Cuiú Cuiú, Tapajós region, Pará, Brazil, September 25, 2025
News Summary
Cabral Gold is nearing a final investment decision on a starter heap‑leach oxide operation at its Cuiú Cuiú gold district in the Tapajós region of Pará, Brazil. The prefeasibility study models a low‑cost, near‑surface starter producing about 18,500 ounces per year from a ~1 Mtpa plant with a compact payback profile; management cites an even faster payback under current prices. Initial capital is reported near US$37.7–40+ million with construction financing advancing and long‑lead items ordered. Cabral controls roughly 5,500 hectares and a consolidated ~1.2Moz resource base while running active drilling and pursuing district exploration upside.
Cabral Gold Nears Final Investment Decision on Cuiú Cuiú Heap‑Leach Starter
Cabral Gold Corporation (TSXV: CBR; OTCQB: CBGZF) is approaching a final investment decision for a starter heap‑leach oxide operation at its Cuiú Cuiú gold district in the Tapajós region of Pará State, northern Brazil. Company management says project economics are strong at today’s gold prices, citing large per‑ounce margins and a very short capital payback on the starter case.
Key decision and economics up front
The updated prefeasibility study (PFS), filed as an NI 43‑101 technical report after results published on July 29, 2025, lays out a starter oxide heap‑leach plan with initial processing of about 1 million tonnes per year. The starter case is built around roughly 300,000 ounces of near‑surface oxide material and is forecast to produce about 18,500 ounces of gold per year for 6.2 years in the oxide starter scenario.
Reported all‑in sustaining costs are near US$1,200–1,210 per ounce, and management describes an approximate profit margin of US$2,500 per ounce at current gold prices. Cabral states the initial capital can pay back in roughly five months at current prices and margins; the PFS economics show a 10‑month payback in the specific PFS scenario using US$2,500/oz gold. Initial capital is reported in the range of US$37.7 million to just under US$40 million, with some references to a slightly higher total funding need of just above US$40 million.
Project returns and valuation metrics
The PFS presents an after‑tax internal rate of return of about 78% at US$2,500/oz. An analyst commentary cited an NPV on the oxide component around US$74 million. Company management has shown sensitivity work that increases the IRR at higher gold prices; one scenario cited an IRR roughly 140% at about US$3,400/oz. Management also provided cashflow guidance suggesting the project could generate on the order of US$50 million per year post‑tax in the first years at current prices, with that cashflow intended to fund continued district exploration.
Resources and exploration upside
Cabral controls 100% of the Cuiú Cuiú gold district, holding roughly 5,500 hectares. The company reports a consolidated resource base across multiple deposits of about 1.2 million ounces of gold. The NI 43‑101 resource breakdown includes both fresh (primary) and oxide material, with the following reported: indicated fresh basement 12.29 million tonnes at 1.14 g/t Au (about 450,200 oz); indicated oxide 13.56 Mt at 0.50 g/t Au (about 216,182 oz); inferred fresh 13.63 Mt at 1.04 g/t Au (about 455,100 oz); and inferred oxide 6.4 Mt at 0.34 g/t Au (about 70,569 oz).
The fresh (primary) resource estimate is based on an NI 43‑101 dated October 12, 2022. Oxide estimates for certain deposits were updated in reports dated October 21, 2024 and July 29, 2025. Cabral highlights substantial exploration upside: the company has identified four new discoveries, roughly 50 additional targets with encouraging trench and drill results, and it is actively drilling with three rigs across the district.
Drill results and near‑term targets
Recent drilling has returned multiple high‑grade intersections used to support resource growth and future development options. Reported intersections include high‑grade hits at Machichie northeast of up to 11 metres at 33 g/t Au, 12 metres at 27 g/t Au (and alternative reporting of 12 m at 27.7 g/t), as well as thicker intervals such as 39 metres at 5.1 g/t Au at Jerimum Cima and 22 metres at 4.8 g/t Au at PDM. These results are central to the company’s stated target of doubling the current ~1.2 Moz resource within 12–18 months through continued drilling and the goal to establish maiden resources on the four new discoveries within 12 months.
Construction, processing and permitting plans
Cabral plans a 12‑month construction schedule for the starter operation and says long‑lead items have already been ordered. A processing plant is being built in Australia and will be commissioned in Western Australia before being containerised and shipped to Brazil for site installation. The project will use heap leaching with four rotating heaps on a 120‑day cycle to allow operational adjustments between cycles; management describes heap leaching as a way to manage permeability and technical risks while keeping operational flexibility.
Execution will combine in‑house capability with an engineering partner that has Brazilian experience. The company has added local and regulatory experience to the team and board to help navigate permitting and construction in Brazil. Management says construction financing is at advanced stages, expects financing news within weeks, and aims to make a construction decision in the coming months, with principal funding planned as debt plus a possible equity component.
Regional context, history and corporate details
Cuiú Cuiú sits in the Tapajós gold province adjacent to an operating mine expected to produce about 200,000 ounces annually. The Tapajós region was the site of large placer production in the past decades; historical estimates suggest between about 30 and 50 million ounces of placer gold were recovered from the region between 1978 and 1995, and Cuiú Cuiú itself historically yielded an estimated 1.5–2.0 million ounces of placer gold. Management also reported a personal investment of roughly CA$2 million by the chief executive.
The company disclosed a board approval of 1,475,000 stock options at an exercise price of $0.45 per share, exercisable for five years and vesting over 24 months; these awards are split between an independent director and employees/consultants.
Risks and next steps
Key risks include financing, construction execution, permitting, and the translation of exploration results into expanded, economically mineable resources. The company is balancing near‑term production from oxide material with ongoing exploration of the wider district to unlock longer‑term value. Management timelines aim for first gold by the end of 2026 if financing and construction proceed on schedule.
Frequently Asked Questions
What is the planned starter operation at Cuiú Cuiú?
The starter is an oxide heap‑leach operation designed to process about 1 million tonnes per year and produce roughly 18,500 ounces of gold per year under the PFS oxide starter case.
How large are the resources at Cuiú Cuiú?
The consolidated resource base reported across multiple deposits is approximately 1.2 million ounces of gold, with both indicated and inferred material in fresh and oxide categories.
What are the reported costs and returns?
All‑in sustaining costs are reported near US$1,200–1,210/oz in the starter case. Initial capital is in the US$37.7M to just under US$40M range, with payback cited at five months by management and ten months in the PFS scenario at US$2,500/oz. The PFS shows an after‑tax IRR of about 78% at US$2,500/oz.
When could construction start and how will it be funded?
Cabral targets a construction decision within a few months pending financing, with a 12‑month build schedule. The company plans to use debt financing primarily, possibly with an equity component, and reports construction financing in advanced stages.
What exploration activity is ongoing?
Three drill rigs are active across the district. The company has reported multiple high‑grade drill intersections, four new discoveries, and about 50 other targets that have shown encouraging results in trenches and drilling.
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Key features at a glance
| Feature | Detail |
|---|---|
| Company | Cabral Gold Corporation (TSXV: CBR; OTCQB: CBGZF) |
| Project | Cuiú Cuiú gold district, Tapajós, Pará, Brazil (100% interest, ~5,500 ha) |
| Starter | Oxide heap‑leach, ~1 Mtpa, ~18,500 oz/year, ~6.2 years (oxide case) |
| Resources | Consolidated ~1.2 Moz (indicated + inferred; fresh and oxide split in NI 43‑101) |
| Capex | US$37.7M reported; commonly described as ~US$40M (range cited) |
| Costs & returns | AISC ~US$1,200–1,210/oz; after‑tax IRR ~78% at US$2,500/oz; NPV (oxide) cited ~US$74M |
| Payback | Management: ~5 months; PFS scenario: ~10 months at US$2,500/oz |
| Exploration | 3 drill rigs, 4 new discoveries, ~50 additional targets, multiple high‑grade intersections |
| Construction | 12‑month build plan; plant commissioned in Western Australia then shipped to Brazil; mix of in‑house and engineering partner |
| Timeline | Construction decision expected in coming months; target first gold by end of 2026 if on schedule |
Deeper Dive: News & Info About This Topic
Additional Resources
- Newsfile: Cabral Gold files NI 43‑101 for updated PFS at Cuiú Cuiú
- Wikipedia: Cabral Gold
- Kitco: Cabral Gold’s Cuiú Cuiú project — set for growth as gold soars
- Google Search: Cabral Gold Cuiú Cuiú
- Streetwise Reports: Gold miner has massive high‑grade gold in Brazil
- Google Scholar: Cabral Gold Cuiú Cuiú
- Resource World: Cabral Gold files NI 43‑101 technical report for updated PFS
- Encyclopedia Britannica: Cabral Gold Cuiú Cuiú
- Crux Investor: Cabral Gold — two‑stage development strategy
- Google News: Cabral Gold Cuiú Cuiú
Author: Construction CA News
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