2 weeks Ago By [email protected] (MENAFN)
Toronto, Ontario--(Newsfile Corp. - December 2, 2024) - Lavras gold Corp. (TSXV: LGC) (OTCQX:LGCFF) (" Lavras Gold " or the " Compan y") is pleased to release the results from three new drillholes testing the Olaria Gold Target("Olaria" or "Olaria Gold Target"), located within the central portion of the Lavras do Sul Intrusive Complex (LDIC) of the LDS Project in southern Brazil.
Gold mineralization was intersected in all three of the new holes reported in this news release at the Olaria Gold Target. The Olaria target, approximately 3 kilometres to the north of Lavras Gold's Butiá Gold Deposit, is within the larger Caneleira Mining Concession. The purpose of these drillholes was two-fold: (1) to test the downdip potential of an historical drillhole (LDH-105, drilled in 2007 by a predecessor company) that tested the Olaria Gold Target along a postulated east-west structure; and (2) to test for gold mineralization across a reinterpreted northeast-southwest trending structure.
Historical drillhole LDH-105 was drilled on an azimuth of 220 degrees and encountered nine discrete intervals of gold mineralization ranging from 1.00 m to 12.00 m with gold grades ranging from 0.
4 g/t gold to 4.5 g/t gold. The best intercept was 12.
00 m grading 4.5 g/t gold from 26.0 metres.
The new Lavras Gold drill holes, 24CNO-001 and 24CNO-007, were oriented with an azimuth of 200 degrees and successfully tested the down-dip potential and western strike extension of historic hole LDH-105. These new holes generally intersected multiple-narrow to moderate intervals of low to high gold grade ranging from 1.00 m to 11.
00 m wide with grades ranging from 0.3 g/t gold to 9.0 g/t Au.
These holes confirmed the down-dip extension of mineralization to vertical depths of about 300 metres. However, a recent reinterpretation of the Olaria geology by Lavras geologists suggested that a possible northeast-southwest structure was a more important 'controlling' feature that required testing to confirm the hypothesis. Drillhole 24CN-002 was oriented with an azimuth of 290 degrees and designed to test for potential of gold mineralization across an interpreted northeast-southwest trending structure.
The hole encountered 56.0 metres of continuous gold mineralization grading 1.0 g/t gold from 152.
0 metres down the drill core (about 134 metres vertical). This is followed by an 8.0 metre interval grading 0.
5 g/t gold. There are several higher-grade sub-intervals within the 56.0 metre intercept including 4.
00 m grading 4.5 g/t gold from 180.0 m (and including 1.
0 m grading 9.2 g/t gold from 183.0 m), and 3.
00 m grading 2.7 g/t gold from 202.0 m.
The Olaria Gold Target remains open to the northeast, southwest and at depth. These new results continue to move Lavras Gold toward its medium to longer-term goal of demonstrating the district-scale exploration potential of the LDS Project. Lavras Gold's shorter-term objective is defining an economically viable gold project at Butiá and Fazenda do Posto also part of the LDS Project.
HIGHLIGHT Drilling Hole 24CNO-002 returned: "While our primary focus remains defining the mineralized footprint in the Butiá/Fazenda do Posto area, our team is extremely pleased to make an important new gold discovery so quickly after launching our regional exploration strategy at our Olaria Gold Target. This new discovery supports our thesis that gold mineralization is on a district scale at the LDS Project with the entire district proving to be highly prospective. Olaria is located about 3.
1 kilometres northeast of Butiá/Fazenda do Posto and demonstrates a different style of mineralization than the Butiá/Fazenda do Posto area," commented Lavras CEO Michael Durose. "Olaria represents a structurally controlled cataclastic-style of mineralization within the Lavras do Sol Intrusive Complex. This is very different compared to the metasomatic style of disseminated mineralization found along the western edge of the intrusion at Butiá and Fazenda do Posto.
Nevertheless, a long continuous interval of potentially economic gold mineralization over more than 50 metres at depths relatively close to surface confirms that Olaria has significant exploration potential. Next steps will be to try and expand the size of the mineralized footprint along strike to the northeast and southwest of Olaria, and to test for continuity of gold mineralization up-dip closer to surface. The goal is to build gold inventory and add to the existing resources on the LDS Project.
" Click here for commentary from CEO Michael Durose on today's drilling results. [* Footnote: Butiá hosts near-surface mineral resource of 377,000 ozs. of gold in the Measured & Indicated categories and 115,000 ozs.
of gold in the Inferred category, as detailed in the report titled "NI 43-101 Technical Report Mineral Resource for the Butiá Gold Prospect, Rio Grande do Sul, Brasil", prepared for Lavras Gold by authors VMG Consultoria e Soluções Ltda., with an effective date of January 25, 2022 and an amended report date of November 15, 2024. Cerrito hosts a mineral resource 188,000 ozs.
of gold, in the Indicated category and 293,000 ozs. of gold in the Inferred category as detailed in the report titled "NI 43-101 Technical Report Mineral Resource for the Cerrito Gold Prospect, Rio Grand do Sul, Brasil" , prepared for Lavras Gold by authors VMG Consultoria e Soluções Ltda., with an effective date of May 31, 2022 and an amended report date of November 15, 2024 reports are available on the Company's website and under Lavras Gold's issuer profile.
] Discussion of Drill Results - Olaria Gold Target Figure 1 shows the location of the mineral showings on the LDS Project. Olaria is situated approximately 3.1 kilometres northeast of Butiá - the most advanced gold deposit on the LDS Project.
Olaria is one of several gold exploration targets located within the Caneleira concession area centered on historical gold workings, and within a large kilometre-scale gold in soil anomaly defined along the western portion of the Lavras do Sul Intrusive Complex. The purpose of the current drilling program at Olaria is to establish a gold resource by testing the gold grade and continuity of mineralization along structures hosting the gold and to gain insight into the geological controls of gold mineralization. A total of 986 metres of drilling in three new drillholes tested the Olaria gold discovery.
Including historical drillhole LDH-105, the total drilling in this area is 1,155 metres. The locations of the drillholes are shown in Figure 2 and Figure 3 , which illustrate a cross section of gold composites and gold assay results respectively looking northeast . The inset maps show a plan view of the drillhole layout.
Figure 4 shows a cross section of the drillholes looking southeast with gold composites. Table 1 summarizes assay results including newly disclosed results in this press release, and historical results disclosed previously (LDH-105). Table 2 tabulates drillhole information including collar coordinates and drillhole depths.
Drillhole 24CNO-002 was collared 150 metres southeast of historical drillhole LDH105 and drilled with an azimuth of 290 degrees and inclined 60 degrees. The purpose was to test the potential for gold along a postulated northeast-southwest structure. The hole confirmed a thick continuous zone of disseminated gold mineralization within a brick-red coloured cataclastic zone of hydrothermally altered monzonite granites at a vertical depth of 134 metres.
Highlights of the hole are shown below. Figure 5 shows a photo of the typical mineralized zone. The cataclastic host rock is typically a dark scarlet red and consists of fragments of feldspar, 1-2 very finely disseminated sulphides in the matrix to potassium feldspar phenocrysts and dark green to black phengite mica.
The sulphide minerals include pyrite +- galena+- sphalerite. It is noteworthy that the cataclastic zone extends for about 130 metres of thickness, and that the gold mineralization occurs continuously for 56 metres enveloped within this cataclastic zone. Elevated silver grades are noteworthy (see Table 1 for details).
This mineralized cataclastite contrasts significantly from the fresh monzonite granite that is shown in Figure 6 . There are local zones of quartz brecciation with sericite and disseminated sulphides hosting gold (see Figure 7). Several high-grade sub-intervals are noted, including a 1.
0 metre interval averaging 9.2 g/t gold (see Figure 8 ) within the cataclastite and including very fine-grained disseminated sulphides along with cross-cutting centimetre-scale quartz-carbonate veinlets. The Lavras team noted that if the 1.
0 m interval of 9.2 g/t gold high-grade sample was cut to 5.0 g/t gold, then the 56.
0 metre mineralized interval averages 0.9 g/t gold down from 1.0 g/t gold.
This demonstrates the relatively robust nature of this zone of gold mineralization and the potentially moderate impact of the nugget effect. More work is required to establish this characteristic. Drillhole 24CNO-001 was collared 100 metres northwest of historical drillhole LDH-105 in the northwestern portion of the Olaria Gold Target (see Figure 3 and Figure 4 ).
The hole was drilled on an azimuth of 200 degrees at an inclined angle of 60 degrees and designed to test the lateral continuity and downdip extension of gold mineralization encountered in historic hole LDH-105 that intercepted multiple intervals of gold mineralization including 12.0 metres grading 4.5 g/t gold.
Multiple zones of gold mineralization were encountered throughout hole 24CNO-001associated with mineralized cataclastite. Elevated silver values were also found (see Table 1 ). Highlights of drillhole intercepts are detailed below.
Drillhole 24CNO-007 was collared 50 metres north of historical drillhole LDH-105 and drilled along an azimuth of 200 degrees and an inclination of 60 degrees. The hole was designed to test the down-dip extension of historical drill hole LDH-105 that intercepted multiple intervals of gold mineralization. Multiple zones of modest grade gold mineralization were encountered throughout hole 24CNO-007 confirming the downdip extension of mineralization to vertical depths of more than 300 metres .
Highlights are as follows. Interpretation and Next Steps The targets on the Caneleira concession are interpreted to be structurally controlled cataclastic gold systems associated with important northeast trending structures. Typical alteration minerals include hematite, sericite and intense silicification.
Gold appears to be associated with fine-grained to very fine-grained disseminated sulphides (typically pyrite+-galena +-sphalerite). Historical drillhole LDH-105 completed in 2007 by Lavras Gold's predecessor company, Amarillo Gold, tested the Olaria Gold Target. The drillhole was oriented 220 degrees and inclined 60 degrees.
The hole returned multiple intervals of gold mineralization across an interpreted east-west trending structure with highlights from Table 1 as follows: Lavras Gold's geologists have reviewed this historic drill core that is stored on site and confirm that the gold intervals referenced above correspond visually to zones of mineralization and alteration characterized by cataclastic textures. Although new drillholes 24CNO-001 and 24CNO-007 confirmed the lateral and down-dip extension of gold mineralization found in historical drillhole LDH-105, these holes were designed to test the thesis that a predominantly east-west structure was controlling the mineralization at Olaria. This thesis appears to be incorrect since generally multiple moderate grade gold intercepts were encountered where it was expected that potentially thicker zones of gold mineralization would be found.
It is possible that these intercepts are clipping the western edge of a gold zone that is trending northeast-southwest as discussed below. Drillhole 24CNO002, designed to test a northeast-southwest striking structure , has returned a very significant result - 56.0 metres grading 1.
0 g/t gold. This hole appears to have crossed the mineralizing structure that has a northeast-southwest trend. As mentioned previously, northeast trending structures are thought to play an important role in localizing and focusing gold mineralization within the Lavras district.
Next steps for the Olaria drilling will include completing a scissor hole that will be drilled in a southeast direction and at a shallower depth relative to drillhole 24CNO-002, followed by testing for extensions to this zone of mineralization by stepping out along strike to the northeast and southwest. Approximately 15,000 metres of a 25,000-metre drilling budget has been completed on the LDS Project since the beginning of 2024. Most of the drilling has focused on Butiá and Fazenda do Posto.
Drilling is on-going at both targets with two drills. A third drill has been mobilized to the Caneleira concession where numerous exploration targets have been defined through surface exploration work including soil geochemistry, favourable structural patterns identified by a drone magnetic survey and air photo interpretation, and old workings including trenches and pits that have been sampled. This includes on-going drilling of the new Olaria discovery among other targets that will be tested.
In addition to drilling activities, the geology team is completing on-going field related activities including prospecting, geological mapping, and rock sampling with the goal of defining further future drill targets. Table 1. Summary of Drillhole Composites from the Olaria Gold Target From (metres) Table 2.
Olaria Drillhole Coordinates Figure 1. Regional Soil Geochemistry Anomalies versus Geology of the Lavras do Sul Intrusive Complex and Known Mineral Showings. To view an enhanced version of this graphic, please visit: Figure 2.
Cross Section View Looking Northeast of Olaria Drillholes. (Inset Map is Plan View) Showing Composites Gold Results. To view an enhanced version of this graphic, please visit: Figure 3.
Cross-Section Looking Northeast of Olaria Drillholes. (Inset map shows plan view) showing Lithology and Gold Assay Grades. To view an enhanced version of this graphic, please visit: Figure 4.
Cross-Section Looking Southeast of Olaria Drillholes. (Inset map shows plan view) showing Lithology and Composite Gold Grades. To view an enhanced version of this graphic, please visit: Figure 5.
Hole 24CNO-002. 168.0-169.
0 m. Broken Dark Red Hematite Alteration in Feldspar Minerals, Carbonate, Muscovite (phengite mica), very fine-grained sulphides in matrix grading 0.58 g/t Au.
This is typical of the cataclastic texture seen in the interval 152.0 m to 208.0 m.
To view an enhanced version of this graphic, please visit: Figure 6. Relatively Fresh Monzonite from Drillhole 24CNO-02 showing Potassium Feldspar, Plagioclase, Quartz and Biotite with weak hematite alteration. This sample from Drillhole 24CNO-002 spans the interval 272.
0 m to 273.0 m. To view an enhanced version of this graphic, please visit: Figure 7.
Fractured, brecciated quartz mass with sericite alteration and disseminated sulphides. This sample is from Drillhole 24CNO-002 from 172.00 metres to 173.
00 metres and grades 0.57 g/t Au. To view an enhanced version of this graphic, please visit: Figure 8.
24CNO-002 183.0m to 184.0 m.
High grade cataclastic texture 183.0m-184.0 m - Olaria discovery.
Broken dark red hematite alteration in feldspar minerals, carbonate veinlets, muscovite (phengite mica). Very fine-grained sulphides in matrix (9.16 g/t Au, 8.
27 g/t Ag, 250 ppm Pb). To view an enhanced version of this graphic, please visit: About the LDS Project The LDS Project is centred on the town of Lavras do Sul in Rio Grande do Sul, Brazil. It is approximately 320 kilometres, or a 4.
5-hour drive, from the state capital of Porto Alegre. The Company, through its subsidiary, holds directly or indirectly, contractual interests over 37 mineral rights covering 23,000 hectares. The LDS intrusive complex is a multiphase intrusive centre that is surrounded by coeval volcanic rocks to the east.
Geologically, LDS is in the far south of the Neoproterozoic Mantiqueira Province, a 2,700-kilometre-long belt of tectonically and magmatically accreted terrains that stretch as far south as the coastline of central Uruguay and north into southern Bahia State in Brazil. The most advanced targets are the Butiá and Cerrito Gold Deposits. Butiá has a mineral resource estimate 377,000 ozs.
of gold (Measured & Indicated) and 114,100 ozs. of gold (Inferred). Cerrito has a mineral resource estimate of 188,000 ozs.
of gold (Indicated) and 293,500 ozs. of gold (Inferred). See Resources & Reserves on the Lavras Gold website .
About Lavras Gold Corp. Lavras Gold Corp. (TSXV: LGC) (OTCQX: LGCFF) is a Canadian exploration company focused on realizing the potential of its highly prospective gold district in southern Brazil.
The Company's Lavras do Sul Project is located in Rio Grande do Sul State and is primarily an intrusive hosted gold system of possible alkaline affinity. More than 24 gold prospects centred on historic gold workings have been identified on the property, which spans more than 23,000 hectares. Follow Lavras Gold on , as well as on LinkedIn , Instagram, Twitter and YouTube .
Michael Durose, President & CEO for Lavras Gold Corp., is the qualified person ("QP") as defined by Canadian National Instrument 43-101 and has reviewed and approved the technical information contained in this release. On Behalf of Lavras Gold Corp.
" Michael Durose " President & CEO MENAFN02122024004218003983ID1108948160 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
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