Lavras Gold Files NI 43-101 Report for Cerrito Gold

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TORONTO, July 11 2022 (GLOBE NEWSWIRE) — Lavras Gold Corp. (TSXV: LGC) has filed the technical report for the mineral resource estimate for the Cerrito Gold prospect on SEDAR (www.sedar.com).

The report has been prepared in accordance with the standards set out in National Instrument 43-101, Disclosure Standards for Mining Projects. It will also be made available on the Company’s website. The report is called NI 43-101 Technical Report for the Cerrito Gold Prospect, Rio Grande do Sul, Brazil. It is written by Volodymyr Myadzel, MAIG, and Frank Richard Baker, MIMMM, MAusIMM, and is dated and effective May 31, 2022.

As previously announced on June 6, 2022, the resource estimate shows that Cerrito has an indicated gold resource of 187,650 ounces and an inferred gold resource of 293,468 ounces.

NI 43-101 MINERAL RESOURCE ESTIMATE FOR CERRITO GOLD PROSPECT

Uncapped Capped
To classify Type Tons Gold (g/t) Gold (oz) Gold (g/t) Gold (oz)
Noted saprolite 474 461 0.87 13,327 0.78 11,858
Hard Rock 7,774,763 0.78 195,759 0.70 175,792
Inferred saprolite 286 235 0.80 7,338 0.66 6,094
Hard Rock 12,871,242 0.76 314 329 0.69 287,374

Remarks

  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or part of the estimated mineral resources will be converted into mineral reserves
  • Assumes a gold cut-off grade of 0.3 grams per tonne (g/t)
  • High-grade samples capped at 3.07 g/t for capped resource estimate
  • Numbers may not add up due to rounding
  • The qualified person for the resource estimate is Dr. Volodymyr Myadzel of VMG Consultoria e Soluções Ltda.
  • This estimate should be read in conjunction with the full report, which is available on www.sedar.com under the company profile.

Estimation methodology

The gold resources of the Cerrito prospect have been estimated according to the standards set out in National Instrument 43-101 – Disclosure Standards for Mining Projects (NI 43-101).

Cerrito’s gold resource calculation is based on a drilling database of 92 diamond drill holes totaling 14,593 meters of drilling. The distances between the drill holes varied from 25 to 100 meters from which 24 vertical sections were created having a north-south orientation and an average distance of 50 meters between the sections.

The composite samples averaged 1.0 meters in length. The block model was generated from the discretization of three-dimensional solids into blocks of defined dimensions. The solid discretization process includes the underblocking process.

Initially, the model was filled with blocks measuring 10 (X) by 10 (Y) by 10 (Z) meters, which were divided into smaller sized sub-units, with a dimensional subdivision factor of 10 by 10 by 10 at the contact with the surrounding three-dimensional solids.

As a result, at the boundary with the solids, the block size became 1.0 (X) by 1.0 (Y) by 1.0 (Z) meters. The initial size of the blocks was chosen according to the morphology of the mineralized geological bodies and the size of the exploration grid at 1/2 of the main grid. The model contains 253,197 blocks.

The solid was used to create a block model in the mineralized geological body and code the respective blocks. A digital model of the toposurface was used to constrain the block model along the vertical axis. The blocks were generated with faces parallel to the north/south and east/west axes.

A maximum grade of 3.07 g/t gold has been applied to minimize the impact of high-grade gold assay results on the overall resource calculation. An uncapped and capped gold resource was calculated to show the impact of capping on the overall gold resource model.

The disclosed resource is based on a block model interpolated by the ordinary kriging method. A cut-off grade of 0.3 g/t gold is assumed based on the nature near and on the surface of the Cerrito mineral deposit. The sensitivity of the gold resource estimate to the cut-off grade ranging from 0.0 g/t gold to 5.0 g/t gold is shown in the full report.

Resource ranking

The classification of resources has been carried out in accordance with the guidelines of NI 43-101.

Resources have been categorized as Indicated and Inferred based on the degree of reliability of the different iterations and data used for block model interpolation. Solids were created and were used to stamp the interior blocks of each of these reliability zones.

For the indicated resource, a solid encompassing an area with a regular 50-meter drill grid was created for areas where more than 90% of the blocks were punched in the first to third iterations corresponding to 2 of the search radii. For the interpolation, a minimum of 1 hole and 2 composite samples were used and the average interpolation distance between the samples is 50 meters.

All other blocks were classified as inferred resources.

Qualified person

Dr. Volodymyr Myadzel of VMG Consultoria e Soluções Ltda., a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical information contained in this release.

Lavras Gold: Exploration to Realize the Potential of a Multimillion-Ounce District in Southern Brazil

Lavras Gold (TSXV: LGC) is a Canadian exploration company focused on realizing the potential of the Lavras do Sul Gold Project (LDS Project) in Brazil. Located in the state of Rio Grande do Sul, the LDS project is believed to host an alkaline gold-copper porphyry system. More than 23 gold prospects centered on historical gold workings have been identified on the property, which covers more than 22,000 hectares.

The Company’s vision is to maximize shareholder value by applying a sustained systematic and technical exploration program to the LDS project and any other opportunities that may arise.

Follow Lavras Gold at www.lavrasgold.com, as well as on LinkedIn, Twitter and YouTube.

Contact information

Michael Durose
President and CEO
416-844-6284
[email protected]
Annemarie Brissenden
Investor Relations
416-844-6284
[email protected]

DISCLAIMER
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this press release.

FORWARD-LOOKING INFORMATION
This press release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements, including statements regarding planned exploration activities and objectives, proposed consolidation and the timing thereof, are objectives and forecasts only.

Forward-looking information is based on the opinions and estimates of management as of the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause events or actual results differ materially from those projected in the forward-looking information. – forward-looking information, including risks and factors that generally affect exploration and the uncertainty of exploration results and the ability to obtain regulatory approval for the Consolidation. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s MD&A and Registration Statement recently filed under the Company’s profile at www. .sedar.com. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information.

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