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Cerrado Gold Provides Update on the Las Calandrias Heap Leach Project at Its Minera Don Nicolas Mine in Argentina

18.10.2022  |  Accesswire
  • First production expected in second quarter 2023
  • Highlights for the project include:
    • Project represents the first stage of the MDN growth program to deliver production rate of approximately 90,000 ounces per annum and All In Sustaining Costs ("AISC") below US$1,000 per ounce by 2024
    • Imminent growth to come from the development of heap leach operations at Las Calandrias and subsequently from the Martinetas area to process lower grade material
    • Las Calandrias first gold pour targeted for 2Q 2023
    • All engineering and testing completed, including Infill drilling, metallurgical testing and detailed design
    • Permitting is well advanced and all remaining approvals are expected during Q4 2022
    • Long-lead items have been ordered and construction to commence in Q4 2022 as planned

TORONTO, October 18, 2022 - Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is pleased to provide an update on the progress of its development of the gold heap leach project at the Las Calandrias deposit at its Minera Don Nicolas Mine located in Santa Cruz, Argentina ("MDN"). The heap leach production strategy follows extensive review of the potential to utilize alternative production technologies at MDN with the aim of mining lower grade material not being delivered to the CIL plant.

As initially outlined in a press release dated February 9, 2022, the addition of heap leach operations at MDN is targeted to increase production rates to 90,000 ozs per annum from the 2022 rate of approximately 50,000 ozs with a reduction in AISC to below $1,000 ozs by 2024. Production growth and cost reduction is planned from the development of two heap leach operations, firstly at Las Calandrias and secondly at the Martinetas area.

The initial heap leach operation located at Las Calandrias is expected to commence production in Q2 2023. The Company has budgeted approximately US$25 million in development capital in 2022 and 2023 to construct the project. Financing of development is expected to be predominately from sources internal to Argentina.

The Company has completed all metallurgical works, geotechnical testing of the site and a detailed design of the crushing circuit and heap leach pad. License and permit submissions have been completed and main orders for crushing and construction of the pad have been placed or are in final negotiations. First material is expected to be loaded on the pad towards the end of Q1 2023, and the first gold production is expected in Q2 2023.

Mark Brennan, CEO and Co-Chairman commented "As we prepare to enter the Construction Phase at the Las Calandrias project, work to date has confirmed our expectations of the viability of using heap leach methodologies to more fully exploit the known resources at MDN as seen at neighbouring operations. As a result, we are now one step closer to delivering on the first stage of our production growth strategy at MDN by utilizing lower grade material that would otherwise not be processed. The Calandrias project is the first step in our goal to reach production rates of 90,000 ounces per annum with reduced AISC's at MDN by the end of 2023."

Production Plan

The Company has developed an internal mine plan to process lower grade and transitional material through a purpose-built heap leach facility at Las Calandrias. Extraction will be conducted via open pit mining at an estimated life of mine strip ratio of 0.75:1. A plan view of the current pit design is shown below in Figure 1.

Figure 1. Las Calandrias Pit Design

Metallurgical Testing

The company has completed all Metallurgical work at Las Calandrias and expects an average recovery of 67% from processing the Oxide and Transitional material. Recoveries in the primary zone are currently around 36% on average, with grades 30% higher than in the oxide and mixed zones. Testing to date has confirmed the following Au recovery rates for each ore type.

Ore Type

Au Recovery

Oxide

70%

Mixed or Transitional

50%

Primary

36%

Plant Design

The Las Calandrias plant will be constructed to have a 2Mtpa capacity through a two-stage crushing process and pad design that will be built in stages. Water required for processing is currently expected to be sourced through third party purchases, however, ongoing hydrological drilling could add additional proprietary sources which would deliver a positive impact on operating costs and productions rates. A layout of the pad and ancillary infrastructure is shown below in Figure 2.

Figure 2. Pad and Plant Design

Las Calandrias Infill

During late 2021 and in 2022 MDN completed an infill drill program to support its understanding of the resource and to make a development decision. During this program a further 3,582m were drilled (1,320m DDH and 2,262m RC) in addition to the historical holes and assays.

A summary of the Total Exploration holes at the Las Calandrias property are presented below:

Hole Type # Holes Metres
DDH

210

24,583

RC

45

2,424

Grand
Total

255

27,007

The company has received assays for all drilling to date at Las Calandrias. Drill hole locations and composites are provided in in Figure 3. and Tables 2. and 3. below.

Figure 3. Las Calandrias Plan view and drill hole locations

Table 2. Drill Hole locations

Hole_ID

UTM E

UTM N

Elevation

Depth

Dip

Azimuth

E-D21-093

2614267

4724147

153.7

60

61

39

E-D21-094

2614322

4724144

151.7

60

61

38

E-D21-095

2614299

4724114

149.9

60

60

40

E-D21-096

2614343

4724106

151.5

60

60

38

E-D21-097

2614378

4724057

154.7

60

60

40

E-D21-098

2614353

4724075

149.6

60

60

40

E-RC21-001

2614295

4724173

156.3

54

60

40

E-RC21-002

2614287

4724232

157.9

54

60

40

E-RC21-003

2614252

4724221

163.7

54

60

40

E-RC21-004

2614225

4724238

166.3

54

60

40

E-RC21-005

2614236

4724271

165.7

54

60

40

E-RC21-006

2614208

4724315

163.9

54

60

40

E-RC21-007

2614156

4724267

168.5

54

60

40

E-RC21-008

2614092

4724226

163.9

54

60

20

E-RC21-009

2614067

4724268

159.4

54

60

40

E-RC21-010

2614121

4724284

163.9

54

60

40

E-RC21-011

2614014

4724269

163.6

54

60

40

E-RC21-012

2614011

4724211

157.8

54

60

40

E-RC21-013

2614374

4724097

150.8

54

60

40

E-RC21-014

2614029

4724192

153.3

54

60

40

LC-D21-001

2613898

4724641

184.8

60

59

21

LC-D21-002

2614110

4724593

174.8

60

61

20

LC-D21-003

2614122

4724624

169.2

60

61

18

LC-D21-004

2614133

4724575

169.5

60

61

20

LC-D21-005

2614150

4724522

167.0

60

61

19

LC-D21-006

2614160

4724556

164.4

60

62

20

LC-D21-007

2614170

4724587

162.9

60

61

20

LC-D21-008

2614176

4724508

169.5

60

61

20

LC-D21-009

2614166

4724483

172.1

60

61

20

LC-D21-010

2614208

4724468

164.6

60

61

10

LC-D21-011

2614220

4724505

164.6

60

61

20

LC-D21-012

2614240

4724481

165.6

60

62

19

LC-D21-013

2614277

4724475

166.5

60

61

21

LC-D21-014

2614259

4724431

165.7

60

61

21

LC-D21-015

2614316

4724411

155.8

60

61

21

LC-D21-016

2614340

4724373

151.8

60

60

20

LC-RC21-001

2614142

4724384

166.8

54

60

20

LC-RC21-002

2614094

4724391

172.0

54

60

20

LC-RC21-003

2614068

4724350

168.1

54

60

20

LC-RC21-004

2614000

4724349

175.9

54

60

20

LC-RC21-005

2613980

4724532

183.4

54

60

20

LC-RC21-006

2613980

4724409

173.7

54

60

20

LC-RC21-007

2614069

4724449

178.9

54

60

20

LC-RC21-008

2614111

4724480

172.7

54

60

20

LC-RC21-009

2614013

4724479

180.7

54

60

20

LC-RC21-010

2613996

4724499

179.4

54

60

20

LC-RC21-011

2613967

4724497

181.9

54

60

20

LC-RC21-012

2613933

4724495

177.4

54

60

20

LC-RC21-013

2613963

4724690

182.9

54

60

20

LC-RC21-014

2613925

4724709

185.2

54

60

20

LC-RC21-015

2613908

4724666

184.7

54

60

20

LC-RC21-016

2613899

4724640

185.1

54

60

20

LC-RC21-017

2613826

4724592

179.7

54

60

20

LC-RC21-018

2613816

4724567

176.7

54

60

20

LC-RC21-019

2613768

4724714

183.9

54

60

20

LC-RC21-020

2613781

4724741

185.3

54

60

20

LC-RC21-021

2613790

4724792

177.9

54

60

20

LC-RC21-022

2613736

4724791

176.8

48

60

20

LC-RC21-023

2613758

4724760

181.3

54

60

20

LC-RC21-024

2613568

4724821

160.0

54

60

20

LC-RC21-025

2613576

4724739

169.6

54

60

20

LC-RC21-026

2614353

4724411

156.2

54

60

20

LC-RC21-027

2614330

4724452

158.6

54

60

20

LC-RC21-028

2614245

4724399

159.9

54

60

20

LC-RC21-029

2613256

4724445

154.9

54

60

20

LC-RC21-030

2613283

4724373

152.6

54

60

20

LC-RC21-031

2613434

4724513

153.4

54

60

20

LC-RC21-032

2613528

4724460

155.8

54

60

20

LC-RC21-033

2613555

4724370

154.7

54

60

20

LC-RC21-034

2613610

4724436

158.3

54

60

20

LC-RC21-035

2613090

4724381

151.6

54

60

20

*Collar coordinates by GNSS TP-20 UTM Coordinates, Datum: SAD69 / zone 22S.
*Azimuth Set by compass
*Dip and drill hole trajectory by DEVIFLEX Devico

Table 3. Drill Hole Composites

Holeid

Domain

from

to

Au_ppm

Ag ppm

E-D21-095 Transition

8.0

22.0

0.76

2.66

E-D21-096 Transition

22.7

28.1

0.85

4.39

E-D21-097 Oxide

2.0

16.0

1.02

11.21

E-D21-097 Transition

16.0

34.0

0.83

6.56

E-D21-097 Primary

54.0

60.0

1.78

10.07

E-D21-098 Oxide

0.2

8.0

0.57

5.57

E-D21-098 Transition

14.0

24.0

0.59

5.92

E-RC21-004 Primary

20.0

26.0

1.54

10.53

E-RC21-005 Oxide

2.0

20.0

4.56

16.38

E-RC21-006 Oxide

16.0

30.0

1.24

7.11

E-RC21-006 Primary

30.0

36.0

1.85

6.83

E-RC21-008 Oxide

0.0

34.0

0.70

2.36

E-RC21-009 Oxide

18.0

36.0

0.54

1.34

E-RC21-009 Primary

40.0

54.0

1.54

6.19

E-RC21-010 Oxide

12.0

32.0

1.32

4.88

E-RC21-012 Oxide

2.0

10.0

0.44

2.13

E-RC21-012 Transition

16.0

26.0

1.01

4.75

E-RC21-012 Primary

38.0

44.0

3.97

13.87

E-RC21-013 Oxide

0.0

16.0

1.99

11.66

E-RC21-014 Oxide

6.0

18.0

0.66

1.57

LC-D21-003 Oxide

1.2

12.0

0.49

1.08

LC-D21-005 Oxide

8.0

18.0

0.59

1.08

LC-D21-005 Oxide

24.0

38.0

0.39

0.53

LC-D21-008 Oxide

16.0

21.4

0.81

2.99

LC-D21-009 Oxide

6.0

16.0

0.47

0.56

LC-D21-009 Transition

22.0

29.0

0.49

2.13

LC-D21-011 Oxide

2.0

10.0

0.39

1.01

LC-D21-012 Oxide

0.0

14.0

0.76

2.00

LC-D21-013 Oxide

18.0

27.5

0.30

0.98

LC-D21-013 Transition

27.5

33.4

0.55

1.62

LC-D21-014 Oxide

6.0

22.0

0.64

1.76

LC-D21-014 Primary

54.0

60.0

2.17

3.70

LC-RC21-001 Oxide

2.0

10.0

1.40

3.07

LC-RC21-001 Oxide

30.0

46.0

0.61

7.86

LC-RC21-001 Primary

46.0

54.0

1.82

12.67

LC-RC21-002 Oxide

14.0

32.0

0.60

10.36

LC-RC21-003 Oxide

38.0

46.0

0.44

8.58

LC-RC21-004 Oxide

28.0

36.0

0.66

4.40

LC-RC21-004 Oxide

42.0

52.0

0.50

18.16

LC-RC21-007 Oxide

20.0

36.0

0.66

4.59

LC-RC21-007 Oxide

38.0

44.0

0.32

2.17

LC-RC21-008 Oxide

4.0

16.0

0.53

4.25

LC-RC21-012 Oxide

12.0

18.0

0.37

5.10

LC-RC21-013 Primary

44.0

52.0

0.81

88.80

LC-RC21-017 Oxide

2.0

8.0

0.94

1.93

LC-RC21-017 Primary

48.0

54.0

1.00

54.66

LC-RC21-018 Primary

46.0

54.0

0.84

33.13

LC-RC21-019 Oxide

46.0

52.0

0.54

14.97

LC-RC21-022 Oxide

8.0

22.0

0.53

7.24

LC-RC21-022 Oxide

26.0

34.0

1.05

16.82

LC-RC21-024 Oxide

2.0

20.0

0.63

21.60

LC-RC21-028 Oxide

8.0

22.0

0.67

3.12

Economic cut-off grade applied in the composites varies according to Domain. Primary; 0.3 g/t Au; Transition: 0.4 g/t Au; and Primary 0.81 g/t Au

Quality Assurance and Quality Control

Analytical work of MDN reported drill holes was carried out by Alex Stewart international, Argentina S.A. Labs (ASI). The facilities of the prep lab and assay lab are in San Julian, 184 Km from MDN mine operations. MDN sends out 10% of samples to check at ALS international labs (ALS) with the prep lab located in Mendoza and assay labs in Lima, Peru and Vancouver, Canada. In the main laboratory ASI (Mendoza), the samples are systematically analyzed for gold (ppm) and silver (ppm) by fire assay (Au4-50 + AgICP-AR-39) regarding the over limits with fire assay results greater than 10 ppm, a second assay is applied including gravimetric finishing (FA50GRAV), with respect to silver, analyzes greater than 200ppm are carried out by AgFA50GRAV.

ASI has routine quality control procedures which ensure that every batch of samples includes three sample repeats, two commercial standards and blanks. Cerrado used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program. The Reference material used are from CDN Resource Laboratories Ltd. Included in the batches following MDN internal protocols.

The historic database was verified by AGP in 2018. In addition, AGP verified the assay data provided by the company against the assay certificates provided by the laboratories: ALS (Mendoza) and ASi (Mendoza), as provided by New Dimension. AGP verified approximately 20% of New Dimension's database across all drill campaigns with any errors corrected prior to finalizing the drillhole database.

SRK undertook an assessment of the geological model in 2021 and made a number of recommendations that have since been adopted. MDN has reviewed and updated the information into the geological model with the latest drillhole information and using the recommendations of SRK.

Metallurgical testing work was carried out by National University of San Juan, Institute of Mining Investigations. MDN send half core samples for sample preparation to the lab. The laboratory has routine quality control procedures which ensure that testing is to Approved and recognised Standards.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by Clinton Swemmer, P.Eng., Vice President, Technical Services for Cerrado Gold Inc., who is a Qualified Person as defined in National Instrument 43-101.

Mark Brennan David Ball
CEO and Co Chairman Vice President, Corporate Development
Tel: +1-647-796-0023 Tel: +1-647-796-0068
mbrennan@cerradogold.com dball@cerradogold.com

About Cerrado
Cerrado is a Toronto based gold production, development and exploration company focused on gold projects in the Americas. The Company is the 100% owner of both the producing Minera Don Nicolás mine in Santa Cruz province, Argentina, and the highly prospective development project, Monte Do Carmo located in Tocantins State, Brazil.

At Minera Don Nicolas, Cerrado is maximising asset value through further operation optimization and continued production growth. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package.

At Monte Do Carmo, Cerrado is rapidly advancing the Serra Alta deposit through Feasibility and production. The Serra Alta deposit Indicated Resources of 541 kozs of contained gold and Inferred Resources of 780 kozs of contained gold. The Preliminary Economic Assessment demonstrates robust economics as well as the potential to be one of the industry's lowest cost producers. Cerrado also holds an extensive and highly prospective 82,542 ha land package at Monte Do Carmo.

For more information about Cerrado please visit our website at: www.cerradogold.com.

Disclaimer

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation, all statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado. In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions, including, but not limited to the timing of production, rates of production, operating costs and capital costs of the Las Calandrias project. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

SOURCE: Cerrado Gold Inc.



View source version on accesswire.com:
https://www.accesswire.com/720769/Cerrado-Gold-Provides-Update-on-the-Las-Calandrias-Heap-Leach-Project-at-Its-Minera-Don-Nicolas-Mine-in-Argentina


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