remainder will vest after three years.
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