...Our next presenter is Alan Carter with Cabral Gold. Cabral has been exploring in the same Tapajós area for quite some time. They have the Cuiú Cuiú property, which, you know, in terms of properties, it is bigger than most. So Alan, I'll hand it over to you, and we'll get the update.
Thank you very much, Ron. Thanks, all. Very nice to be back here at Beaver Creek. As Ron said, we are in the Tapajós, in a similar area to Mike. I think the key points about Cabral Gold are that we have been in Brazil for quite a long time. We've been involved in five gold discoveries, including Tocantinzinho, which we'll talk about a little bit more. I'm a very large shareholder in the company. As the CEO, I've so far put in $2 million of my own money into this company. We've got an asset here, which is right next door to G Mining's TZ deposit. It's not as big yet, but it's gonna grow, and it's gonna get a lot bigger.
We have a PFS in process right now, which is probably about three or four weeks from completion. The PFS is a small initial starter operation, which I'll talk a bit in a moment, and we keep making discoveries. We've just drilled 11 meters at 33 grams. It's a brand-new zone, and we've got a number of other targets on this property of a similar sort of grade. I'll skip the board and management. You can look this up at your leisure. We've got a good team of people. The corporate, we're a $60 million market cap company. We're obviously an exploration company that is moving towards production. You can see how the share price has performed in the last 12 months. We've got pretty good institutional coverage here. We're about 50% owned by institutions.
That box in the bottom left just details what I've the sort of six-figure checks I've been writing over the last few years as part of various private placements. We talked about the Tapajós. Just a word on that, I know Mike was talking about it earlier. It is the site of the world's largest-ever gold rush in terms of people. So if you think the California or the Yukon rush was big, this was much bigger. This was 10 times larger than the California rush, and involved about 1 million people, and there was 20-30 million ounces of gold recovered from the streams here, and guess which project or which area, there's 100 different places where they were mining gold from the streams, Cuiú Cuiú was the biggest. Now, does that mean we've got the biggest primary gold deposit?
Not necessarily, but it's a pretty good start. Big crustal break running through here, a northwest-trending structure. It's a massive break that we can trace about a hundred kilometers in the regional airborne magnetic data. I mentioned the proximity to G Mining. That's their project in November when we flew over it. I was directly involved in the discovery of TZ. I used to own the royalty in TZ until about three or four years ago. So it's gratifying for me to see that from the first time we stepped in, in the stream and found some veins outcropping to a, what's about to become the third-largest gold mine in Brazil. Our block is in pink to the northwest. Now, in terms of historic placer gold production here, there was two hundred thousand ounces recovered at TZ. There was two million ounces recovered at Cuiú Cuiú.
So we think the opportunity here is enormous. Lots of similarities, same host rock, same alteration type, same mineralogy, same metallurgy, but, we've already got three deposits with resources. They've got one, and we've got three new discoveries where we don't have maiden resources yet, and we've got 45 peripheral targets. So we'll talk about that. The strategy here, because we control a whole district, it's an amazing opportunity, but it's also a challenge because we've got, as I said, 40-plus targets to drill here. So what we need to do is generate cash. You cannot test this whole district by following the historic model of continuing to dilute your capital structure, and raise money. That doesn't work for a district this size.
So what does work is having cash, and so what we want to do is start with a small starter operation on the oxide material. We've got 60 meters of saprolite mud, which has got gold in it sitting on surface, and so we're gonna start mining that and start producing gold. And that PFS on that should be out in the next three or four weeks. This just shows where the main deposits are. The yellow spidery lines are all the streams that were mined for gold. Placer gold, we don't know, we still don't know at Cuiú Cuiú where most of this gold is coming from. The bulk of the 1.2 million ounces we have, as indicated and inferred, sits at Central, that northwest-trending zone, and at MG, the east-west trending zone to the right there.
They're five kilometers apart. We've got some new discoveries here, notably PDM, which is another central-sized deposit that's probably about gonna end up to be at least 500,000 ounces, and Machiche. We don't have Machiche Main. There's two Machiche Mains, for those of you that haven't spotted it, there's a typo. The one on the right is actually Machiche Northeast. That's the place where we've just drilled 11 meters at 33 grams. But we don't have resources yet on any of those new discoveries, and all the yellow dots have either drill holes, trenches, or boulder fields here with some spectacular numbers. We've got boulder fields here, which are averaging 90 grams a ton, and we don't know where they're coming from, and we've got probably 12 of those boulder fields. This is the MG gold deposit.
Let's just go back one, so that you can see the MG gold deposit, east-west trending zone. It's got a... What you're looking at in the bottom right is a grade contour map. So there's a thick oxide cap here with some really nice numbers. It's 60 meters thick in terms of oxide. Underneath that, in that pink, in the section above it, you've got a primary zone and a secondary zone, so some very good drill results in that. We intend, as part of this stage one, to mine the oxides. We'll start at MG. There's a lot of very good grade, high-grade material in the oxide here. That's what it looks like. We've got two types of oxide material, blanket soils and sediments, which are up to 6-8 meters thick.
Lots of gold in that, and underneath that is a lot of saprolite. As I said, the base of that saprolite extends 60 meters from surface on average. But obviously, the big prize here is the primary mineralization. The bulk of our 1.2 million ounce resource base, probably about 85% of it, is in that pink primary hard rock granite material. That will be stage two. The idea is that's generate some cash, probably in the order of $20 to $30 million a year, and let's feed that back into really going to town on this district. Trial mining, so multiple pits will be feeding a central facility. There's no drilling and blasting required because it's mud, so very low mining costs.
We are gonna need to add some cement, so there'll be an agglomeration plant, which is, most of you know, is a giant cement mixer, and then pads, and we'll be producing doré bars on site. Low strip, as I said, the results of the study should be available in the next three or four weeks. We're getting very close. Now, the big prize at Cuiú Cuiú is really the what how big this district is gonna be. I mentioned we've got some new discoveries. I'd like to talk you through the upside on the primary gold deposit, starting with Central and MG. So we'll look at the Central deposit first. That's the outline of the primary mineralization. Now, it's just like TZ. It's the same stockwork mineralization, same alteration.
This one's not as big as TZ yet, but this is the first one, and within that yellow stockwork material, which is about a gram or so, we've got red zones, which are very, very high grade. So lots of upside to this. I don't know if I can spin this around. Yeah. This is the resource estimate from 2022. It's already two years out of date. We've got about 500,000 ounces at Central right now. You can see there's a lot of these red blocks outside the current pit outline that don't join up. Why don't they join up? Because we haven't got the sufficient drilling to make these things join up.
The SLR guys who did the resource estimate two years ago said, "Look, this looks like a million ounces to us at least, but you've got to do some infill drilling." Similar sort of story at. Well, hang on. So Central, the gold deposit we just looked at, is there in the bottom right-hand side of the slide. Now, it's part of a trend in this part of the property that's northwest/southeast, extends five kilometers, a giant gold in soil anomaly here. By the way, the gold in soil anomaly here at Cuiú Cuiú is seven times larger than the soil anomaly that we identified at TZ in the early days when we discovered it. Anyway, Central is part of that trend. There is a new discovery two kilometers to the northwest called PDM.
We don't have a resource there yet in the primary material. We've got a target hanging off the bottom of that called Mutum, where we've got stockwork, TZ-style stockwork, averaging a gram on surface. We've never drilled it. And we haven't drilled it because we've got a bunch of targets that look better than that, much better. On the Central deposit, just to show you the potential, we've got three or four holes to the southeast of Central, the Central gold deposit. The best one of those is 20, cut 27 meters at 6.9. 6.9 grams a ton. Sorry, I'm getting excited. And we haven't followed that up yet. This trend is gonna grow significantly, and this is only a very small part of the project. Similarly at MG, this is the second gold deposit we found.
We are actually gonna start mining the oxide above this first. Again, the yellow is the low-grade stockwork stuff, averaging a gram. Now here, unlike TZ, we've got high-grade zones surrounded by low-grade one-gram material. So the high-grade zone, that box is averaging about 28.9 grams a ton, and we can trace them. That zone, we can trace 500 meters along strike. Lots of upside at MG, too. Again, look at this. The mustard color has the open pit outlines here. And look at all these red blocks that don't join up. Again, they don't join up because we haven't got the drill spacing yet. So quite a lot of low-hanging fruit in terms of adding resources at both of the existing gold deposits. North of MG, so the MG gold deposit we're just looking at is there in the bottom of the slide.
North of that, we've got another one, another east-west trending zone. It's another discovery. We actually don't have one new discovery, we have three, and this is the second new discovery. The Machiche Main zone, there's no resource on it yet. It's east-west trending. It's a lookalike for MG. The MG deposit right now is just over 500,000 ounces. There's 400,000 ounces in the primary, but as I said, lots of gaps, and then there's the oxide on top of that. Machiche, I don't know how big that's gonna be, the Machiche Main zone, and the yellow box, if I can get the pointer to work. Oh, yeah. The yellow box here up in Machiche Northeast, it's only 150 meters away from Machiche Main. This is the thing that's got everybody excited in the last few months.
We got 11 meters at 33 grams, including four meters at 89. The step-out hole cut six meters at 13.5 and ended in mineralized rock. So we don't know what that is, but if it's got the same sort of continuity as of high grade as MG and Machiche, it could be important. It almost certainly is important. I'll skip that slide. Now, this is a slide worth dwelling on, guys. This is the same map you've seen, but what I've done is put some numbers around these yellow dots that were on the previous slide. Now, the yellow dots are all targets. Outside the existing deposits and those three new discoveries, which are in the yellow boxes, we've got some spectacular drill results. This thing here, Jacema, we've got 39 meters at five grams.
We've only drilled five or six holes on it. There's Machiche Southwest in here somewhere, which is 3.4 meters at 36 grams. That's. So we've got about 10 or so targets with some very good drilling steps. Underneath that, we've got another dozen targets or so with mineralization in outcrop, and some of these in the trenches on surface are cutting some spectacular numbers. JN cut 5.3 meters at 24 grams. There's another one here called, where I kinda, I get lost in this. Baixada Onça, which is 14.7 meters at 2.3. Never drilled it. Then underneath that, you've got a whole bunch of boulder fields, where we've got boulders on surface. The boulder field here at Alonso, the boulders are averaging 90 grams a ton.
There's another one five kilometers away, Tracajá, the boulders are averaging 74 grams a ton. Gold, not silver. And here's another one, Medusa, the boulders here are averaging 24 grams a ton. This is the Alonso one. We don't know where these boulders are coming from, by the way. We haven't tracked down the source yet, but they're just big, angular blocks. They haven't moved very far. I think that's pretty much it. So look, we're heavily invested as a management team in the company. We've got a track record in Brazil. We've been there a long time. We've got an existing resource base with about 1.2 million ounces, with a lot of low-hanging fruit to expand that, both through infill drilling the existing deposits and getting maiden resources on the new discoveries, let alone what the, all these
Peripheral targets could have. We've got a PFS, which is imminent on stage one trial mining of the oxides, which should generate a significant amount of cash and allow us to get really aggressive with the, with the district here. We talked about the three new discoveries. It truly is a district scale. It's, it's a very, very exciting project to work on, and obviously, being next door to what is about to become the third-largest gold mine in Brazil, G Mining, also doesn't hurt us. Thanks very much.
Alan, thank you. We have about a minute left if there's any questions. Yeah, we've got a couple.
Thanks. Alan, overwhelming array of possibilities there, obviously. Huge. What, on the power issue, what's your take on... Will you be able to tap into the TZ line, do you think?
As you know, Mike, this is a bit of a debate. I'm optimistic we will. G Mining funded a 190-kilometer-long power line, high-tension line, to their project, but it's not owned by them. It's owned by Equatorial Power, which is a state company. So, right now, we cannot. I believe in the future that line will. There are all sorts of applications going in from communities along that line to be connected up, and I believe ultimately, Cuiú Cuiú will be connected up. But there's no grid power at Cuiú Cuiú right now.
Right. Thank you.
But it's a good question, Mike.
Alan, what's the distance between Cuiú Cuiú and TZ?
Twenty kilometers.
So-
The claims are contiguous, though, Ron. They're twenty kilometers between the deposits. Between targets, it's probably more like five.
So there's another option, obviously, that you find the right deposits and feed them into the mill there?
Yeah, look, you don't need to be a rocket scientist to-
Yeah
... to realize that they're feeding 1.2-gram material into their mill, and we've got a lot of high-grade material. That is one of the distinguishing things about between Cuiú Cuiú and, and TZ. We've got all these high-grade veins all over the place. But it just has a much bigger footprint to it in terms of placer gold, in terms of number of occurrences and targets and by any measure, it's, it seems to-
Lots of good drill hits.
Sorry?
Lots of good drill hits.
Yeah.
We're gonna have to leave it there. Thanks, Alan.
Thanks.
Next up, we've got Michael Bennett with Altamira Gold. They are another exploration company focused on Brazil. We're getting around in Brazil today.
Thank you very much, Ron.
Yeah.
Okay, good afternoon. Altamira Gold is a company based in central western Brazil, slightly further south than the Tapajós. It's in the Alta Floresta Gold Belt. How do I work this? I just-
Click the big button, the green button.
The green button. Okay, thank you. That's just a cautionary statement, and Altamira Gold is a bit of a strange company. It hasn't got one project, it's got three. The reason being that when we set the company up in two thousand and fourteen as a private company, we were in the right place at the right time. We managed to get involved in the bidding system through the Brazilian government, and we managed to pick up not just Cajueiro, which had a small resource in those days, but also Apiacás, where a million ounces of gold was taken out by the garimpeiros, the artisanal miners, and Santa Helena, which has recently turned out to be a copper target.
We are a technical team, largely geologists and geophysicists, with a lot of experience, both in major companies and in juniors, and our adrenaline is to find mines, to either sell them and get them into production or to put them into production ourselves. The company, as all juniors, is suffering a bit at the moment, but we've got two institutional shareholders, Crescat, with around about 15%, and also Aura Minerals with 11% right now. They came in on last year's financing. I'm a shareholder, as are various members of the management, and we've all put our own money into something which we believe in. Where are we? Well, we were in the middle of the jungle 40 years ago, but right now we're in the middle of the soya. You know, as Mike pointed out, the area's changed incredibly. I say, "Not right now.
Where's my adrenaline?" I drive down an asphalt road. It's all power lines, all hydroelectric power in the area, Wi-Fi everywhere. Our camp has 24-hour electricity and, you know, it's made it very, very easy to think that very shortly we're gonna have a new mining project in this area. Between Cajueiro and Apiacás, it's 50 kilometers. Between Cajueiro and Santa Helena, it's about 180 kilometers. I live in Alta Floresta, and to any one of these projects, I can get there in less than 2 hours, driving. If you wanna get some areas now as a junior or as any company, you've gotta pay for them. So the bidding system now is a closed bid. It's online. You put in a bid, and the highest bid wins the area. So Altamira really was very fortunate to get there in the early days.
Cajueiro is our most advanced project. As I say, we're one and a half hours' drive from Alta Floresta. There's a commercial airport in Alta Floresta, five flights a day, five flights a week to São Paulo. We've got a very, very large hydroelectric scheme with a power line running right through our area, and so we're in a prime position to get this mine going. What have we got in Cajueiro? Well, when we first bought the property, we had three hundred thousand ounces, way back when, in two thousand and thirteen. We've now got 431,001, which was published in two thousand and nineteen, with a resource of seven hundred thousand ounces.
This is in a very, very small part of the area, and if you look at that slide there, you can see the little black box, which is really 2% of our property package. We've got 23,000 hectares here. It's a minor company, small junior company, with a very, very large land position. We've got 180,000 hectares in total. And so we've put together a resource in that central area, which is 2% of our property package. We've got 700,000 ounces there. We are presently doing an internal look-see at that with SRK, and including another 10 holes we drilled last year, and also upgrading the gold price. The other areas that you can see in there, the red areas, are gold and soil anomalies.
Now, Crescat came into Altamira Gold in 2021, and Quinton Hennigh was very enthused by our exploration potential, so he said, "Guys, forget about the Central area for the time being. Forget about any small-scale mining. Let's have a look and see what these other gold anomalies are," so we went ahead, and we decided we were gonna choose Maria Bonita. Maria Bonita is a really, really strange beast. There is no outcrop whatsoever on surface there. There's up to a gram in soils, and it's about 800 meters by 800 meters, so if you wanted to be a negative guy, you could've said, "Well, maybe it's a paleochannel of the Rio Teles Pires," which is the river you can see there, so we were forced to drill it. We had no other exploration tools to use.
We walked in there, we drilled it, and I'm gonna, in two or three slides, I'm gonna show you what we found there, but we also did geophysics over the area, so using our geophysics, using our airborne magnetics, we generated some very interesting mag highs in the area, and if you look at the one there, which is Mombaça, this is a brand-new area, almost two kilometers away from Maria Bonita, and something that I think if you pay attention to our press releases in the next two months might light your attention up to the company. All of the streams, you know, similar to a lot of the gold areas, but all of the streams in this area, over 17 kilometers of east-west extent, were worked for alluvial gold.
So when I first went there in two thousand and six, I said, "Maybe it's all been eroded away, or maybe there's primary sources there." There was no primary mining when I first saw this property in two thousand and six. So just remember that mag high there. And there's Maria Bonita sitting with the drill holes there. Almost two kilometers to the east of that is Mombaça, and Mombaça is something which we've discovered within the last five months. So how did we do this? First of all, we drilled Maria Bonita. We took Dr. Richard Sillitoe, world's expert on porphyries, out to Cajueiro. He confirmed that we'd got a gold porphyry in Maria Bonita, a very consistently mineralized gold porphyry. We've got hole 29 with 143 meters at one gram, but the whole of the hole, 212 meters, runs 0.8.
The whole bottom's in mineralization, and in the future, we're gonna need to drill some deeper holes really to see where that goes, and you know, look at that. Look at the alluvial drainages. We're starting to see now what the primary source of this alluvial gold was, so Dick Sillitoe says to us, "You've got a, a great-looking project. You've got a, a gold porphyry. It's a unique discovery, but now you need to see if you've got other porphyries in the area because you've got so many alluvial drainages there." So second comes up, Mombaça. So we find Mombaça on surface. We find the same sort of porphyritic rocks on surface.
We've got that soil sampled now and rock sampled, and we've got those, we've got those samples in the lab, and that will be released as soon as it's, as it comes back to us. On surface, Maria Bonita shows magnetite destruction. And why? Because the upper porphyries have been hydrothermally altered, and the magnetite's been destroyed. So all that blue is our porphyry of Maria Bonita. Those are the intercepts. We get really, really consistent gold grades. Over 5,000 meters of drilling, the highest grade is seven grams a ton. In that hole of 212 meters with 0.8 grams, the highest value is 2 grams. The metallurgy is absolutely incredible.
It's only gold, there's no copper in this at all, and we can heap leach the 25 meters of saprolite, and we can agitate leach the rest of the rock. What does it look like? It looks absolutely artistic. You've got all this porphyry sitting there, a classic porphyry, with the second. Over to the left there, the second photo shows what's what are called UST structures, and these things usually come at the top of the porphyry. We've now identified four phases of porphyry, and if you remember back to the slide that we saw where there's the mag high. Why am I talking about mag highs when Maria Bonita's a mag low?
The reason I'm doing that is because we took Eugenio Espada a couple of months ago out to site, and Eugenio said, "Well, look, you've got Maria Bonita, you've got Mombaça. You're probably gonna have another couple of porphyries here in the headwaters of these mineralized streams. So what you really need to think about here is you've got a gold porphyry, a gold porphyry, a gold porphyry, but sitting underneath that, you should have a copper-gold porphyry." And so what we're looking for now is what he calls porphyry zero. That porphyry zero will not be demagnetized. It will be magnetic. And so Mombaça, which is sitting directly under those rocks that we've just found on surface, is gonna be a drill target in the next few months for Altamira Gold. The metallurgy is fantastic. We're very, very cheap.
Quinton Hennigh said to us, "I've never seen such low cyanide consumption in any mineralized rock." And so, you know, if we wanted to... And what have we done in Maria Bonita? We've actually bought the farm. So apart from having the mineral rights over 23,000 hectares, we've also bought 409 hectares of land there. And why? Because as Alan has said, we're in a bit of a corner as juniors right now, and one of our options is to dig this big swimming pool, as I describe it, 500 meters by 500 meters by 25 meters deep. The saprolite is heap leachable. We take it out, we don't even need a crushing plant, and off we go. We generate cash for the company. We may not even need to do it ourselves.
We could, you know, get another group in to do it, but we've now got the option to do that. And, you know, if that wasn't enough, for one junior, we've got two other projects. So Santa Helena, sitting on the southern side of the Alta Floresta Belt, these rocks are one point eight billion years old. You know-