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Cerrado Gold Announces Start of Exploration Campaign at its Minera Don Nicolás Mine
Initial 3,000 metre drill program focused on the high-grade Goleta target and the Calandrias Nort...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Announces Start of Exploration Campaign at its Minera Don Nicolás MineInitial 3,000 metre drill program focused on the high-grade Goleta target and the Calandrias North down plunge extensionDrill program is part of campaign targeting the expansion of life of mine and total mineral resourcesTORONTO, ON / ACCESSWIRE / August 20, 2024 / Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") is excited to announce the start of a new exploration campaign at its Minera Don Nicolás (\"MDN\") mine in Santa Cruz, Argentina, targeting the extension of the Life of Mine (\"LOM\") and the increase in mineral resources. The Company has started the first drilling consisting of approximately 3,000 metres on two key high-grade targets, being the Goleta zone and the Calandrias North downward plunge extension. The drilling has the specific objective of providing additional high-grade feed to the CIL Plant. A drill rig has been mobilized to the site and is currently drilling the first hole at Goleta. Any new resources would add to the recent mineral resource estimate completed by the Company and announced on August 6, 2024, providing a 5 year mine life and US$111 million Net Present Value at $2,100 gold ($153M @$2,400Au).Mark Brennan, CEO and Chairman commented: \"With a difficult period of uncertainty now behind us, we are excited to be commencing a new exploration program at MDN where we see the potential to significantly grow the resource base beyond the current 5 year mine life outlined in the recently completed PEA. This new program is specially focused on the potential to rapidly grow high grade resources suitable to be processed at the CIL plant to extend the life of mine. This initial round of drilling is planned to support follow on programs moving forward as the Company aims to rigorously explore our extensive land package.\"Figure 1. Targets LocationGoleta ZoneGoleta is a high-grade target located approximately 7 kilometres northwest of the Martinetas mill and CIL plant. Surface exploration has shown the mineralization at Goleta consists of mineralized fragments of banded quartz veins within a polymitic breccia believed to be of phreatomagmatic origin. Phreatic brecciation is late process occurring post mineralization. The exploration premise is that these large clasts are from a high-grade qu...