logo-loader
viewCabral Gold Inc

Cabral Gold on the hunt for more gold at Climar target on Cuiú Cuiú property

Exploration work at the Climar target area is aimed at identifying the source of placer gold

gold nuggets
Climar is 10 kilometres east of the Central gold deposit and 7km northeast of the Moreira Gomes deposit

Cabral Gold Inc (CVE:CBR) is progressing with exploration on a new target that has never been investigated at the company’s Cuiú Cuiú gold project in Brazil.

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.

READ: Cabral Gold moves forward with $3M financing for Cuiú Cuiú gold project in Brazil

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.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Cabral Gold Inc

Price: 0.08 CAD

TSX-V:CBR
Market: TSX-V
Market Cap: $4.93 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Cabral Gold Inc named herein, including the promotion by the Company of Cabral Gold Inc in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Cabral Gold finds new and unidentified high-grade target at...

Cabral Gold (CVE: CBR) CEO Alan Carter joined Steve Darling from Proactive Vancouver with News the company has identified a new high-grade target after completing surface work on the eastern part of Cuiu Cuiu. Carter talks about the grades they found and how this fits into the narrative...

on 11/2/20

2 min read