April 30, 2021
Cerrado Gold Inc. (TSXV:CERT, Not Rated, Timothy Lee) announced that it has commenced a Phase 2 drilling program (~14,000m) at its 100%-owned, Monte Do Carmo (MDC) project located in Brazil. This program, expected to be completed by Sep/21, will include infill drilling (~3,000m to 4,000m) at the Serra Alta deposit, as well as exploration drilling of prospective satellite targets (~6,000m in the corridor between Serra Alta and Capitão, as well as ~2,000m at Fartura and ~1,000m each at Bit-3 and Ferradura) intended to better define the district-scale potential of the MDC project. Cerrado just completed a 55-hole, Phase 1 (18,998m) drilling program at MDC (read more) with results from 39 holes still pending. Results from the Phase 1 program will be incorporated into an updated resource estimate expected in Jul/21, with Cerrado targeting an increase in the inferred resource estimate from 813k oz Au to between 1.2M and 1.6M oz Au. Cerrado plans to become a mid-tier producer over the next three years. The company currently produces about 50,000 oz Au per year at its 100%-owned Minera Don Nicolas (MDN) mine in Argentina, with a near-term plan to increase to ~80,000 oz Au per year. A 12,000m drilling program is also underway at MDN with the objective of expanding current resources and targeting areas that can be brought to into the mine plan in the near term. Monte Do Carmo in Brazil is anticipated to start production in 2024, producing about 150,000 oz Au per year. Read more
