Adelaide Capital is joined by Alan Carter, CEO of Cabral Gold (TSXV: CBR), to discuss the Company’s 100% owned Cuiú Cuiú project in Brazil. – Cabral Gold started a 25,000m drill program to explore high grade targets outside of the current 1Moz resource. Recent rock samples have tested up to 200.3 g/t Au in the Alonso Zone.
– CBR plans to drill the Machichie zone, which returned 3.4m of 36.9 g/t Au and Central, which returned 27m of 6.9g/t Au in 2019.
– The historical resource was subject to top cuts which excluded 2-20g/t grade ore. The inclusion of the high grade in the deposit increases the size of the resource by more than 500,000oz.
– The Tapajos region was host to the world’s largest gold rush during 1978-1995 when up to 30Moz of placer gold was mined by
~1M small miners. Cabral’s assets are approximately 20km NW of Eldorado Gold’s Tocantinzinho project. Kinross Gold, Yamana Gold, AngloGold Ashanti, and Equinox Gold are producing in the country and M&A activity is increasing.
– Well financed: Cabral completed a $4.2M financing in July with management participating for $200k. The CEO has invested $1.7M of his own money into the Company to date. With drilling costs coming in at $25/m all in, the company is well positioned beyond the current program.
– Key Shareholders: RBC, Dundee Capital, Phoenix Capital, and Crescat Capital