Impact: Positive
Cerrado reported drilling results from its Monte Do Carmo (MDC) Au project in Brazil. The results are from 31 holes drilled at the main Serra Alta deposit, the Gogó de Onça target, and the newly identified E3 target, located 100-200m to the east of Serra Alta. E3 was discovered through condemnation drilling which was testing below the site of a proposed waste rock facility. The discovery hole FSZ-008 returned 5.53 g/t Au over 13m. Results from Gogó de Onça continue to confirm the potential to incorporate incremental ounces in the feasibility study. Infill drilling at the known Serra Alta deposit returned grades that were in line with previous drilling. We believe these are positive results. The infill and delineation drilling at Serra Alta and Gogó de Onça should help add ounces and upgrade the resource. The discovery of E3 is noteworthy, both as it should serve as a satellite deposit and as it is located within a different host rock that was previously believed to be barren, which potentially opens the door to further exploration on the property.
