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|Cabral Gold Inc. (TSXV: CBR) (OTC: CBGZF): Goal to Discover 10 to 20 Million Oz of Gold on the Cuiú Cuiú Property in Northern Brazil; Dr. Alan Carter, President & CEO|
By Dr. Allen Alper, PhD Economic Geology and Petrology, Columbia University, NYC, USA
Cabral Gold Inc. (TSXV: CBR) (OTC: CBGZF) has a 100% interest in the Cuiú Cuiú Gold District, located in the Tapajós Region, within the state of Pará, in northern Brazil. Two gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 Compliant Indicated Resources of 5.9Mt @ 0.90g/t (200,000 oz) and Inferred Resources of 19.5Mt @ 1.24g/t (800,000 oz). At PDAC2021, we spoke with Dr. Alan Carter, who is President, CEO and Director of Cabral Gold. They have identified 43 targets outside the two known deposits that they divided into groups, and in the next 6-9 months, they will be drilling and generating news on some of these targets. Ultimately, the goal is to discover 10 to 20 million ounces of gold on the Cuiú Cuiú Property.
Cabral Gold Inc.
Dr. Allen Alper: This is Dr. Allen Alper, Editor in Chief of Metals News, talking with Dr. Alan Carter, who is President, CEO and Direct of Cabral Gold. Alan, could you give our readers/investors an overview of your Company and what differentiates your Company from others?
Dr. Alan Carter: Sure Al. We are a TSX Venture listed gold exploration company, with an advanced exploration project in Brazil called Cuiú Cuiú. We already have two deposits defined that contain a million ounces of gold and there's a lot of upside to both those two deposits. The project really is a district. It is located in Northern Brazil in an area called the Tapajos Region. During the 1980s, the Tapajos Region was the site of the world's largest ever gold rush. The government of Brazil estimates that 20 to 30 million ounces of placer gold were recovered from this region over a 15-year period that spanned the whole of the 1980s. There were a million people that rushed up to this area. That makes the size of that gold rush that happened 40 years ago, 10 times larger than the California gold rush of 1849.
The project that we have is the largest placer field in the whole region. Placer gold was recovered from well over 100 different places, the region is 250 kilometers across and Cuiú Cuiú is the largest and richest. We have two hard rock deposits that are defined right now. We are next door to Eldorado Gold’s fully permitted TZ project, which is 2.3 million ounces, is fully permitted and will be one of Brazil's largest gold mines. Within our claim blocks, that make up 36,000 hectares or round about 90,000 acres, there are 43 very good targets, within a six or seven-kilometer radius of the two known deposits, which are five kilometers apart.
Of those 43 targets, there are 10 where we have high-grade drilling results already. We don't have enough drilling done on any of these 10 areas to define a third deposit yet but we are working on it. And we have some very, very compelling drilling results, including 34 meters at 5.3 grams per tonne gold that we just drilled at the Machichie target and there are a number of others. The size of the district that we control and the number of excellent targets really makes this project highly unusual and differentiates Cabral Gold from many other companies.
The next group of targets comprises 13 high-grade veins which are outcropping on surface. And we have another group of targets where we have very, very high-grade gold values associated with surface boulders in 12 other places. If that wasn’t exciting enough, we currently have three rigs turning and we will obviously be generating drill results from a number of those targets for the next six to nine months.
Dr. Allen Alper: Well, that's excellent. You and your Team, and Board must be very proud of the results you have in 2020 and it looks like your headed for a fantastic year in 2021, with your current dill plan.
Dr. Alan Carter: Yeah, that's right, we're excited!
Dr. Allen Alper: Could you give our readers/investors a little more information on some of the data you've obtained so far?
Dr. Alan Carter: We have two gold deposits that currently contain a million ounces of gold. We see a lot of upside within those two deposits. There are indications from the drilling completed to date that those two deposits could ultimately contain at least two million ounces. Looking at the wider district that we control, we are targeting 10 to 20 million ounces as our goal. That is obviously a big jump from where we are right now. But we have 43 targets, 35 of which have high-grade mineralization associated with them. If you look at the historic placer footprint here, Cuiu Cuiu the largest camp in the whole district. Our neighbor, Eldorado Gold’s area produced 200,000 ounces of placer gold, during the gold rush days. Our area produced ten times that or two million ounces of placer gold during rush days. We think there will be an awful lot more hard rock gold in our area. Eldorado Gold has 10 times more hard rock gold on their project than was produced from the placer ounces. If we have 10 times more hard rock gold in the granite here, this will be a very, very large gold district.
Dr. Allen Alper: Sounds fantastic, Alan, could you tell our readers/investors about yourself, your Team and your Board?
Dr. Alan Carter: I am actually educated in the UK. I have a PhD in Gold Geochemistry and Structural Geology. I spent 10 years living in South America. I spent a total of 13 years with Rio Tinto and BHP. I have been living in Vancouver for the last 20 years. Our team has been directly involved in the discovery of five gold deposits in Brazil. In 2016 we sold our last company to Ross Beaty’s Anfield Gold, which is now part of Equinox Gold. I have also invested $1.7 million of my own money into Cabral and I am the second largest shareholder in the Company.
We have a very good Management Group. Paul Hansed is our CFO, he's ex-KPMG. Our Country Manager is Ruari McKnight. Ruari's a geologist who has lived in Brazil for the last 20 years. Dr. Adrian McArthur, a PhD Geologist, is a consultant, who runs our Exploration Program. In terms of the Board, we have Mark Smith, who is a Geologist, ex Mining Analyst and Investment Banker, based in Toronto; Derrick Weyrauch, who is a Chartered Accountant and runs a Company called Palladium One, also based in Toronto; Dennis Moore is a geologist who lives in Portugal and spent 13 years living and working in Brazil and is responsible for the discovery of the Tocantinzinho deposit, now owned by Eldorado. Finally, Carlos Vilhena is also on the Board and is one of Brazil's top mining lawyers. He's a partner at Pinheiro Neto. All in all, we have an excellent Board and Management Team. We have a track record, not only of discovery in Brazil, but of creating significant value for our shareholders. We are planning to repeat that again this year.
Dr. Allen Alper: Well, you have a successful, accomplished team of excellent geological and financial performers. It is great to see that you have so much confidence in the Company that you have invested so heavily in the Company and you are so committed to its success. Could you tell our readers\investors a little bit more about your share and capital structure?
Dr. Alan Carter: We have just under 120 million shares on issue right now. There are no significant warrants outstanding. The market cap of the Company is around about $75 million CAD. As I said, we already have a million ounces in the ground and $5 million cash. Management and Board own about 17% of the Company in total. I am the second largest individual shareholder. We have about just under 40% of the shares in institutional hands. Some of our institutional shareholders include Crescat, which was one of the top performing gold funds in the US and 2020, Phoenix, US Global, Cisco, the Royal Bank of Canada, and a number of other institutional shareholders. We have a good balance between retail shareholders. We have a very active and vocal retail base as well. That's the capital structure. The Company currently has three drill rigs turning right now.