Lavras Gold advances with significant gold discoveries in Brazil - PDAC 2024
Toronto, Canada
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March 18, 2024 12:46 PM Eastern Daylight Time
Lavras Gold Corp (TSX-V:LGC, OTCQX:LGCFF) CEO Michael Durose discusses significant advancements in the company's exploration activities with Proactive's Angela Harmantas at PDAC 2024.
Since going public in April 2022, following a spin-out from Amarillo Gold with $10 million in cash, Lavras Gold has launched a robust exploration programme on the LDS project in southern Brazil. This initiative has led to seven new gold discoveries, notably including a significant find at the epicentre of the Fazendo do Posto discovery, which yielded 340 metres at 1.1 grammes per tonne gold adjacent to the existing 500,000-ounce Butiá gold deposit.
This discovery was pivotal in enhancing the company's share price, facilitating a subsequent $13.7 million fundraising in September without substantial dilution.
As of December 31, the company reported $11.1 million in cash reserves and is in the midst of a 25,000-metre drilling programme expected to continue into mid-2025. The immediate focus is on de-risking the Butiá project, aiming to verify its economic viability.
The company is also keen on leveraging the positive gold market trends, attributing the recent high gold prices to global geopolitical and economic tensions, and anticipates a consequent uptick in gold equities.
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