Exploration Update Buti Deposit
Both infill and extension drilling are ongoing at Buti.
Several of the holes drilled during the first quarter of 2024 were designed to increase the confidence in the Buti resource (converting the Inferred Resource into the Measured & Indicated categories) and other holes were drilled to potentially increase the gold endowment.
Also, with the objective of increasing the gold endowment at Buti, Lavras is relogging and selectively re-assaying the 78 historic drill holes (20,000 metres).
The purpose of this initiative is to reinterpret historical results and standardize the geological interpretation and assay results of the data, consistent with new information and geological observations from the adjacent Fazenda do Posto gold discovery. In this way, possible new extensions to known gold mineralization can be tested.
Reported during the first quarter of 2024, drilling at the Buti Gold Deposit intersected 1.1 g/t gold over 154 metres from surface, including 1.4 g/t gold over 109 meters from surface, and including 3.2 g/t gold over 18 metres.
Fazenda do Posto Discovery
Later in February 2024, Lavras reported drill results at Fazenda do Posto of 1.0 g/t Gold over 173 metres from 69 metres, including 1.4 g/t gold over 95 metres. Gold mineralization was intersected in five of the six holes reported at this time at Fazenda.
These new holes were designed to test the nature and extent of gold mineralization and hydrothermal alteration associated with this new gold discovery.
These new drilling results are consistent with previous drill results and demonstrate the excellent near-surface gold grade and continuity of Fazenda do Posto.
The large lateral and vertical extent of the hydrothermal alteration points to a sizable gold mineral system for which the full potential remains to be tested.
Results such as these have the potential to materially enhance the economics of a combined Buti-Fazenda do Posto near-surface bulk tonnage open-pit type of gold project. Fazenda do Posto demonstrates very good continuity and gold grade at depth, as well as laterally, where it remains open in several directions.
Two drills continued actively working in this area throughout the quarter and into Q2, drilling off the Fazenda do Posto area in a grid with vertical holes on 50 metre centres.
Other Exploration Activities
In addition, results from a regional soil survey highlighted three significant gold-in-soils anomalies at the following targets:
• A 3.8 km by 3.2 km anomaly centered over the Matilde and Matilde Extension targets in the southern portion of the property,
• A 4.6 km by 4.8 km anomaly overlying historical gold workings including Galvao, Zeca Souza and Caneleira, along the western and central western portion of the Lavras do Sul Intrusive Complex,
• A more scattered anomaly centered along the eastern flank of the Lavras do Sul Intrusive Complex and overlying volcanic rocks (roughly 4 km by 3.7 km)