Lavras Gold Corp. Intersects 1.4 g/t Gold Over 236 Metres from Surface at Butiá Gold Deposit, LDS Project, Southern Brazil & Provides an Exploration Update
Lavras Gold Corp. (TSXV: LGC, OTCQX: LGCFF) announced promising results from seven new drillholes at the Butiá Gold Deposit in southern Brazil. The findings include a significant 1.4 g/t gold over 236 meters from surface, featuring higher-grade subintervals like 1.6 g/t gold over 199 meters and 2.4 g/t gold over 20 meters. These results are part of efforts to convert inferred resources to measured and indicated categories and to increase the gold endowment. The Butiá Gold Deposit currently hosts an NI 43-101 compliant gold resource of about 0.5 million ounces. CEO Michael Durose highlighted the near-surface gold grades and the potential for an open-pit mine. Drilling continues at the adjacent Fazenda do Posto target.
- Drillhole 23BT019 returned 236 meters grading 1.4 g/t gold from surface.
- Three drillholes returned more than 200 meters of continuous gold mineralization.
- Continuous gold mineralization observed in multiple drillholes, confirming the bulk-tonnage nature.
- Presence of visible gold in some drillholes highlights multiple gold mineralizing events.
- Potential for open-pit mining due to long continuous intervals of gold mineralization starting at surface.
- Drillhole 24BT020 and 24BT022 encountered only minor or narrow low-grade intervals of gold mineralization.
Drilling intersection includes 1.6 g/t gold over 199 meters, including 2.4 g/t gold over 20 metres
Toronto, Ontario--(Newsfile Corp. - June 25, 2024) - Lavras Gold Corp. (TSXV: LGC) (OTCQX: LGCFF) ("Lavras Gold" or the "Company") is pleased to release the results from seven new drillholes testing the Butiá Gold Deposit, located at the western edge of the LDS Project in southern Brazil. Gold mineralization was intersected in all seven holes reported in this news release at the Butiá Gold Deposit ("Butiá" or "Butiá Gold Deposit)", which hosts a NI43-101 compliant measured, indicated and inferred gold resource of approximately 0.5 million ounces. Three of these seven new holes returned more than 200 metres of continuous gold mineralization characterized by higher-grade subintervals.
The purpose of these drillholes was two-fold: several holes were infill holes designed to increase the confidence in the Butiá resource (converting the Inferred Resource into the Measured & Indicated categories) and other holes were drilled to potentially increase the gold endowment as explained below. These new results continue to move Lavras Gold toward its short-term corporate goal of defining an economically feasible gold resource on the LDS Project, focused on the Butiá Gold Deposit and the adjacent Fazenda do Posto gold target.
HIGHLIGHTS
Drilling
Hole 23BT019 returned:
236.0 metres grading 1.4 g/t gold from surface and including:
199.0 metres grading 1.6 g/t gold from 37.0 metres, and including:
74.0 metres grading 2.5 g/t gold from 75.0 metres, and including:
0.7 metres grading 44.4 g/t gold from 83.3 metres (visible gold),
1.0 metres grading 48.3 g/t gold from 94.0 metres (visible gold), and
20.00 metres grading 2.4 g/t gold from 195.00 metres.
Hole 24BT023 intersected:
228.0 metres grading 1.0 g/t gold from surface and including:
100.0 metres grading 1.6 g/t gold from 35.0 metres, and including:
60.0 metres grading 2.3 g/t gold from 72.0 metres, and including:
5.0 metres grading 3.3 g/t gold from 72.0 metres
"We are very excited by the results that we are seeing at Butiá, with these new drilling results continuing to demonstrate the excellent near-surface gold grade and continuity of the Butiá Gold Deposit," commented Lavras CEO Michael Durose. "Long continuous intervals of gold mineralization over more than 200 metres depth and beginning at surface confirm the bulk-tonnage nature of Butiá. The presence of visible gold in cross-cutting stockwork-style quartz veinlets in 24BT019 highlights multiple gold mineralizing events, locally enhancing gold grade. This style of mineralization has been seen property wide in other targets that we have drilled including Zeca Souza, Galvao, and Matilde. Laterally, a higher-grade core of mineralization has been defined over at least 100 metres of strike length within the Butiá Gold Deposit, starting at surface. This has potentially positive implication for a future open pit mine."
Click here for commentary from CEO Michael Durose on today's drilling results.
An update of drilling results for Fazenda do Posto target is expected as soon as final assay results are received and the geological interpretation is completed. Drilling is on-going in this area after a short delay related to recent unusually heavy rain in the area.
[* Footnote: Butiá hosts an NI 43-101 compliant near-surface gold resource of about 500,000 ounces, as detailed in the NI 43-101 Technical Report Mineral Resource for Butiá Gold Prospect dated and effective January 25, 2022. The report was prepared by VMG Consultoria e Soluções Ltda. for Lavras Gold Corp. and is available on the Company's website and www.sedar.com under Lavras Gold's issuer profile.]
Discussion of Drill Results - Butiá Deposit
Figure 1 indicates the location of the mineral showings on the LDS Project. Butiá is the most advanced gold deposit on the LDS Property consisting of approximately 0.5 million ounces of gold, located 150 metres east of the recent Fazenda do Posto gold discovery. The purpose of the current drilling program at Butiá is to increase the geological confidence of the existing gold resource by converting a significant portion of inferred geological resources into the measured and indicated categories and to increase the gold endowment of the existing gold resource. Recent drilling results from Butiá were disclosed in the Lavras Gold News Release dated February 06, 2024.
Details of the locations of the new drillholes relative to existing resource categories can be found in the plan view in Figure 2. A long section looking northeast is shown in Figure 3. Table 1 summarizes assay results including newly disclosed results in this press release, and results disclosed earlier this year. Table 2 tabulates drillhole information including collar coordinates and drillhole depths. Note that the collar coordinates for Butiá have been updated to reflect a recently completed detailed land survey of all drill collars versus the GPS coordinates previously disclosed.
Drillhole 23BT019 was collared about 100 metres northwest of drillhole 23BT016 and 23BT018 in the north-central portion of the Butiá Gold Deposit (see Figure 2). The hole was designed to test the lateral continuity of higher-grade mineralization encountered in hole 23BT016 that included 109.0 metres grading 1.40 g/t gold from surface. 23BT019 was drilled vertically (see Figure 3) for the purpose of characterizing the vertical continuity of mineralization and defining the mineral deposit at depth. A long interval of continuous bulk-tonnage disseminated gold mineralization was encountered from surface to a depth of 236.0 metres within mineralized episyenite with minor subintervals of perthitic granite as detailed below.
Intersected 236.0 metres grading 1.4 g/t gold from surface (0.0 metres) and including:
199.00 metres grading 1.6 g/t gold from 34.0 metres
29.0 metres grading 2.9 g/t gold from 25.0 metres, and
75.0 metres grading 2.5 g/t gold from 74.0 metres
0.7 metres grading 44.4 g/t gold from 83.3 metres (visible gold in quartz stockwork veinlet), and
1.0 metre grading 48.3 g/t gold from 94.0 metres (visible gold in quartz stockwork veinlet); and
20.0 metres grading 2.4 g/t gold from 195.0 metres
Drillhole 23BT019 confirms continuous gold mineralization to a depth of 239.0 metres and lateral continuity of a higher-grade core of gold mineralization starting at surface over an extent of about 100 metres. There are many higher-grade subintervals encountered in 23BT019, including areas with higher concentrations of sulphides within episyenite and/or perthitic granite, and two zones of narrow cross-cutting quartz veinlets hosting visible gold (see Figures 4, 5 and 6). These cross-cutting veinlets with visible gold are very high-grade (greater than 40 g/t gold) and highlight a later-stage gold mineralizing event that was superimposed on the original disseminated gold event associated with episyenite and perthitic granite host rock. The cross-cutting visible gold veinlets appear similar to those seen at the Zeca Souza and Galvão gold discoveries located about 1.5 kilometres north of Butiá (see News Releases dated September 7, 2022 for Zeca Souza and May 9, 2023 for Galvão) where visible gold in cross-cutting stockwork veins was encountered. Late-stage visible gold associated with glassy quartz has also been encountered at the Matilde gold discovery in the southern portion of the LDS Project (see Figure 1). Note that if the two high-grade gold intervals in 23BT019 are cut back to 10 g/t gold (from 44.4 g/t gold and 48.3 g/t gold respectively), then the composite interval becomes 239.0 m grading 1.1 g/t gold from surface. Nevertheless, it is possible that future "sweet spots" will be found at Butiá with future drilling related to the quartz-stockwork style of gold mineralization.
Drillhole 24BT023 was collared about 50 metres northwest of drillhole 23BT016 and 23BT018 in the central-west portion of the Butiá gold deposit and drilled vertically (see Figure 2 & Figure 3). The purpose of this hole was to better understand the nature, grade and continuity of gold mineralization in this portion of the deposit. Continuous gold mineralization was encountered over long intervals in episyenite and mineralized perthitic granite. Higher-grade subintervals have been observed within zones of episyenite hosting pyrite +/-arsenian pyrite. A summary of assay composites is as follows:
228.0 metres grading 1.0 g/t gold from surface including:
100.0 metres grading 1.6 g/t gold from 35.0 metres; including
60.0 metres grading 2.3 g/t gold from 72.0 metres; and including
5.0 metres grading 3.3 g/t gold from 72.0 metres
Hole 24BT023 provides a clear indication of long continuous gold mineralization vertically to depths of more than 200 metres, and laterally in a northwest-southeast direction as it is located midway between 23BT019 and 23BT016.
Drillhole 23BT018 was positioned in the southwest-central portion of the Butiá gold deposit, slightly south of the currently interpreted measured portion of the gold resource and drilled vertically (see Figures 2 and 3). The purpose of this hole was to better grasp the nature of the geology and mineralization vertically in this portion of the deposit. A continuous bulk-tonnage and disseminated style of mineralization consisting mainly of disseminated pyrite +/- arsenian pyrite within episyenite +/- perthitic granite occurred from surface to a depth of 221.0 metres having an average grade of 0.8 g/t gold. This included several higher-grade subintervals as detailed below:
130.0 metres grading 1.2 g/t gold from surface and including:
10.0 metres grading 1.6 g/t gold from 32.0 metres
10.0 metres grading 1.4 g/t gold from 47.0 metres
8.0 metres grading 3.5 g/t gold from 117.0 metres
Gold mineralization occurs within mineralized episyenite and perthitic granite. Higher grade subintervals are associated with elevated concentrations of sulphide minerals.
Drillhole 24BT020 was collared along the southeastern edge of the Butiá mineralized footprint and drilled on an azimuth of 200 degrees and inclined 60 degrees (see Figures 2 and 3). The purpose of this hole was to test the southeastern extension of the deposit. Only one minor interval of gold mineralization consisting of 1.0 metre grading 1.2 g/t gold was encountered within perthitic granite.
Drillhole 24BT021 was positioned along the southeastern edge of the Butiá Gold Deposit and drilled along an azimuth of 020 degrees at an inclined angle of 60 degrees (see Figures 2 3). The hole encountered 77.0 metres of continuous gold mineralization grading 0.4 g/t gold from 22.0 metres, including several moderately higher-grade subintervals including 40.0 metres grading 0.6 g/t gold from 59.0 metres, and 24.0 metres grading 0.7 g/t gold from 72.00 metres.
Drillhole 24BT022 was designed to test the southeast extension of Butiá and encountered several narrow low-grade intervals of gold mineralization within predominantly fresh rock (perthitic granite).
Drillhole 23BT017 was collared along the northwestern edge of Butiá and was positioned to test the extension of the Butiá Gold Deposit to the northwest (see Figure 2 and Figure 3). The hole encountered 53.0 metres grading 0.5g/t gold in mineralized episyenite from 80.0 metres. This included two higher grade subintervals including 5.0 meters grading 1.5 g/t gold from 119.0 metres, and 2.0 metres grading 2.5 g/t gold from 130.0 metres.
Drillhole 23BT017 was successful in extending the mineralized footprint at Butiá about 65.0 metres northwest of previous drilling.
Correction to Press Release dated May 30, 2024
The Company clarifies that it granted 97,242 Restricted Share Units to officers of the Company instead of 101,419 as disclosed in its press release dated May 30, 2024.
Table 1. Summary of Drillhole Composites from the Butiá Gold Deposit
| Drillhole | From | To | Interval | Gold grade | Comment | |
| (metres) | (metres) | (metres) | (grams/tonne) | |||
| 23BT005 | 0.00 | 37.00 | 37.00 | 0.74 | Episyenite/Perthitic Granite | |
| including | 4.00 | 23.00 | 19.00 | 1.17 | Saprolite | |
| 97.00 | 99.00 | 2.00 | 0.32 | Perthitic Granite | ||
| 101.00 | 103.00 | 2.00 | 0.27 | Perthitic Granite | ||
| 23BT009 | 54.00 | 58.00 | 4.00 | 0.61 | Episyenite | |
| 73.00 | 89.00 | 16.00 | 0.63 | Episyenite | ||
| including | 74.00 | 81.00 | 7.00 | 1.14 | Episyenite | |
| 121.00 | 186.00 | 65.00 | 0.51 | Episyenite/Perthitic Granite | ||
| including | 141.00 | 159.16 | 18.16 | 0.99 | Episyenite | |
| including | 127.00 | 131.00 | 4.00 | 0.80 | Episyenite | |
| including | 141.00 | 149.00 | 8.00 | 1.49 | Episyenite | |
| including | 142.00 | 145.00 | 3.00 | 2.10 | Episyenite | |
| including | 168.00 | 172.00 | 4.00 | 1.29 | Perthitic Granite | |
| including | 177.00 | 178.00 | 1.00 | 0.76 | Perthitic Granite/Episyenite | |
| including | 182.00 | 186.00 | 4.00 | 0.65 | Episyenite/Perthitic Granite | |
| 208.00 | 220.00 | 12.00 | 0.89 | Perthitic Granite | ||
| including | 208.00 | 210.00 | 2.00 | 1.22 | Perthitic Granite | |
| including | 214.00 | 219.00 | 5.00 | 1.50 | Perthitic Granite | |
| 239.00 | 242.00 | 3.00 | 0.45 | Perthitic Granite | ||
| including | 239.00 | 240.00 | 1.00 | 0.81 | Perthitic Granite | |
| 23BT010 | 0.00 | 46.00 | 46.00 | 0.48 | Episyenite | |
| Including | 0.00 | 9.00 | 9.00 | 1.15 | Episyenite | |
| Including | 17.00 | 19.00 | 2.00 | 1.18 | Episyenite | |
| 40.00 | 42.00 | 2.00 | 0.58 | Perthitic Granite | ||
| 45.00 | 46.00 | 1.00 | 0.81 | Perthitic Granite | ||
| 61.00 | 63.00 | 2.00 | 0.44 | Perthitic Granite | ||
| 68.00 | 73.00 | 5.00 | 0.30 | Perthitic Granite | ||
| 96.00 | 100.00 | 4.00 | 0.46 | Perthitic Granite | ||
| including | 96.00 | 97.00 | 1.00 | 1.23 | Perthitic Granite | |
| 110.00 | 111.00 | 1.00 | 0.51 | Episyenite | ||
| 23BT011 | 12.00 | 22.00 | 10.00 | 0.76 | Perthitic Granite | |
| including | 13.00 | 15.00 | 2.00 | 2.64 | Perthitic Granite | |
| 23BT012 | 67.00 | 74.00 | 7.00 | 0.51 | Episyenite | |
| 136.00 | 246.00 | 110.00 | 0.71 | Episyenite | ||
| Including | 142.00 | 147.00 | 5.00 | 1.27 | Episyenite | |
| Including | 142.00 | 144.00 | 2.00 | 2.68 | Episyenite | |
| Including | 154.00 | 174.00 | 20.00 | 1.59 | Episyenite | |
| Including | 154.00 | 157.00 | 3.00 | 4.20 | Episyenite | |
| Including | 163.00 | 166.00 | 3.00 | 6.06 | Episyenite | |
| Including |
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FAQ
What were the key drilling results at the Butiá Gold Deposit reported on June 25, 2024?
Lavras Gold Corp. reported intersecting 1.4 g/t gold over 236 meters from surface, including higher grades in subintervals like 1.6 g/t gold over 199 meters and 2.4 g/t gold over 20 meters.
Did Lavras Gold Corp. find visible gold in the recent drilling at Butiá?
Yes, visible gold was found in cross-cutting quartz veinlets in drillhole 23BT019, which included intervals grading 44.4 g/t and 48.3 g/t gold.
How much gold resource does the Butiá Gold Deposit currently host?
The Butiá Gold Deposit hosts an NI 43-101 compliant measured, indicated, and inferred gold resource of approximately 0.5 million ounces.
What is the potential impact of recent drilling results on Lavras Gold Corp.'s stock LGCFF?
The positive drilling results, including significant gold intersections, may enhance investor confidence and potentially impact the stock positively.
What is the purpose of Lavras Gold Corp.'s recent drilling program at Butiá?
The drilling program aims to increase geological confidence by converting inferred resources into measured and indicated categories and to potentially increase the gold endowment.
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