Cabral Gold Advances MG Starter Pit Definition & Doubles On-Site Drilling Capacity to Six Rigs

• Cabral Gold has completed 133 of 155 planned infill reverse circulation (RC) holes totalling 4,800 metres at the MG starter pit, advancing reserve confidence ahead of fourth quarter 2026 production commencement.
• Notable intersections from the 30 most recently reported holes include 46 metres at 1.25 grams per tonne (g/t) gold from surface, confirming near-surface resources amenable to heap leach processing.
• The infill programme targets weathered saprolite and overlying sedimentary blanket material within the Year 1 pit outline, with reserve upgrade completion targeted for the end of May 2026.
• Cabral Gold is doubling exploration drilling effort by adding three rigs, bringing total on-site capacity to six rigs (two RC and four diamond), with five currently operational.
• Phase 1 heap leach construction is 70% complete, with the expanded drilling programme targeting maiden resources at Jerimum Cima and global resource base updates later this year.

Company Overview

Cabral Gold Inc. [TSXV:CBR] is a junior resource company developing gold properties in Brazil's Tapajós Region, Pará state. The Company holds 100% interest in the Cuiú Cuiú gold district, which contains National Instrument (NI) 43-101 compliant Indicated resources of 12.29 million tonnes (Mt) at 1.14 grams per tonne (g/t) gold (450,200 ounces) in fresh basement material and 13.56 Mt at 0.50 g/t gold (216,182 ounces) in oxide material, with Inferred resources of 13.63 Mt at 1.04 g/t gold (455,100 ounces) in fresh basement material and 6.4 Mt at 0.34 g/t gold (70,569 ounces) in oxide material. Cabral Gold is constructing a Phase 1 gold-in-oxide heap leach operation targeting commercial production in the fourth quarter of 2026. 

Infill Drilling Programme Advances MG Reserve Confidence

The 30 additional infill reverse circulation (RC) holes target gold-in-oxide material in the eastern and central parts of the MG starter pit. The programme aims to improve confidence around the Year 1 mine plan at MG and upgrade the current reserve by the end of May 2026. A total of 133 infill RC holes totalling 4,800 metres have been completed at MG to date, from a planned total of 155 holes.

Initial infill drilling progressed on 25-metre by 25-metre spacing across 68 RC holes totalling 3,174 metres. Infill drilling in areas of higher grade is ongoing on 12.5-metre by 12.5-metre spacing.

The MG gold deposit forms one of two main deposits comprising the Indicated and Inferred resource base at Cuiú Cuiú. The upper portion of the subvertical MG deposit is extensively weathered, resulting in a vertical profile of highly weathered basement saprolite extending to 60 metres depth. This saprolite, together with overlying blanket sediments and soils, which are also mineralised, will form the starter pit for the Phase 1 gold-in-oxide mining operation.

President and Chief Executive Officer of Cabral Gold, Alan Carter, stated: 

"These infill drill results at MG confirm the presence of good gold grades over significant widths within weathered saprolite material and the overlying blanket sediments at or near surface. As we advance with the construction of our Phase 1 gold-in-oxide heap leach operation, which is now 70% complete, these data will allow us to further refine our mine plan for the starter pit and update the reserve base for the MG gold-in-oxide deposit. This, in turn, will provide us with greater confidence during the initial year of mining at MG."

Drilling Results Confirm Near-Surface Gold Distribution

The RC drill results confirm the presence of gold grades within the weathered saprolite and overlying sedimentary blanket and the Year 1 pit outline. Notable results from the 30 recently reported RC drill holes include:

All holes reported in the recent announcement were drilled within the Year 1 pit. The results align with the existing MG mine plan and confirm pre-existing drill holes and the presence of significant near-surface resources with gold grades suitable for heap leach processing. True widths may be up to 50% of actual drill intercepts.

Drilling Capacity Doubles to Six Rigs Across Cuiú Cuiú

Following the close of a C$20 million bought deal financing announced on March 25, 2026, Cabral Gold has elected to expand its exploration drilling effort. The Company has purchased an additional RC drill rig and signed a contract to add two additional diamond drill rigs, bringing the total on-site rig count to six (two RC rigs and four diamond drill rigs). Five of the six rigs are now on site, with the outstanding diamond drill rig expected on site by late May 2026.

Carter stated: 

"We are also very pleased to announce the decision to add one RC rig and two diamond rigs at Cuiu Cuiu, bringing the total number of rigs on site to 6. The bulk of this drilling will be directed to exploration and expansion of the global resource inventory."

In addition to the RC infill drilling programme at MG, which is expected to be complete by the second week of May 2026, the bulk of the Company's drilling efforts are directed towards exploration drilling of the underlying hard rock deposits at Cuiú Cuiú.

Next Steps

Drilling is ongoing at the Jerimum Cima target, where exploration drilling recently returned 9.5 metres at 87.4 g/t gold on March 12, 2026, and with the arrival of the additional drill rigs, this effort will be expanded to generate maiden resources for the gold-in-oxide blanket and the underlying primary mineralised zone. Drilling is also ongoing at Mutum and Central, and further drilling is planned at Machichie Main and Machichie NE with the objective of updating the global resource base later this year.

The infill drilling programme at MG is expected to be completed by the second week of May 2026, with reserve upgrade completion targeted for the end of May 2026. The Phase 1 gold-in-oxide heap leach operation is targeting production commencement in the fourth quarter of 2026.

FAQs (AI-Generated)