Business
Lavras Gold Adds to Wealth of Gold Discoveries in Second Quarter
The news release should be read in conjunction with Lavras Gold’s audited consolidated financial statements and management’s discussion and analysis for the six
About this update from Lavras Gold Corp
[{"type":"text","content":" The news release should be read in conjunction with Lavras Gold’s audited consolidated financial statements and management’s discussion and analysis for the six months ended June 30, 2023. Both are available under the Company’s profile at www.sedar.com. All monetary amounts are in Canadian dollars unless stated otherwise. TORONTO, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Lavras Gold Corp. (TSXV: LGC, OTCQB: LGCFF) highlighted two new gold discoveries, as well as the expansion of Zeca Souza, as it reported on its second quarter today. \"We followed the Matilde Extension gold discovery in Q1 with two more new gold discoveries, Vila Marieta and Galvao, in Q2,” said Michael Durose, Lavras Gold’s President and Chief Executive Officer. “Then after quarter end, we announced seven new holes from Zeca Souza, which expanded the mineralized footprint of that target by more than 50%. We are very excited by this continued exploration success as we pursue a drill program aimed at expanding existing known mineralization and making new discoveries.” Two rigs have completed 14,070 metres of a 16,000-metre drill program at the Company’s LDS Project in southern Brazil. Our average drilling, assay, and related costs per metre Is approximately C$247. Results are consistently demonstrating that LDS is a unique, large, and complex mineral system. Returned assays are a mix of bulk tonnage and high grade, a combination that yields scale and economics in producing assets. The new gold discoveries in 2022 were at the Matilde and Zeca Souza targets, and historical results from another target, Caneleira, were also reinterpreted. During the first quarter, the Company built on this wealth of discoveries with yet another one, the Matilde Extension gold discovery. Then in the second quarter, Lavras Gold added to its wealth of discoveries, announcing results from the Vila Marieta and Galvao targets. The Vila Marieta gold discovery, believed to be the southwest surface extension of the Cerrito Gold Deposit, is noteworthy for two reasons: significant surface mineralization and long intervals. Hole 22VM001 returned 28.00 metres at 1.30 g/t gold from surface including 4.00 metres at 2.42 g/t gold from 7.00 metres and 5.00 metres 2.49 g/t gold from 16.00 metres. It also returned a long interval of 53.00 metres at 0.68 g/t gold from 139.00 metres including 7.72 metres gradi...