Lavras Gold discovers new gold deposit at LDS Project in Brazil

Abridged version of news release

TORONTO, ONTARIO – November 3, 2022 – Drilling and assay results from Lavras Gold Corp.’s (TSXV: LGC) LDS Project in southern Brazil confirm that a significant new gold deposit has been found at its Matilde target. These results come just two months after Lavras Gold announced bonanza gold grades at Zeca Souza and three months after a NI 43-101 compliant resource for the Cerrito Deposit increased the Company’s consolidated gold resources to 1 million ounces. 

“We are very gratified with these results from Matilde,” said Michael Durose, Lavras Gold’s President and Chief Executive Officer. “We are seeing long broad zones of continuous intercepts of important gold mineralization accentuated with multiple narrower higher-grade intervals and in certain instances, bonanza gold grades associated with visible gold. 

“Long continuous zones of gold mineralization both laterally and to a vertical depth of more than 480 metres where it is still open, indicate a very strong and large gold system at Matilde. 

“Our next steps will be to follow up on these results to test for extensions to gold mineralization along strike to the west and to the northeast where we are drilling at Matilde Extension. Work will also focus on better defining the nature of the structures that host the gold, alteration styles associated with mineralization, and their relationship to the large 3-kilometre-long gold in soil anomaly that is centered on the Matilde target.” 

Matilde highlights: continuity, open, moderate gold mineralization accentuated by narrower higher-grade intervals, and bonanza grades 

Located approximately 4.5 kilometres south of the town of Lavras do Sul (Figure 1), Matilde is one of six priority drilling targets. There are 23 known gold occurrences at LDS. Other drilling targets include Matilde Extension, Caneleira, Vila Marieta, Mato Feio, and Zeca Souza. 

Important gold mineralization occurs in 91% or 30 out of 33 holes totalling 9,847 metres drilled at Matilde to date. This news release discloses new assay results from 26 drillholes totalling 8,349 metres. The results from the other seven historical drillholes are also discussed here for completeness.