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Metals:            Gold

Location:          Monte do Carmo, Tocantins State, Brazil

Ownership:       100% 

Status:             Advanced Exploration stage: PEA Completed
Deposit Type:    Intrusion related gold


Very accessible, skilled labor, water, power, paved roads

Property Summary

The Monte do Carmo (MDC) Gold Project is located in the state of Tocantins, Brazil, immediately east of the town of Monte do Carmo.  The Serra Alta deposit is the main focus of the exploration of the project.  The Monte do Carmo property consists of 14 exploration permits totaling 82,451 ha.  The property has access to excellent local infrastructural with no artisanal mining or NGO issues and strong local support from the residents.
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Gold was originally discovered in the Monte do Carmo area during the 17th century by the Portuguese.  During the 1980s the area experienced an influx of artisanal gold miners (Garimpeiros) motivated by the recent rise in gold prices.  Investments in mineral exploration in the area, by others, is reported to have amounted to US$4.7 million from 1985 through 1995, and over US$20.0 million from 1996 to  2018. Most of the investment was made in the Serra Alta area on many of the known gold occurrences.

Serra Alta Deposit

Cerrado’s primary target at the Monte do Carmo mine characterized by a high-grade, shallow mineralization, with an open pittable Mineral Resource.

Preliminary Economic Assessment, effective August 25, 2021

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•    Average annual gold production of 149,000 ozs over first 5 years and 131,000 ozs over LOM 8 years 

•    Annual Average Free cash flow of US$150 million over the first 5 years
•    Total cumulative, after tax, free cash flow estimated US$901 million over 8 years
•    Average AISC of US$431/oz over the first 5 years 
•    Low Initial Capex of US$126 million (including US$25 million contingency)
•    Payback of 1.3 years
•    Further upside potential from continued exploration drilling & resource expansion
•    Development program including Feasibility Study to begin immediately

The Preliminary Economic Assessment is prepared in accordance with National Instrument 43-101 - Standards for Disclosure for mineral Projects by GE21 with an effective date of August 2021.


The mine design is based on standard open pit mining techniques of drill, blast and haul using contract mining to reduce upfront capital needs.  Based upon the newly expanded resource, GE21 has designed a  mine plan which extracts approximately 18.5 million tonnes of the current resource base over an 8-year mine life at an average strip ratio of 6.64 for the first 5 years and 10.9 to 1 over the life of mine.  The Phase I exploratory drilling program completed earlier this year, increased the mineral resources model mainly to the North and East, resulting in the extension of the Projected Open Pit in the same direction resulting in a slightly higher strip ratio than the prior PEA, but significantly increasing recoverable ounces. Mining will reach nominal ore feed to mill in year 2 of approximately 2.6 million tonnes. Mining costs are estimated at US$1.70/t of material moved which is based on current costs at other regional operations. 



Metallurgy and Processing


Cerrado completed additional metallurgical test work to advance previous strong results.  The additional metallurgical test work, based on 300 kg samples, once again confirmed the recoverability of gold by gravity concentration and tailing flotation followed by CIP leaching of float concentrate.  The results of the test work confirmed the metallurgical recovery of up to 98.5% of which approximately 79% is recovered by gravity. The final leached tailings will be submitted to detox circuit before sending it to final disposal.  The high percentage of gold recovered by gravity allows for a simple design layout with limited CIP leaching capacity required, which significantly reduces up front capital requirements. Metallurgical test work also indicates that the waste rock and detoxed tailings are neutral by nature, which points to very amenable disposal of mineral residues making it easier to deploy environmentally and more affordable.



2021 Pit Shell

Mineral Resource Estimate for the Serra Alta Deposit, effective July 23, 2021


The Mineral Resource Estimate is prepared in accordance with National Instrument 43-101 - Standards for Disclosure for mineral Projects by Micon International Limited (Micon) with an effective date of July 21,2021.



The Monte do Carmo Gold Project is located in the State of Tocantins, Brazil, immediately east of the town of Monte do Carmo. The Serra Alta Deposit, the main focus of exploration at the project, is located at 10° 45' 4" south latitude and 48° 4' 20." west longitude. Monte do Carmo (7,700 inhabitants) is located 39 km east of the city of Porto Nacional (55,000 inhabitants). Porto Nacional is 50 km (60 km by road) south of the state capital of Palmas (250,000 inhabitants) and 760 km north of Brazilia, the federal capital.  


Technical Reports

Cerrado Gold has obtained technical reports prepared in accordance with National Instrument 43-101 
 View  Micon Report - Mineral Resource Estimate Report, April 3, 2019

Cerrado's Proposed Exploration Program



DDH (m)


Serra Alta


Magalhaes Vein


Other Targets






Total Drilling





Sheeted Veins

Sheeted Veins

Quartz Veins

Sheeted Veins



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