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Lavras Gold sets out strategy for 2022 and announces share consolidation
TORONTO, May 09, 2022 (GLOBE NEWSWIRE) -- Lavras Gold Corp. (TSXV: LGC), a newly launched exploration company based in Canada, will focus on creating value thro
About this update from Lavras Gold Corp
[{"type":"text","content":" TORONTO, May 09, 2022 (GLOBE NEWSWIRE) -- Lavras Gold Corp. (TSXV: LGC), a newly launched exploration company based in Canada, will focus on creating value through targeted gold exploration in southern Brazil. Lavras Gold was spun out of Amarillo Gold Corporation, which was bought by Hochchild Mining PLC earlier this year. Lavras Gold’s long-term objective is to unlock the gold mineral endowment of its Lavras do Sul property (LDS Project) through a sustained systematic and technically-based exploration effort. The immediate goals for 2022 are to grow property-wide gold resources to at least one million ounces, drill-test five priority exploration targets, and consolidate its total number of shares outstanding. “This is a fresh start for the company and the property,” said Michael Durose, the Company’s President and Chief Executive Officer. “We have launched Lavras Gold with a tight capital structure, nearly $10 million in cash, and a 2% NSR royalty on the Mara Rosa exploration ground that we acquired from the Amarillo Gold spinout. We are well-positioned to execute on our strategy to create value for all of our stakeholders by focusing on realizing the multi-million ounce potential of the LDS Project.” Lavras do Sul: a highly prospective property Lavras Gold Corp. is named for the town of Lavras do Sul—a historical gold mining centre in Southern Brazil. Located in the state of Rio Grande do Sul, the LDS Project is 4.5 hours by road southwest of the major city of Porto Alegre. It is near excellent infrastructure, including tarmac roads, water, and power. The closest town is Lavras do Sul. Exploration efforts to date indicate that the LDS Project hosts an alkaline gold-copper system with components of porphyry and epithermal styles of mineralization—a unique geological setting in Brazil. These systems are known to host potentially large gold deposits. There are currently 23 known gold prospects and historical diggings scattered throughout the 22,000-hectare property. It has a pipeline of targets at different stages of exploration; the most advanced are Butiá, Cerrito, Zeca Souza, Caneleira, and Matilde. Detailed review of geologic data A large historical geological database consisting of geological mapping, airborne magnetics, regional soil geochemistry, rock geochemistry, ground geophysics, and trenching provides a solid foundat...