Today's assays come from five initial drill holes from the phase II drilling program and are from the MG deposit and Machichie.
The focus currently is defining the February discovered Machichie zone, and also re-evaluating historic high-grade drill results at MG and Central from a previous owner of the project.
In order to achieve that, the firm first wants to establish the down-dip continuity of historic high-grade results.
Previous drilling at MG and Central were designed to identify bulk tonnage ore deposits and little attention went towards following up the many higher-grade intervals, noted Cabral.
At MG, one hole was reported and showed 16.9 metres (m) at 9.6 g/t gold from 82.6 m, which included an intersection of 7.6 m at 18.5 g/t gold from 91.9 m.
Five diamond drill holes have so far been completed at MG, targeting three potential zones of high-grade gold mineralization, but only one was reported today.
At Machichie, a highlight hole showed 16.4 m at 0.64 g/t gold from 16.5 m and 2 m at 5.9 g/t gold from 58 m, including 0.5 m at 20.1 g/t gold from 58.5 m.
This hole demonstrates that whilst the broader halo of lower grade mineralization appears to be more restricted to the east, the high-grade zone continues, noted Cabral.
"We are very pleased with the results from the first drill hole at MG which is designed to demonstrate the down-dip continuity of high-grade gold mineralization as we work towards defining high-grade gold resources at the Cuiú Cuiú project," Alan Carter, president and chief executive, told investors.
"I would like to congratulate our exploration team on the results thus far and look forward to the results of additional holes from the ongoing drill program at the MG and Central zones."
The Cuiú Cuiú project lies in the Tapajos region, an infrastructure-rich area near Eldorado Gold’s Tocantinzinho precious metals project.
Cuiú Cuiú has a resource of 5.9 million tons grading 0.9 g/t of indicated gold and of 19.5 million tons grading 1.2 g/t of inferred gold, or 200,000 ounces and 800,000 ounces of gold, respectively.
Cuiú Cuiú boasts a gold-in-soil anomaly that is 18 kilometers (km) long and largely untested.
Cabral shares advanced 6.9% in Toronto to stand at $0.16 each.
---Updates for share price---
Contact the author at [email protected]