Cabral Gold Completes 68-Hole Infill Program at MG Ahead of End-of-April Reserve Update

• Cabral Gold has completed 68 reverse circulation (RC) infill holes totalling 3,174 metres at the MG gold deposit, with results from the first 24 holes confirming grade continuity across the Year 1 pit outline ahead of fourth quarter 2026 commercial production.
• The current Probable Reserve at MG stands at 4,035,000 tonnes grading 0.64 grams per tonne gold for 82,912 ounces, with an updated reserve estimate and revised mine plan targeted for release by the end of April 2026.
• Notable intercepts from the reported 24 holes include 50 metres grading 1.35 grams per tonne gold from surface, 48 metres at 1.35 grams per tonne gold from 4 metres depth, and 17 metres at 2.27 grams per tonne gold from surface.
• Phase 1 construction is 54% complete and fully funded through a US$45 million gold loan closed in November 2025, with plant commissioning targeted for the third quarter of 2026 and a prefeasibility study (PFS)-level after-tax internal rate of return of 78% and net present value (NPV) of US$74 million at US$2,500 per ounce gold.
• A C$20 million bought deal announced in March 2026 is directed exclusively at expanding exploration drilling across hard rock targets in the district, with a fourth rig expected on site by mid-April 2026.

Infill Program Complete at MG as Reserve Update and First Pour Approach

Cabral Gold Inc. (TSXV: CBR) (OTCQX: CBGZF) has completed 68 shallow reverse circulation (RC) holes totalling 3,174 metres at the MG gold deposit within the Cuiú Cuiú Gold District in Brazil's Pará state, with results from the first 24 holes confirming the grade and spatial continuity of near-surface gold-in-oxide material targeted for Phase 1 heap leach production. An updated reserve estimate and mine plan incorporating the full infill dataset are targeted for completion by the end of April 2026, ahead of plant commissioning in the third quarter and commercial production in the fourth quarter of 2026. The objective of the program, as stated by the company, is to provide greater confidence in the grade and continuity of the current reserve base at MG ahead of mining and to further refine the mine plan.

Drill Results Confirm Near-Surface Oxide Continuity

The first 24 of 68 RC holes reported, drilled at 60 degrees on a 180-degree bearing across the eastern and central portions of the Year 1 pit, returned consistent mineralisation across both the weathered saprolite horizon and the overlying blanket sediments. Notable intercepts include 48 metres grading 1.35 grams per tonne gold from 4 metres depth, 50 metres grading 1.35 grams per tonne gold from surface, and 17 metres grading 2.27 grams per tonne gold from surface. Additional results include 50 metres at 0.87 grams per tonne gold from surface and 29 metres at 1.36 grams per tonne gold from surface.

Three holes returned narrow higher-grade intervals that the company has flagged for separate stockpiling and later processing during the gold-in-oxide mining operation, including a 3-metre interval grading 12.73 grams per tonne gold within a 48-metre composite and a 3-metre interval at 10.92 grams per tonne gold within a 50-metre composite.

Holes are drilled on a 25x25-metre grid spacing across the broader infill area, with additional infill on a 12.5x12.5-metre spacing planned in areas of higher grade. The saprolite profile at MG extends to approximately 60 metres depth, with the overlying blanket sediments and soils also mineralised, a geometry consistent with the Phase 1 heap leach mine plan developed as part of the prefeasibility study (PFS) released in July 2025. 

Reserve Upgrade to Refine Year 1 Pit Design

President and Chief Executive Officer of Cabral Gold, Alan Carter, described the operational rationale behind the oxide-first approach and the confidence underpinning the Phase 1 mine plan:

"We are building an initial gold oxide heap leach project, which should mine about 3,000 tonnes a day. That will provide a significant amount of cash to allow us to develop the larger district, explore the larger district, grow the global resource base within the Cuiú Cuiú district and ultimately, we hope, allow us to demonstrate the economic viability of the much larger Phase 2 project, which is coming along behind Phase 1."

The current Probable Reserve at MG, established in the July 2025 PFS, stands at 4,035,000 tonnes grading 0.64 grams per tonne gold for 82,912 ounces, representing the foundation of the Phase 1 production plan. The infill program is designed to upgrade resource confidence within the current reserve boundary and to support a revised mine plan ahead of mining. The end-of-April reserve update is the key near-term technical milestone, with the updated model expected to provide greater confidence during the initial year of mining at MG.

The PFS projected Phase 1 production at 25,000 ounces per year over the initial two years, with cash costs of US$950 per ounce and all-in sustaining costs (AISC) of US$1,210 per ounce at a base-case gold price of US$2,500 per ounce, delivering an after-tax internal rate of return (IRR) of 78% and a net present value at a 5%  discount rate (NPV5%) of US$74 million. Phase 1 construction is 54% complete as of March 2026, with 71% of project costs committed under contract.

Phase 1 Construction Funded, Exploration Drilling Expanding

Phase 1 construction is fully funded through a US$45 million gold loan closed with Precious Metals Yield Fund in November 2025. The financing covers the 3,000-tonne-per-day heap leach facility and associated infrastructure, with plant commissioning targeted for the third quarter of 2026.

Separately, the bulk of the company's current drilling is directed at exploration of the underlying hard rock deposits across the Cuiú Cuiú district. Two rigs are presently operating on exploration targets, and an additional RC rig is expected on site by mid-April 2026, bringing the total number of rigs to four. The company has indicated that further expansion of the exploration program is anticipated following the close of the C$20 million bought deal financing announced in March 2026, directed exclusively at accelerating resource growth across the district's hard rock discoveries, which include Jerimum Cima, Pau de Merenda, Machichie Main, and Machichie NE.

Cuiú Cuiú District: Resource Base, Jurisdiction & Outlook

The MG gold deposit is one of two primary deposits comprising the Cuiú Cuiú resource base, alongside the Central gold deposit located approximately 5 kilometres to the northwest. The two deposits collectively host National Instrument 43-101-compliant Indicated resources of 12.29 million tonnes grading 1.14 grams per tonne gold for 450,200 ounces in primary material and 13.56 million tonnes grading 0.50 grams per tonne gold for 216,182 ounces in oxide material, plus Inferred resources of 13.63 million tonnes grading 1.04 grams per tonne gold for 455,100 ounces in primary material and 6.40 million tonnes grading 0.34 grams per tonne gold for 70,569 ounces in oxide material.

The Cuiú Cuiú district is located within the Tapajós Gold Province in northern Brazil, a region that includes GMining Ventures' Tocantinzinho gold mine, commissioned in September 2024 and currently Brazil's third-largest gold mine. Cabral holds a 100% interest in the Cuiú Cuiú project, and the Licença Prévia for the full mining licence was granted in March 2026, a permitting milestone that covers both the Phase 1 expansion to the PFS-scale 1 million tonne-per-year operation and the larger Phase 2 hard rock development. The company noted that with the most complex and time-intensive stage of the Brazilian permitting process now complete, the project has been materially de-risked for both phases of development. Results from the remaining 44 infill holes and additional higher-density drilling at MG are pending. Further details on the expanded exploration drilling program for the remainder of 2026 are expected in the coming weeks.

FAQs (AI-Generated)

‍