Sona Nanotech Inc. - Audit Report / Information 2020

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CABRAL GOLD INC.

TECHNICAL REPORT ON THE CUIÚ CUIÚ PROJECT, RECENT EXPLORATION AND A MINERAL RESOURCE ESTIMATE, PARÁ STATE, NORTH-CENTRAL BRAZIL

Report Date: March 25, 2021 Effective Date: December 31, 2020 Mineral Resource Effective Date: December 31, 2017

Report By

Thomas C. Stubens, P.Eng. B. Terrence Hennessey, P.Geo. Richard M. Gowans, P.Eng.

900 – 390 BAY STREET, TORONTO ONTARIO, CANADA M5H 2Y2 Telephone +1 416 362 5135 Fax +1 416 362 5763

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1.0 SUMMARY ...................................................................................................................1	1.0 SUMMARY ...................................................................................................................1
1.1	SCOPE ........................................................................................................................1
1.2	GENERAL ..................................................................................................................1
1.3	GEOLOGY AND MINERALIZATION ....................................................................2
1.4	EXPLORATION .........................................................................................................2
1.5	MINERAL RESOURCES ..........................................................................................8
1.6	METALLURGY .........................................................................................................9
1.7	INTERPRETATION AND CONCLUSIONS ..........................................................10
1.7.1	Geology and Database.......................................................................................10
1.7.2	Metallurgy .........................................................................................................10
1.8	RECOMMENDATIONS ..........................................................................................10
1.8.1	Geology and Database.......................................................................................10
1.8.2	Metallurgy .........................................................................................................10
1.8.3	Recommended Program of Work......................................................................11
2.0 INTRODUCTION .......................................................................................................13
2.1	TERMS OF REFERENCE .......................................................................................13
2.2	INFORMATION SOURCES ....................................................................................13
2.3	QUALIFIED PERSONS, SITE VISITS AND AREAS OF
	RESPONSIBILITY ...................................................................................................14
2.4	UNITS AND ABBREVIATIONS ............................................................................14
2.5	ACKNOWLEDGMENT ...........................................................................................14
3.0 RELIANCE ON OTHER EXPERTS ........................................................................15
4.0 PROPERTY DESCRIPTION AND LOCATION ...................................................16
4.1	LOCATION ..............................................................................................................16
4.2	MINERAL CLAIMS ................................................................................................16
4.2.1	Exploration Rights and Obligations ..................................................................25
4.3	AGREEMENTS ........................................................................................................25
4.3.1	Previous Agreements ........................................................................................25
4.3.2	Cabral Agreements ............................................................................................26
4.4	SURFACE RIGHTS .................................................................................................30
4.5	GENERAL DESCRIPTION OF THE PROPERTY .................................................30
4.6	ENVIRONMENTAL REGULATIONS ...................................................................32
4.7	ENVIRONMENTAL LIABILITIES ........................................................................33
5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES,
INFRASTRUCTURE AND PHYSIOGRAPHY ......................................................34
5.1	ACCESSIBILITY .....................................................................................................34
5.2	CLIMATE .................................................................................................................34
5.3	LOCAL RESOURCES AND INFRASTRUCTURE ...............................................34
5.4	PHYSIOGRAPHY AND FLORA ............................................................................39

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6.0 HISTORY ....................................................................................................................42	6.0 HISTORY ....................................................................................................................42
6.1 REGIONAL MINING HISTORY ............................................................................42
6.2 LOCAL MINING HISTORY ...................................................................................43
6.3 HISTORIC EXPLORATION ...................................................................................43
6.3.1	Introduction .......................................................................................................43
6.3.2	January, 2005 to December, 2005 .....................................................................44
6.3.3	January, 2006 to December, 2006 .....................................................................44
6.3.4	January, 2007 to December, 2007 .....................................................................46
6.3.5	January, 2008 to December, 2008 .....................................................................46
6.3.6	January, 2009 to December, 2009 .....................................................................48
6.3.7	January, 2010 to December, 2010 .....................................................................48
6.3.8	2011 Exploration Program ................................................................................48
6.3.9	2012 Exploration Program ................................................................................49
6.3.10	Soil Sampling Procedure ...................................................................................49
6.3.11	Rock-Sampling Procedure ................................................................................49
6.3.12	Interpretation and Conclusions .........................................................................50
6.4 HISTORIC MAGELLAN DRILLING .....................................................................50
6.4.1	Introduction .......................................................................................................50
6.4.2	Central Zone ......................................................................................................53
6.4.3	Moreira Gomes Zone ........................................................................................58
6.4.4	Pau da Merenda Zone........................................................................................63
6.4.5	Jerimum de Cima Zone .....................................................................................65
6.4.6	Jerimum de Baixo Zone ....................................................................................67
6.4.7	Babi Zone ..........................................................................................................69
6.4.8	Central North Zone ...........................................................................................71
6.4.9	Central SE Zone ................................................................................................73
6.4.10	Guarim Zone .....................................................................................................73
6.4.11	Ivo Zone ............................................................................................................73
6.4.12	Ratinho Zone .....................................................................................................74
6.4.13	Standard Logging Procedure .............................................................................75
6.4.14	Diamond-Drill Hole Sampling Procedure .........................................................76
6.4.15	Conclusions .......................................................................................................78
6.5 MAGELLAN SAMPLE PREPARATION, ANALYSES AND
SECURITY ...............................................................................................................78
6.5.1	Quality Assurance/Quality Control (QA/QC) Programs ..................................78
6.5.2	Micon Conclusions ...........................................................................................81
6.6 HISTORICAL MINERAL RESOURCE ESTIMATES ...........................................81
7.0 GEOLOGICAL SETTING AND MINERALIZATION .........................................84
7.1 SUMMARY ..............................................................................................................84
7.2 REGIONAL GEOLOGY ..........................................................................................84
7.3 CUIÚ CUIÚ PROPERTY GEOLOGY ....................................................................86
7.3.1	Central Target Area - Simplified Geology ........................................................89
7.3.2	Moreira Gomes Target - Simplified Geology ...................................................90
7.4 STRUCTURE ...........................................................................................................91
7.4.1	Structural Model................................................................................................94

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7.5	ALTERATION .........................................................................................................97
7.6	MINERALIZATION ................................................................................................99
7.6.1	Introduction .......................................................................................................99
7.6.2	Mineralization Styles ........................................................................................99
8.0 DEPOSIT TYPES .....................................................................................................104
8.1	SHEAR-ZONE HOSTED GOLD DEPOSITS .......................................................104
8.2	CUIÚ CUIÚ ............................................................................................................107
9.0 EXPLORATION .......................................................................................................109
10.0 DRILLING ................................................................................................................122
10.1	MACHICHIE TARGET .........................................................................................126
10.2	MACHICHIE NORTHEAST (NE) TARGET: ......................................................129
10.3	SEIS IRMAOS (SIX BROTHERS) AND GUARIM TARGETS ..........................130
10.4	JERIMUM REGION TARGETS: ..........................................................................131
10.5	MORRO DA LUA TARGET: ................................................................................131
10.6	MOREIRA GOMES (MG) DEPOSIT HIGH-GRADE TARGETS: .....................132
10.7	CENTRAL DEPOSIT HIGH-GRADE TARGETS:...............................................138
10.8	QUEBRA BUNDA TARGET ................................................................................145
10.9	RECONNAISSANCE BOULDER EXPLORATION REVERSE
	CIRCULATION PERCUSSION DRILLING ........................................................145
10.10	DIAMOND DRILLING PROCEDURES SAMPLING SECURITY
	AND LOGGING .....................................................................................................146
10.11	RC SAMPLING PROCEDURE .............................................................................147
10.12	CONCLUSIONS .....................................................................................................148
11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ...............................149
11.1	SAMPLE PREPARATION AND ANALYSIS ......................................................149
11.2	SOIL SAMPLING PROCEDURE..........................................................................151
11.3	STANDARD CORE LOGGING PROCEDURE ...................................................151
11.4	AUGER HOLE SAMPLING PROCEDURE .........................................................151
11.5	DIAMOND-DRILL HOLE SAMPLING PROCEDURE ......................................154
11.6	SPECIFIC GRAVITY PROCEDURE ....................................................................155
11.7	RC SAMPLING PROCEDURES ...........................................................................156
11.8	SURVEY PROCEDURES ......................................................................................160
11.9	CONCLUSIONS .....................................................................................................161
12.0 DATA VERIFICATION ..........................................................................................162
12.1	DRILL COLLAR REVIEW ...................................................................................162
12.2	DOWNHOLE SURVEY REVIEW ........................................................................162
12.3	GEOLOGICAL DATA REVIEW ..........................................................................162
12.4	ASSAY DATA REVIEW .......................................................................................162
12.5	DENSITY REVIEW ...............................................................................................163
12.6	CONCLUSIONS AND RECOMMENDATIONS .................................................165

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13.0	MINERAL PROCESSING AND METALLURGICAL TESTING .....................166
13.1	METALLURGICAL SAMPLES ............................................................................166
13.2	METALLURGICAL TESTWORK ........................................................................167
13.3	CONCLUSIONS AND RECOMMENDATIONS .................................................168
14.0	MINERAL RESOURCE ESTIMATES ..................................................................169
14.1	INTRODUCTION ..................................................................................................169
14.2	GEOLOGICAL INTERPRETATION ....................................................................169
14.2.1 Central .............................................................................................................169
14.2.2 Moreira Gomes................................................................................................170
14.2.3 Jerimum de Baixo ...........................................................................................171
14.3	EXPLORATORY DATA ANALYSIS ..................................................................172
14.3.1 Drill-Hole Database ........................................................................................172
14.3.2 Bulk Density ...................................................................................................172
14.4	GEOLOGICAL MODELING.................................................................................174
14.4.1 Block-Model Parameters .................................................................................174
14.5	COMPOSITE STATISTICS AND CAPPING .......................................................175
14.5.1 Capping Analysis ............................................................................................175
14.6	GRADE ESTIMATION .........................................................................................178
14.6.1 Variography.....................................................................................................178
14.6.2 Estimation Parameters .....................................................................................180
14.6.3 Validation ........................................................................................................184
14.7	MINERAL RESOURCE CLASSIFICATION .......................................................184
14.8	MINERAL RESOURCE ESTIMATE ....................................................................184
14.8.1 Near Surface Mineral Resources .....................................................................185
14.8.2 Underground Resources ..................................................................................189
14.8.3 Reconciliation to Previous Estimate ...............................................................191
14.9	INTERPRETATION, CONCLUSIONS AND
	RECOMMENDATIONS ........................................................................................191
15.0	ADJACENT PROPERTIES ....................................................................................193
16.0	OTHER RELEVANT DATA AND INFORMATION ..........................................195
17.0	INTERPRETATION AND CONCLUSIONS ........................................................196
17.1	GEOLOGY AND DATABASE .............................................................................197
17.2	METALLURGY .....................................................................................................198
18.0	RECOMMENDATIONS ..........................................................................................199
18.1	GEOLOGY AND DATABASE .............................................................................199
18.2	METALLURGY .....................................................................................................199
18.3	RECOMMENDED PROGRAM OF WORK .........................................................199
19.0	DATE AND SIGNATURE PAGE ...........................................................................201
20.0	REFERENCES ..........................................................................................................202

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21.0 CERTIFICATES .......................................................................................................207

APPENDIX I - DIAMOND DRILL HOLE COLLAR COORDINATES, HISTORIC DRILLING

APPENDIX II - HISTOGRAMS AND CUMULATIVE PROBABILITY PLOTS

List of Tables

Table	1.1	Cuiú Cuiú Gold Project - Magellan Sampling Summary, by Year ....................3
Table	1.2	Cuiú Cuiú Gold Project - Magellan Diamond-Drilling Summary, by
		Target .................................................................................................................3
Table	1.3	Cuiú Cuiú Gold Project - Cabral Sampling Summary, by Year ........................5
Table	1.4	Cuiú Cuiú Gold Project - Cabral Sampling Summary, by Area ........................5
Table	1.5	Cuiú Cuiú Gold Project - Cabral Drilling Summary, by Target ........................8
Table	1.6	Cuiú Cuiú Gold Project - Cabral Drilling Summary, by Year ...........................8
Table	1.7	Cuiú Cuiú Mineral Resource Estimate ...............................................................9
Table	1.8	Cabral Exploration Budget ...............................................................................12
Table	4.1	Cuiú Cuiú Property Exploration Permits and Applications .............................18
Table	4.2	Federal Government Annual Fees ....................................................................25
Table	6.1	Cuiú Cuiú Gold Project - Magellan Sampling Summary, by Year ..................44
Table	6.2	Cuiú Cuiú Gold Project - Magellan Diamond-Drilling Summary, by
		Year ..................................................................................................................51
Table	6.3	Cuiú Cuiú Gold Project - Magellan Diamond-Drilling Summary, by
		Target ...............................................................................................................51
Table	6.4	Central Zone - Magellan Diamond Drill Hole Summary.................................55
Table	6.5	Moreira Gomes - Magellan Diamond-Drill Hole Summary ............................58
Table	6.6	Pau da Merenda - Magellan Diamond-Drill Hole Summary ...........................63
Table	6.7	Jerimum de Cima - Magellan Diamond-Drill Hole Summary .........................65
Table	6.8	Jerimum de Baixo - Magellan Diamond-Drill Hole Summary ........................67
Table	6.9	Babi - Magellan Diamond-Drill Hole Summary ..............................................69
Table	6.10	Central North - Magellan Diamond-Drill Hole Summary ...............................71
Table	6.11	Central SE - Diamond Drill Hole Summary ....................................................73
Table	6.12	Guarim - Diamond-Drill Hole Summary .........................................................73
Table	6.13	Ivo - Magellan Diamond-Drill Hole Summary ................................................74

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Table	6.14	Ratinho Zone - Magellan Diamond-Drill Hole Summary ...............................75
Table	6.15	Cuiú Cuiú Gold Project - Magellan QA/QC Sample Summary ......................80
Table	6.16	Cuiú Cuiú Historical Resource Statement........................................................82
Table	6.17	Historical Block Model Inventory ...................................................................83
Table	7.1	Dip and Dip Direction Averages Obtained from Density Plots .......................94
Table	8.1	Granite-Hosted Gold Deposits .......................................................................107
Table	9.1	Cuiú Cuiú Gold Project - Cabral Sampling Summary by Year .....................110
Table	9.2	Cuiú Cuiú Gold Project - Cabral Sampling Summary by Area .....................110
Table	10.1	Cuiú Cuiú Gold Project - Drilling Summary by Target .................................122
Table	10.2	Cuiú Cuiú Gold Project - Drilling Summary by Year....................................124
Table	10.3	Cuiú Cuiú Gold Project - Diamond Drilling Summary .................................124
Table	10.4	Cuiú Cuiú Gold Project - Details of Cabral RC holes ...................................125
Table	11.1	Cuiú Cuiú Gold Project - QA/QC Sample Summary - Diamond and
		RC drilling .....................................................................................................150
Table	11.2	Cuiú Cuiú Gold Project - QA/QC Sample Summary - Trench and
		Channel Samples ............................................................................................150
Table	11.3	Cuiú Cuiú Gold Project - QA/QC Sample Summary - Auger Samples .........150
Table	11.4	Cuiú Cuiú Gold Project - QA/QC Sample Summary - Rock Samples ..........150
Table	11.5	Cuiú Cuiú Gold Project - QA/QC Sample Summary - Soil Samples ...................151
Table	12.1	Cuiú Cuiú Gold Project - Density Statistics from Core Samples...................163
Table	13.1	Metallurgical Composite Analyses ................................................................166
Table	13.2	Gravity Separation Test Results .....................................................................167
Table	13.3	48 Hour Cyanide Leach Test Results .............................................................168
Table	14.1	Cuiú Cuiú Mineral Resource Estimate ...........................................................169
Table	14.2	Central - Magellan DDH Sample Summary Statistics ...................................173
Table	14.3	Moreira Gomes - Magellan DDH Summary Sample Statistics .....................173
Table	14.4	Jerimum de Baixo - Magellan DDH Summary Sample Statistics .................174
Table	14.5	Central Block Model Parameters ...................................................................174
Table	14.6	Moreira Gomes Block Model Parameters ......................................................175
Table	14.7	Jerimum de Baixo Block Model Parameters ..................................................175
Table	14.8	Central Deposit - Uncapped Composite Summary Statistics .........................176
Table	14.9	Moreira Gomes Deposit - Uncapped Composite Summary Statistics ...........177

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Table	14.10	Jerimum de Baixo Deposit - Uncapped Composite Summary Statistics .......177
Table	14.11	Central Deposit - Au (g/t) Capping Summary ...............................................177
Table	14.12	Moreira Gomes - Au (g/t) Capping Summary ...............................................178
Table	14.13	Central Deposit Semi-Variograms .................................................................178
Table	14.14	Central North Semi-Variogram Parameters ...................................................179
Table	14.15	Moreira Gomes Semi-Variogram Parameters ................................................180
Table	14.16	Central Deposit Search Parameters ................................................................181
Table	14.17	Central North Search Parameters ...................................................................182
Table	14.18	Moreira Gomes Search Parameters ................................................................183
Table	14.19	Jerimum de Baixo Search Parameters ............................................................184
Table	14.20	Assumptions Used for Open-Pit Optimization ..............................................185
Table	14.21	Central - Mineral Resource Summary............................................................186
Table	14.22	Moreira Gomes - Mineral Resource Summary ..............................................187
Table	14.23	Central North - Mineral Resource Summary .................................................188
Table	14.24	Jerimum de Baixo - Mineral Resource Summary ..........................................188
Table	14.25	Central - Mineral Resource Summary............................................................190
Table	14.26	Moreira Gomes - Mineral Resource Summary ..............................................190
Table	14.27	Central North - Mineral Resource Summary .................................................190
Table	14.28	Jerimum de Baixo - Mineral Resource Summary ..........................................191
Table	14.29	Cuiú Cuiú Mineral Resource Estimate ...........................................................192
Table	17.1	Cuiú Cuiú Mineral Resource Estimate ...........................................................197
Table	18.1	Cabral Exploration Budget .............................................................................200

List of Figures

Figure	4.1	Property Location Map ....................................................................................20
Figure	4.2	Environmental Reserves Map ..........................................................................21
Figure	4.3	Aerial View of Property ...................................................................................22
Figure	4.4	Cuiú Cuiú Claim Map ......................................................................................23
Figure	4.5	Location of Magellan’s Exploration Targets ...................................................31
Figure	4.6	Artisanal Mine Workings Using Hydraulic Mining.........................................33
Figure	5.1	Cuiú Cuiú Project Site Access by Air ..............................................................35

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Figure	5.2	Newly Drilled Water Well ...............................................................................37
Figure	5.3	Camp Core Logging Area ................................................................................37
Figure	5.4	Camp Laboratory Facilities ..............................................................................38
Figure	5.5	Camp Core Logging .........................................................................................39
Figure	5.6	Core Storage and Logging Facilities ................................................................39
Figure	5.7	Local Physiography ..........................................................................................41
Figure	6.1	Artisanal Mine Workings .................................................................................42
Figure	6.2	Cuiú Cuiú Project - Magellan Soil Sampling ...................................................45
Figure	6.3	Cuiú Cuiú Project - Magellan Power Auger Drilling.......................................47
Figure	6.4	Cuiú Cuiú Project - Magellan Diamond-Drill Holes .......................................52
Figure	6.5	Central Zone - Magellan Diamond-Drill Holes ...............................................54
Figure	6.6	Moreira Gomes West - Magellan Diamond-Drill Holes ..................................61
Figure	6.7	Moreira Gomes East - Magellan Diamond-Drill Holes ...................................62
Figure	6.8	Pau da Merenda - Magellan Diamond-Drill Holes ..........................................64
Figure	6.9	Jerimum de Cima - Magellan Diamond- Drill Holes .......................................66
Figure	6.10	Jerimum de Baixo - Magellan Diamond-Drill Holes .......................................68
Figure	6.11	Babi Zone - Magellan Diamond-Drill Holes ...................................................70
Figure	6.12	Central North - Magellan Diamond-Drill Holes ..............................................72
Figure	6.13	Cuiú Cuiú - Magellan Diamond-Drill Core Sampling .....................................77
Figure	7.1	Regional Geological Map ................................................................................85
Figure	7.2	Local Geologic Map .........................................................................................87
Figure	7.3	Central Zone Simplified Geology ....................................................................90
Figure	7.4	Moreira Gomes Zone Simplified Geology .......................................................92
Figure	7.5	Regional Structural Interpretation ....................................................................93
Figure	7.6	Central Zone Structural Map ............................................................................95
Figure	7.7	Moreira Gomes Zone Structural Map ..............................................................96
Figure	7.8	Sericite Altered Plagioclase Crystals ...............................................................98
Figure	7.9	Chlorite-Hematite Alteration ...........................................................................98
Figure	7.10	Mineralization Styles (1) ................................................................................100
Figure	7.11	Mineralization Styles (2) ................................................................................101
Figure	7.12	Central Zone Vertical Section ........................................................................102
Figure	7.13	Moreira Gomes Zone Vertical Section ..........................................................103

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Figure	8.1	Block Diagram ...............................................................................................105
Figure	8.2	Idealized Shear-Zone Hosted Gold Deposit Model .......................................106
Figure	9.1	Cuiú Cuiú Gold Project - Target, Mineral Occurrences, and Deposit
		Locations ........................................................................................................113
Figure	9.2	Cuiú Cuiú Gold Project - Areas of Cabral Exploration by Sample
		Type ...............................................................................................................114
Figure	9.3	Photo of Quartz Boulders with Pyrite/Boxworks at the Alonso West
		Target .............................................................................................................115
Figure	9.4	Photo of a Selection of Coarse Gold Nuggets from the Cilmar Target .........116
Figure	9.5	Photo of a Trench with Channel Sampling at Mutum ...................................117
Figure	9.6	Simplified plot of a 5 km Long Auger Geochemical Anomaly
		Extending from Central SE Northwest Through the Pau de Merenda
		Targets............................................................................................................120
Figure	9.7	Photo of Gold in a Pan Concentrate Sample from a Drainage at
		Alonso ............................................................................................................121
Figure	10.1	Cuiú Cuiú Gold Project - Targets Drill Tested in 2019 and 2020 .................123
Figure	10.2	Cuiú Cuiú Gold Project - Machichie Target Area .........................................127
Figure	10.3	Cuiú Cuiú Gold Project - Machichie Schematic Cross Section 553005
		(CC177-19 and CC178-19) ............................................................................128
Figure	10.4	MG Core Area Magnetic Image Showing the Location of Cabral and
		Historic Diamond-Drill Holes........................................................................134
Figure	10.5	Schematic MG Section 553700E Showing High-grade Intercepts in
		Cabral Hole CC199-19 and Historic Hole CC69-10 .....................................136
Figure	10.6	Schematic MG Section 553610E Showing High-grade Intercepts in
		Cabral Hole CC202-19 and Historic Hole CC50-09 .....................................137
Figure	10.7	Schematic MG Section 554070E Showing High-grade Intercepts in
		Cabral Hole CC201-19 and Historic Hole CC79-10 .....................................138
Figure	10.8	Central Area Magnetic Image Showing the Location of Cabral and
		Historic Diamond Drill Holes ........................................................................139
Figure	10.9	Schematic Central Section Showing High-grade Intercepts in Cabral
		Hole CC204-19 and Historic Holes CC65-10 and CC102-10 .......................143
Figure	10.10	Schematic Central Section Showing High-grade Intercepts in Cabral
		Hole CC205-19 and on Section Historic Holes CC15-07 and 117-11
		and Orthogonal Holes CC32-08, and CC38-10 .............................................144
Figure	10.11	Schematic Central Section Showing High-grade Intercepts in Cabral
		Hole CC206-19 and Historic Hole CC13-07 .................................................145
Figure	11.1	Hand-held Mechanical Auger ........................................................................152

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Figure	11.2	Little Beaver ATV Mounted Mechanical Auger ...........................................153
Figure	11.3	Auger Sampling .............................................................................................153
Figure	11.4	Core-cutting Facilities ....................................................................................154
Figure	11.5	Core-Logging, Photography and Storage Facilities .......................................155
Figure	11.6	Density Measurement Equipment ..................................................................156
Figure	11.7	Cabral Gold Scout ST-50 Drill Rig; Cyclone ................................................157
Figure	11.8	Geosedna Rig: Foremost Prospector W750 Rig, Cyclone,
		Organization of Samples for Dispatch and Storage, Ultraviolet Light
		Scanning of Chips ..........................................................................................158
Figure	11.9	Example of Chip Trays, Showing Transition from Saprolite to Fresh
		Rock ...............................................................................................................159
Figure	11.10	GPS Field Surveys .........................................................................................161
Figure	12.1	Cuiú Cuiú - Density vs. Sample Depth ..........................................................164
Figure	12.2	Cuiú Cuiú - “Capped” Density vs. Sample Depth .........................................165
Figure	14.1	3D Isometric View of the Central Deposit Mineral Zone Wireframes ..........170
Figure	14.2	3D Isometric View of the Moreira Gomes Mineral Zone Wireframes ..........171
Figure	14.3	3D Isometric View of the Jerimum de Baixo Mineral Zone
		Wireframes .....................................................................................................171
Figure	14.4	3D Isometric View of the Central and Central North Open Pit Design
		and Mineral Resource Blocks ........................................................................187
Figure	14.5	3D Isometric View of the Moreira Gomes Open Pit Design and
		Mineral Resource Blocks ...............................................................................188
Figure	14.6	3D Isometric View of the Jerimum de Baixo Open Pit Design and
		Mineral Resource Blocks ...............................................................................189
Figure	15.1	Regional Location Map ..................................................................................194

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Table of Abbreviations

Abbreviation	Term
AA	Atomic Absorption
Ag	Silver
As	Arsenic
Au	Gold
AuEq	Gold equivalent
BTW	B-sized,thin wall drill rods,larger core with B-sized rods
CAPEX	Capital Expenditure
CIM	Canadian Institute of Mining,Metallurgyand Petroleum
COG	Cut-offgrade
CSMAT	Controlled Source Audio-Magnetotelluric Tensor
Cu	Copper
CuEq	Copper equivalent
DNPM	Brazilian National Department of Mineral Production
EIA	Environmental Impact Assessment
EM(VLF)	Electromagnetic,verylow frequency
Ga	Billionyears
GPS	Satellite-basedglobalposition system
ICP	InductivelyCoupled Plasma
ID2	Inverse Distance Squared
IP	Inducedpolarization
IRR	Internal Rate of Return
LME	London Metal Exchange
LOM	Life of mine
Ma	Millionyears
Mo	Molybdenum
NSR	Net Smelter Return royalty
OK	OrdinaryKriging
PAH	Pincock Allen & Holt
Pb	Lead
PEA	PreliminaryEconomic Assessment
PFS	PrefeasibilityStudy
PGM	Platinumgroupminerals
QA/QC	Qualityassurance/Qualitycontrol
RMR	Rock mass rating
ROM	Run of mine
RQD	RockQualityDesignation
SG	Supergene
SG	Specific Gravity
SOx	Sulphur oxides
UTM	Universal Transverse Mercator(coordinate system)
XRF	X-rayfusion

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Units of Measure

Abbreviation	Unit
USD	American Dollar
R$	Brazilian Real(currency)
CAD	Canadian Dollar
ºC	Centigrade
cm	Centimetre
m3	Cubic metre
m3/s	Cubic metresper second
D	Day
o	Degree
ft	Foot/feet
g	Gram
g/L	Gram/litre
g/t	Gram/tonne
h	Hour
h/yr	Hoursper Year
kg	Kilogram
kg/t	Kilogramper tonne
km	Kilometre
kPa	Kilopascal
L	Litre
L/s	Litreper second
m	Metre
m/h	Metreper hour
m/s	Metreper second
t	Metric tonne
t/h	Metric tonneper hour
t/d	Metric tonnesper day
μm	Microgram
mg	Milligram
mg/L	Milligramper litre
mm	Millimetre
M	Million
Moz	Million ounces
Mt	Million tonnes
Mt/a	Million tonnesper annum
ppb	Partsper billion
ppm	Partsper million
%	Percent
R$	Real(Brazilian currency)
S	Second
T	Short ton
m2	Square metres
koz	Thousand ounces
t/a	Tonnesper Annum
t/d	Tonnesper Day
oz	Troyounce
WI	Work index
yr	Year

xiii

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The conclusions and recommendations in this report reflect the authors’ best judgment in light of the information available to them at the time of writing. The authors reserve the right, but will not be obliged, to revise this report and conclusions if additional information becomes known to them subsequent to the date of this report. Use of this report acknowledges acceptance of the foregoing conditions.

This report is intended to be used by Cabral Gold Inc. (Cabral) subject to the terms and conditions of its agreements with Micon International Limited (Micon). That agreement permits Cabral to file this report as a National Instrument 43-101 Technical Report with the Canadian Securities Regulatory Authorities pursuant to provincial securities legislation and to the TSX Venture Exchange (TSXV). Except for the purposes legislated under provincial securities laws and for the reliance on the report by the TSXV, any other use of this report, by any third party, is at that party’s sole risk.

xiv

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1.0 SUMMARY

1.1 SCOPE

At the request of Mr. Mark Smith, Executive Chairman of Cabral Gold Inc. (Cabral), Micon International Limited (Micon) has undertaken an independent technical review of the mineral exploration completed on the Cuiú Cuiú gold property in the Tapajós region of Pará State, North-Central Brazil for Cabral. The Cuiú Cuiú project was formerly controlled by Magellan Minerals Ltd. (Magellan) which completed a mineral resource estimate and Technical Report under Canadian National Instrument (NI) 43-101 dated April 19, 2011 and filed on SEDAR on April 21, 2011. The estimate was prepared by Pincock Allen & Holt (PAH).

Since the completion of the 2011 mineral resource estimate, approximately 22,000 m of additional drilling on several targets was performed by Magellan. This drilling and its results are described in Section 6 of this report.

In 2017, following the acquisition of the Cuiú Cuiú project, Cabral contracted Micon to incorporate the new drilling into new mineral resource estimates of Central and Moreira Gomes, and to estimate the mineral resources of Central North and Jerimum de Baixo. The Cuiú Cuiú Mineral Resource estimate was disclosed in an amended technical report dated December 19, 2018. The mineral resource estimate is repeated here in order to keep it current and reportable by Cabral.

In this new report for Cabral, the project’s 2011 mineral resources are presented as historic mineral resources as described in NI 43-101. They should no longer be considered current as they are superseded by the mineral resource estimate discussed here-in.

1.2 GENERAL

The Cuiú Cuiú gold project consists of several shear- and breccia-zone-hosted gold deposits that occur within granitic rocks of the Cuiú Cuiú Complex (2,015 Ma), in the Tapajós Region of northern Brazil. This region was the site of a major gold rush by artisanal miners from the late 1970s until the late 1990s which, according to the Brazilian Department of Mineral Production (DNPM, now called ANM) had a total historical production of between 20 and 30 million ounces of gold. Cuiú Cuiú was one of the earliest active garimpos in the province with the arrival of the first garimpeiros in 1958, and was one of the largest gold producers during the main gold rush in the 1980s.

The area at Cuiú Cuiú which was subjected to most of the exploration efforts by Magellan is approximately 5,500 ha (11 km by 5 km) in size, out of a total of 44,163 ha of exploration permits in the Cuiú Cuiú area which were owned 100% by Magellan at the time of the previous technical report (McMahon, 2011). Cabral currently has 132,569.48 ha in all areas. The Cuiú Cuiú claim group consists of 41,576.08 ha of exploration licences and exploration and exploitation licence applications.

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From 2006 to 2012, Magellan carried out exploration programs over the Cuiú Cuiú property, which included mapping, a structural interpretation, soil sampling, rock sampling, airborne geophysics, ground magnetic surveys, ground IP surveys, power-auger drilling and diamondcore drilling.

In 2010, Magellan engaged PAH to complete a resource estimate and technical report for the Central and Moreira Gomes deposits on the Cuiú Cuiú property.

1.3 GEOLOGY AND MINERALIZATION

The Tapajós region is hosted within the Brazilian Shield, which is Archean to Proterozoic in age and extends from western Bolivia through Brazil to Guyana and Venezuela. The Tapajós Mineral Province (TMP) occurs specifically within the Tapajós-Parima terrane. This terrane stretches from the Alta Floresta gold district in northern Mato Grosso state, through the TMP in western Pará state, and continues on the north side of the Amazon River through Roraima state towards Guyana. The region is characterized by Paleoproterozoic magmatism. The basement is comprised of granite-gneisses of the Cuiú Cuiú Complex (2.02 Ga), and is intruded by the later Parauari suite (1.89 Ga), and the Maloquinha suite (1.88 Ga), the latter part of the Irri Irri volcano-plutonic suite.

The Cuiú Cuiú project is mostly underlain by granitic to dioritic plutons and granite-gneiss of Early Palaeoproterozoic (Trans-Amazonian) age. The gold deposits at Cuiú Cuiú are stockwork/sheeted vein and veinlet mineralized bodies hosted in granitic rocks (Cuiú Cuiú complex) which are cut by fine grained andesitic dykes, and by later aplitic/pegmatitic dykes. Gold mineralization is localized within shear zones which are in turn controlled by a largescale northwest-southeast striking lineament (the so-called Tocantinzinho trend), probably a crustal-scale shear zone. The dimensions of the Central and Moreira Gomes deposits that had been sufficiently outlined by core drilling for mineral resource estimates in 2011 were as follows:

Central extends over a strike length of at least 800 m in a northwest-southeast direction, and is 50 to 70 m wide, with a maximum known vertical depth of 450 m.
Moreira Gomes extends over a strike length of 1,200 m east-west, is 30 to 50 m wide, and has a vertical depth of 400 m.

Both zones remained open along strike and at depth in 2011.

1.4 EXPLORATION

Since beginning work on the Cuiú Cuiú project in 2005, Magellan employed a multi-faceted approach to exploring the property. This has included mapping, a structural interpretation, soil sampling, rock sampling, airborne geophysics, ground magnetic surveys, ground IP surveys, power auger drilling and diamond drilling. The samples are briefly summarised in Table 1.1.

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Table 1.1 Cuiú Cuiú Gold Project - Magellan Sampling Summary, by Year

Year	Rock	Soil	Auger Drilling	Auger Drilling	Diamond Drilling	Diamond Drilling	Diamond Drilling	Diamond Drilling
			Holes	Samples	Holes	Drilled(m)	Samples	Sampled(m)
2005	104	143	-	-	-	-	-	-
2006	529	4,808	-	-	10	2,753.51	1,430	2,646.81
2007	133	2,131	-	-	20	4,209.18	2,297	3,933.91
2008	103	-	88	1,032	15	3,765.14	1,921	3,126.81
2009	-	-	121	2,019	9	1,742.95	1,225	1,734.68
2010	-	2,892	28	520	50	13,486.55	9,163	13,420.23
2011	-	-	-	-	64	20,849.52	11,968	18,045.35
2012	-	-	-	-	8	1,218.53	828	1,218.98
Total	869	9,974	237	3,571	176	48,025.38	28,832	44,126.77

A total of 48,025.38 m of diamond-drill core, in 176 exploration holes was drilled between 2006 and 2012. The Cuiú Cuiú diamond-drill holes are summarized by year in Table 1.1 and by target in Table 1.2.

Table 1.2

Cuiú Cuiú Gold Project - Magellan Diamond-Drilling Summary, by Target

Deposit	Holes Drilled	Metres Drilled
Central	61	17,939.77
Moreira Gomes	42	11,195.61
Pau da Merenda	11	2,593.52
Jerimum de Cima	13	3,195.77
Jerimum de Baixo	17	4,002.16
Babi	7	2,394.18
Central North	10	3,470.34
Central SE	5	1,684.80
Guarim	2	330.70
Ivo	4	478.15
Ratinho	4	740.38
Total	176	48,025.38

Seventy-two diamond drill holes, totalling over 22,000 m, were drilled by Magellan at Cuiú Cuiú from the end of 2010, the cut-off date for the historic mineral resource estimate generated by PAH in 2011, to the end of 2012. Micon had previously recommended that a new mineral resource estimate be generated, incorporating that post-2010 drilling,

Since acquiring the project Cabral has completed additional exploration work.

Cabral’s exploration campaign commenced with a review of historic data initiated in 2017, extending into 2018 (Cabral Press Release, December 19, 2017). This involved an assessment of historic geochemical, drilling, and geophysical data (including airborne and ground magnetic, and induced polarization survey data). Eighteen targets were initially identified.

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Cabral field-exploration programs were initiated in February 2018, with the objective of refining targets for the inaugural 2019 Cabral drill campaign. (Cabral Press Release, February 15, 2018). Field programs continued through 2020, generating additional targets. By the end of 2020, forty-three target areas that were considered to have significant potential for additional discoveries were being examined. Field work involved a number of integrated methodologies, including one or more of; taking gold counts of pan concentrates from stream sediments, soil sampling, surface-channel and rock-chip sampling, surface trenching, and auger drilling. Pan concentrates were also taken from auger hole material to provide gold counts along with routine analysis. A total of twelve of these targets have now been tested by diamond or RC drilling, in addition to follow-up exploration drilling testing potential high-grade zones at MG and Central (see Section 10).

The cumulative field work completed by Cabral to the end of 2020 is shown in Tables 1.3 and 1.4.

Cabral drilled 31 exploration diamond-drill holes, totalling 4,099 m, and 45 exploration reverse-circulation (RC) drill holes, totalling 2,633 m in 2019 and 2020. Tables 1.5 and 1.6 summarize the Cuiú Cuiú drilling by target and by year, respectively.

In addition to taking 1,988 core and 1,175 RC chip samples to analyse for gold, and where appropriate multi-element ICP analysis, Cabral also measured 3,366 samples of drill core for density. There were only scattered historic core samples measured for density.

The Cabral diamond drilling was designed to follow-up on new targets identified through the regional exploration programs, and to test for potential higher grade zones within known deposits.

With the exception of RC holes RC41-20 and RC42-20, the Cabral RC drilling in 2020 was reconnaissance, and designed to test covered targets with no surface exposure, and to provide key information for follow-up work. Holes RC41-20 and RC42-20 followed up 2019 diamond-drill discoveries.

Table 1.3

Cuiú Cuiú Gold Project - Cabral Sampling Summary, by Year

Year	Rock	Soil	Auger Drilling	Auger Drilling	Auger Drilling	Trenching / Channel Sampling	Trenching / Channel Sampling	Trenching / Channel Sampling	Trenching / Channel Sampling
			Holes	Samples	Number	Type	Meterage	Samples	Sampled (m)
2018	138	419	522	547	177	TR / CH	3,549.60	1,367	3,263.98
2019	49	1,282	70	138	18	TR / CH	142.64	76	125.70
2020	199	2,103	64	130	35	TR / CH	301.60	170	295.03
Total	386	3,804	656	815	230		3,993.84	1,613	3,684.71

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Table 1.4

Cuiú Cuiú Gold Project - Cabral Sampling Summary, by Area

Target	Auger Holes	Auger Holes	Auger Holes	Auger Holes	Trenches/Channel Samples	Trenches/Channel Samples	Trenches/Channel Samples	Soils	Rock	Streams
Name	# holes	meterage	# assay samples	# pan- con samples	# trenches	meterage	# assay samples	# assay samples	# grab assay samples	# pan-con samples
ABM	-	-	-	-	-	-	-	-	4	6
Alonso	26	238.55	50	60	4	79.10	40	298	42	22
Alonso W	-	-	-	-	-	-	-	-	7	47
Babi	41	585.92	39	115	17	148.42	42	-	8	-
Central	40	342.82	30	60	35	713.48	227	-	4	-
Central North	12	151.60	10	22	-	-	-	-	-	-
Central SE	6	88.10	6	12	-	-	-	73	6	-
Chiqueirinho	-	-	-	-	-	-	-	175	-	-
Dona Moça	3	36.05	7	8	3	34.30	16	-	20	-
Filão do Amor	-	-	-	-	2	9.80	6	-	9	-

Target	Auger Holes	Auger Holes	Auger Holes	Auger Holes	Trenches/Channel Samples	Trenches/Channel Samples	Trenches/Channel Samples	Soils	Rock	Streams
Name	# holes	meterage	# assay samples	# pan- con samples	# trenches	meterage	# assay samples	# assay samples	# grab assay samples	# pan-con samples
Fofoca	-	-	-	-	-	-	-	15	1	-
Geraldo	-	-	-	-	-	-	-	-	9	-
Germano	-	-	-	-	2	6.45	6	-	3	-
Guarim	71	551.80	74	149	-	-	-	-	-	-
Hamilton Novo	-	-	-	-	1	40.00	3	-	-	-
Indio	-	-	-	-	4	9.30	9	-	11	-
Indio South	-	-	-	-	-	-	-	-	2	-
Ivo	-	-	-	-	8	114.60	53	-	7	-
JE	-	-	-	-	5	25.44	14	6	7	-
Jerimum de Baixo	-	-	-	-	5	32.81	19	-	9	-
Jerimum de Cima	36	293.43	38	74	24	275.76	117	-	3	-
Jerimum do Meio	6	103.10	6	16	8	90.50	60	-	13	-
Jerimum South	-	-	-	-	-	-	-	-	-	-
JN	35	276.46	68	71	1	15.00	10	11	4	-
Machichie	78	886.00	114	144	21	201.69	98	-	22	-
Machichie NE	-	-	-	-	1	0.76	3	-	-	-
Machichie SW	-	-	-	-	3	106.97	54	-	-	-
Maranhao E	-	-	-	-	-	-	-	-	4	-
Maranhao W	-	-	-		-	-	-	-	1	-
Medusa	36	517.01	77	75	-	-	-	1,281	36	17
Mineiro Cilmar	33	370.40	64	75	-	-	-	1,631	19	-
Mira Boa	96	965.80	99	215	6	110.10	46	30	8	-
Moreira Gomes	-	-	-	-	10	100.88	26	-	2	-

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Target	Auger Holes	Auger Holes	Auger Holes	Auger Holes	Trenches/Channel Samples	Trenches/Channel Samples	Trenches/Channel Samples	Soils	Rock	Streams
Name	# holes	meterage	# assay samples	# pan- con samples	# trenches	meterage	# assay samples	# assay samples	# grab assay samples	# pan-con samples
Morro da Lua	1	19.50	2	2	4	2.58	12	7	12	-
Morro do Facao	-	-	-	-	9	39.60	50	-	11	-
Mutum	-	-	-	-	13	734.60	248	-	3	-
Pau da Merenda	71	554.40	63	130	6	116.70	56	-	-	-
Quebra Bunda	31	382.55	36	76	2	35.50	19	-	3	-
Regional	1	14.00	0	2	19	662.90	254	277	49	30
Seis Irmãos	-	-	-	-	-	-	-	-	5	-
Tracajá	-	-	-	-	2	3.90	3	-	30	-
Vila Rica	33	575.65	32	104	13	255.20	98	-	11	-
Zezinho	-	-	-	-	2	27.50	24	-	1	-
Total	656	6,953.14	815	1,410	230	3,993.84	1,613	3,804	386	116

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Table 1.5 Cuiú Cuiú Gold Project - Cabral Drilling Summary, by Target

Target	Diamond Drill Holes	Diamond Drill Holes	Diamond Drill Holes		RC Drill Holes	RC Drill Holes	RC Drill Holes
Name	# Holes	Meterage	# Assay Samples	# Density Samples	# Holes	Meterage	# Assay Samples
Alonso	-	-	-	-	15	748.55	249
Central	4	630.30	321	533	-	-	-
JE	1	123.00	53	85	-	-	-
Jerimum de Cima	2	252.63	91	121	-	-	-
JN	2	343.50	141	240	-	-	-
Machichie	8	755.68	432	689	2	247.00	157
Machichie NE	1	250.50	116	259	1	157.00	134
Machichie SW	2	143.65	46	95	-	-	-
Medusa	-	-	-	-	21	943.80	416
Moreira Gomes	8	1,068.37	521	881	-	-	-
Morro da Lua	1	183.00	115	156	-	-	-
Quebra Bunda	1	199.58	86	178	-	-	-
Seis Irmãos	1	148.50	66	129	-	-	-
Tracajá	-	-	-	-	6	536.50	219
Total	31	4,098.71	1,988	3,366	45	2,632.85	1,175

Table 1.6

Cuiú Cuiú Gold Project - Cabral Drilling Summary, by Year

Target	Diamond Drill Holes	Diamond Drill Holes	Diamond Drill Holes	Diamond Drill Holes	RC Drill Holes	RC Drill Holes	RC Drill Holes
Year	# Holes	Meterage	# Assay Samples	# Density Samples	# Holes	Meterage	# Assay Samples
2019	31	4,098.71	1,988	3,366	-	-	-
2020	-	-	-	-	45	2,632.85	1,175

1.5 MINERAL RESOURCES

Following the completion of a mineral resource estimate by PAH in 2010, Magellan drilled 72 diamond-drill holes totalling 22,068 m. Follow-up and step-out holes were drilled on the Central, Moreira Gomes, Babi, Jerimum de Baixo and Jerimum de Cima targets. New drill targets, Central North, Central SE, Guarim, Ivo and Ratinho were also tested.

In 2017, following the acquisition of the Cuiú Cuiú project, Cabral contracted Micon to incorporate the new drilling into mineral resource estimates of Central and Moreira Gomes and to estimate the mineral resources of Central North and Jerimum de Baixo. The 2018 Cuiú Cuiú

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Mineral Resource estimate is summarized below in Table 1.7. The near-surface resources are constrained by optimized ultimate open-pit shells and reported at a cut-off grade of 0.35 g/t Au. Resources below the pit shells and deemed potentially mineable by underground methods, are reported at a cut-off grade of 1.3 g/t Au.

Table 1.7 Cuiú Cuiú Mineral Resource Estimate

	Resource Class	Cut-off Au(g/t)	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Open-Pit Deposit
Central	Indicated	0.35	5,886	0.90	171
Total	Indicated	0.35	5,886	0.90	171
Central	Inferred	0.35	7,206	0.98	228
Moreira Gomes	Inferred	0.35	6,713	1.36	293
Central North	Inferred	0.35	160	0.66	3
Jerimum de Baixo	Inferred	0.35	1,993	0.81	52
Total	Inferred	0.35	16,072	1.11	576
Underground Deposit
Central	Inferred	1.30	1,460	1.84	86
Moreira Gomes	Inferred	1.30	1,876	1.77	107
Central North	Inferred	1.30	11	1.45	1
Jerimum de Baixo	Inferred	1.30	100	1.90	6
Total	Inferred	1.30	3,448	1.80	200
Total Deposit
Total	Indicated	-	5,886	0.90	171
Total	Inferred	-	19,520	1.24	776

An update of the mineral resource estimate is not planned until significantly more drilling is completed.

1.6 METALLURGY

The preliminary test work completed to date by RDI on oxide and primary samples of Central zone and Moreira Gomes zone mineralization suggest that good gold recoveries can be expected by using conventional free-milling process technologies.

Preliminary gravity separation test results indicate that some of the gold in all composites was liberated and could potentially be recovered using a standard gravity circuit.

The cyanide leach test recoveries at a relatively coarse grind (P80 of 149 μm) were between 93% and 95% for the Central zone composites and 88% to 90% for the Moreira Gomes zone composites. At a finer grind (P80 of 74 μm), the gold recoveries were between 95% and 97% for the Central zone composites and 94% to 97% for the Moreira Gomes zone composites.

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1.7 INTERPRETATION AND CONCLUSIONS

The Cuiú Cuiú property is the site of significant artisanal gold production from alluvial-fluvial placer deposits and saprolitic rocks near surface.

Previous drilling by Magellan has demonstrated the presence of deeper gold mineralization of potential economic importance in several zones on the property, most notably the Central and MG zones, and a mineral resource was estimated which is presented herein as an historic resource as defined in NI 43-101.

Adequate work has been completed to justify further exploration of the property.

1.7.1 Geology and Database

The QP identified a number of issues with the historic Cuiú Cuiú diamond-drill hole database, consisting mainly of logical and data entry errors. All of these issues were corrected to the QP’s satisfaction.

1.7.2 Metallurgy

The preliminary metallurgical test work completed to date on oxide and primary samples of Central zone and Moreira Gomes zone mineralization suggest that good gold recoveries can be expected by using conventional free-milling process technologies.

Preliminary gravity separation test results suggest that some of the gold in all composites was liberated and could potentially be recovered using a standard gravity circuit.

1.8 RECOMMENDATIONS

1.8.1 Geology and Database

It was recommended that the density data be sorted by weathering horizon since, in tropical environments; weathering has a great effect on density. This has been done. It is also recommended that future drill programs include regular collection of samples for bulk density measurement. This practice commenced in 2019 and 2020 for the Cabral core holes, but further drilling and sampling is required to provide an adequate database for density. It was not possible to sample weathered cover sequences within historic core, as that material has severely degraded and no longer represents a representative density sample.

1.8.2 Metallurgy

Additional metallurgical test work is recommended to optimize the process flowsheet and to test samples from other areas within the Cuiú Cuiú property. Test work to be considered includes:

Mineralogical investigations.

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Gold and silver deportment studies.
Multi element chemical analyses of representative samples.
Comminution and hardness testing.
Additional gravity testing.
Flotation amenability testing
Cyanide leach optimization testing.
Preliminary geochemical analyses of test-work tailings samples.

1.8.3 Recommended Program of Work

Cabral plans to continue its on-going regional exploration and drilling programs at the Cuiú Cuiú project. The budget for the next phase is presented in Table 1.8.

The proposed 2021 program consists of a field program of geological mapping, trenching, auger drilling, stream sediments, and expansion of the soil sampling grid, as well as minor inhouse ground geophysics for target definition in order to assist in the generation of new drill targets.

The budget includes funds to complete environmental and other required programs required to upgrade the permitting status, along with ongoing community programs including operating a clinic in the community of Cuiú Cuiú.

The proposed drill program, comprises 5,600 m of reconnaissance RC drilling using Cabral’s small rig, as well as 14,000 m of definition drilling using a contracted larger RC rig, and 5,000 m of infill drilling using a contracted diamond-drill rig.

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Table 1.8 Cabral Exploration Budget

Activity	CAD Unit Cost	Units	Total (CAD, 000)
Geologists and field workers			510
Support staff			280
Campcosts			250
Food			80
Travel and freight			120
Fuel			70
Heavyequipment rental			120
In-house RC drillingand assay	$43 / metre	5,600	240
Contract RC drillingand assay	$60 / metre	14,000	840
Contract diamond drillingand assay	$220 / metre	5,000	1,100
Contract trenching	$30,000 / month	3	90
Permittingstudies			36
Claim maintenance and access agreements			120
Communityrelations	$4,500 / month	12	54
Logistical Support	$4,500 / month	12	54
VP Exploration			250
Contingency		10%	400
Total			4,614

The QP has reviewed the proposed program of work and budget and finds it to be reasonable and justified in light of the observations made in this report. The QP recommends that Cabral conducts the planned activities subject to availability of funding and any other matters which may cause the objectives to be altered in the normal course of business activities.

2.0 INTRODUCTION

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2.1 TERMS OF REFERENCE

Since the completion of the 2011 mineral resource estimate, approximately 22,000 m of additional drilling on several targets is reported to have been performed by Magellan. This drilling and its results are described in Section 6 this report.

In 2017, following the acquisition of the Cuiú Cuiú project, Cabral contracted Micon to incorporate the new drilling into new mineral resource estimates of Central and Moreira Gomes and to estimate the mineral resources of Central North and Jerimum de Baixo. The Cuiú Cuiú Mineral Resource estimate was disclosed in an amended technical report dated December 19, 2018 and filed on SEDAR on December 24, 2018. The mineral resource estimate is repeated here in order to keep it current and reportable by Cabral.

Micon and the consultants who prepared this report do not have any material interest in Cabral or any related entities. The relationship between Micon and Cabral is solely a professional association between client and independent consultant. This report is prepared in return for fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report.

The requirements of electronic document filing on SEDAR necessitate the submission of this report as an unlocked, editable PDF (portable document format) file. Micon accepts no responsibility for any changes made to the file after it leaves its control.

2.2 INFORMATION SOURCES

Micon was given access to electronic data and previous reports compiled by Cabral. Many of the illustrations in this report are reproduced from those documents.

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2.3 QUALIFIED PERSONS, SITE VISITS AND AREAS OF RESPONSIBILITY

The primary authors of this report and Qualified Persons are:

Thomas C. Stubens, P.Eng., Senior Geologist.
B. Terrence Hennessey, P.Geo., Vice President and Senior Geologist.
Richard Gowans, P.Eng., President and Principal Metallurgist

Micon’s site visit to the Cuiú Cuiú property was conducted between February 7 and 9, 2017 by Thomas Stubens. The property was accessed by charter aircraft on February 8, 2017. The QP visited the Central, Moreira Gomes and Jerimum de Baixo target areas where exposures of mineralization were viewed in artisanal workings. Drill set-up locations were also viewed followed by a visit to the core-storage building to inspect the core and reject storage. The core from several typical diamond-drill holes was reviewed to assess the quality of drilling, core recovery and sampling and to view the lithologic, alteration and structural controls of the mineralization.

2.4 UNITS AND ABBREVIATIONS

All currency amounts are stated in Canadian (CAD, or C$) or US dollars (USD, or US$) as indicated. Quantities are generally stated in metric units, the standard Canadian and international practice, including metric tons (tonnes, t) and kilograms (kg) for weight, kilometres (km) or metres (m) for distance, hectares (ha) for area. Wherever applicable, Imperial units have been converted to Système International d’Unités (SI) units for reporting consistency. Precious metal grades may be expressed in grams (g) or grams per tonne (g/t), parts per million (ppm) or parts per billion (ppb) and their quantities may also be reported in troy ounces (ounces, oz), a common practice in the mining industry. A list of abbreviations is provided in the Table of Contents section.

2.5 ACKNOWLEDGMENT

Micon is pleased to acknowledge the helpful cooperation of Cabral personnel, all of whom made any and all data requested available and responded openly to all questions, queries and requests for material.

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3.0 RELIANCE ON OTHER EXPERTS

A description of the properties, and ownership thereof, is provided in Section 4 of this report for general information purposes only as required by NI 43-101.

The QPs have not reviewed any of the documents or agreements under which Cabral holds title to the Cuiú Cuiú project or the underlying mineral concessions and offers no opinion as to the validity of the mineral titles claimed.

Cabral has supplied Micon with the PAH technical report for Magellan (McMahon, 2011) which describes the property as well as various e-mails updating the agreement status in McMahon, (2011) and a spreadsheet (Magellan_Claims_18_Fev_2020.xls) outlining the current claim status. The e-mails also clarified the information regarding royalties.

The QPs have relied on the property descriptions and claim status spreadsheet for completion of Section 4 of this report. The QPs have also relied on information regarding royalties provided by Cabral.

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4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 LOCATION

The Cuiú Cuiú gold project is located within the Amazon Basin of Brazil, at an approximate latitude of 5.92°S and longitude 56.56°W (UTM-SAD69 coordinates 9,344,890 N, 547,930 E,). The property is located in the municipality of Itaituba, in Pará State, 1,440 km northnorthwest of Brasilia, 2,200 km north-northwest of São Paulo, and 1,035 km southwest of the Atlantic coast port city of Belém (Figure 4.1 and Figure 4.2).

Elevation on the property ranges between 90 m and 300 m above sea level. Cuiú Cuiú has rolling topography with some moderately incised streams and northwest-trending ridges which rise up to 100 m above low-lying valleys (Figure 4.3).

4.2 MINERAL CLAIMS

The Cuiú Cuiú Project consists of two mining applications, 20 exploration licences and one application totaling 41,576.08 ha (Table 4.1). The three main targets outlined by drilling lie in the Exploration Licences 850.615/2004 and 850.047/2005 (Figure 4.4).

Cabral also holds through Magellan Minerais e Prospeccao Geologica Ltd (MNM Brazil), Cabral’s wholly-owned subsidiary), a further 28 exploration licenses and one application in the surrounding Tapajos Region and one mining application in Goias state, totaling 90,993.40 Ha. MNM Brazil currently holds a total of 132,569.48 Ha in Brazil.

The final reports on Licences 850.615/2004 and 850.047/2005 were approved on the 29/10/15 and 12/22/15 with the non-43-101 Brazilian Feasibility Study (PAE) submitted on the 27/10/16 and with requests for amendments made by the ANM in 2018 and resubmitted in August 2018. This is awaiting analysis by the ANM.

MNM Brazil recommenced exploration in August 2017 under a Provisional Measure (Medida Provisorio) allowing exploration after submission of the final report, which has since been ratified into law in the New Brazilian Mining Code. On December 23, 2020 the EIA-RIMA (environmental background study) was submitted as part of the mining applications for 850.615/2004 and 850.047/2005 within the legally required timeframe. At the same time, an application for six Trial Mining Licenses (Guias de Utilizacao) were submitted for the Central, Pau da Merenda, Moreira Gomes and Machiche target areas. The environmental licensing for these Trial Mining Licenses, with submission of a formal RCA/PCA report in December has been requested but is still outstanding.

In Brazil, for free areas, priority is given to licence applications on a “first come, first served” basis. The application must follow an ANM format and must include a plan or map with the coordinates of the claim. Once the ANM has evaluated an application, it is sent to Brasilia for publication, known as being awarded the “alvará de pesquisa” or exploration permit (licence

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as shown in Table 4.1). The term of the exploration permit can be checked in the ANM official web page.

In 2020, a new system of public auctions was introduced for all areas that become available for application. Groups of tenements are presented for public offer, and if more than one applicant shows interest, these then go to an online auction with the highest bidder taking the tenement. If only one applicant shows interest then the tenement application proceeds as discussed above. If no interest is shown these areas become free, and can be applied for as discussed above.

The Gazette date shown in Table 4.1 is the date of granting of the licence, usually one to four years after application. Three years from the date the licence is granted, a first report outlining work completed must be submitted to the ANM. If accepted, another three-year term is granted. After the six-year time frame, a final report must be submitted. After the six-year final report has been submitted, an application for an exploitation licence must be submitted in order to keep the concession. Under the new Mining Code exploration can continue on the licenses after submission of the Final Report after notification to the ANM.

Table 4.1 Cuiú Cuiú Property Exploration Permits and Applications

DNPM No. Goias State /	Area (ha)	Licence No.	Gazette Date	Garimpo/ (Target) Niquelandia -	Preliminary Report	Licence Renewal	Final Report	nng Application Plan //	nng Application Approval	Phase Mining	Substance ld	Comments
860.5432014 Para State	84			GO				27052014	2016-02-03	Application	Go
850.616/2004 850.532/1991 850533/1991	5,932.02 46.49 50	4822 8598 7350	09/06/2014 01/08/2008 14/07/2008	União União Uiã	2017-04-04 10/05/2011 10/05/2011	2017-04-04 20170404	2021-07-04 20210704			Licence Licence Li	Gold Gold Gld	Licence Extension Term Licence Extension
. 850.941/1991 850.472/2006	33.39 7,154.79	7351 8535	14/07/2008 02/09/2013	no União Bom Jardim	10/05/2011 2016-06-20	-- 2017-04-04	-- 2021-07-04			cence Licence Licence	o Gold Gold	Term Licence Extension Term Preliminary Report Presented - Preliminary Report Denied Appeal Filed 05/12/2016
850.404/2018	8,360.33	6373	2018-08-24	Bom Jardim	2021-06-25					Licence	Gold
850.405/2018	5,666.33	4600	2018-06-19	Bom Jardim	2021-04-20					Licence	Gold
850.203/2018	4,108.61	7636	2018-10-04	Bom Jardim	2021-08-05					Licence	Gold
850.204/2018	1,196.65	7637	2018-10-04	Bom Jardim	2021-08-05					Licence	Gold
850.207/2018	8,752.86	7638	2018-10-04	Bom Jardim	2021-08-05					Licence	Gold
850.202/2018	3,413.59	570	2019-03-14	Bom Jardim	2022-01-13					Licence	Gold
850.209/2018	1,296.74	572	2019-03-14	Bom Jardim	2022-01-13					Licence	Gold
850.205/2018	2,353.84	571	2019-03-14	Bom Jardim	2022-01-13					Licence	Gold
850.918/2018	683.85	1282	2019-04-03	Bom Jardim	2022-02-02					Licence	Gold
850.201/2018	1,866.23	1605	2019-04-10	Bom Jardim	2022-02-09					Licence	Gold
850.208/2018	7,647.39	1607	2019-04-10	Bom Jardim	2022-02-09					Licence	Gold
850.206/2018	5,481.66	1606	2019-04-10	Bom Jardim	2022-02-09					Licence	Gold
850.403/2018 /	5,703.23	1625	2019-04-10	Bom Jardim di	2022-02-09					Licence i	Gold ld	Licence Extension
850.4732006 850.286/2018	6,594.09 18.53	15207	2011-10-03	Bom Jarm Cuiú Cuiú	2014-08-01	2019-07-16	2023-08-17			Lcence Application	Go Gold	Term
850.614/2004	1,109.03	4821	2014-06-09	Carneirinho	2017-04-04					Licence	Gold	Preliminary Report Presented 04/04/2017
850.397/2017	100	3667	2018-06-01	Cuiú Cuiú	2022-03-01					Application	Gold
850.398/2017	943.49	3209	2018-05-08	Cuiú Cuiú	2022-02-08					Application	Gold
850.399/2017	1,189.47	3668	2018-06-01	Cuiú Cuiú	2022-03-01					Application	Gold
850.287/2018	187.94	4597	2018-06-19	Cuiú Cuiú	2021-04-20					Licence	Gold
850.288/2018	28.17	4598	2018-06-19	Cuiú Cuiú	2021-04-20					Licence	Gold
850.289/2018	5.07	4599	2018-06-19	Cuiú Cuiú	2021-04-20					Licence	Gold
850.210/2018	2,935.61	7639	2018-10-04	Cuiú Cuiú	2021-08-05					Licence	Gold
850.212/2018	7,065.50	573	2019-03-14	Cuiú Cuiú	2022-01-13					Licence	Gold
850.851/2018	199.04	1280	2019-04-03	Cuiú Cuiú	2022-02-02					Licence	Gold
850.852/2018	50.01	1281	2019-04-03	Cuiú Cuiú	2022-02-02					Licence	Gold
850.817/2018	50.11	1273	2019-04-03	Cuiú Cuiú	2022-02-02					Licence	Gold
850.818/2018	44.60	1274	2019-04-03	Cuiú Cuiú	2022-02-02					Licence	Gold
850.819/2018	50.00	1275	2019-04-03	Cuiú Cuiú	2022-02-02					Licence	Gold
850.820/2018	50.00	1276	2019-04-03	Cuiú Cuiú	2022-02-02					Licence	Gold

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DNPM No. 850.821/2018	Area (ha) 50.00	Licence No. 1277	Gazette Date 2019-04-03	Garimpo/ (Target) Cuiú Cuiú	Preliminary Report 2022-02-02	Licence Renewal	Final Report	nng Application Plan	na Report Approval	nvronmena Report Submitted	Phase Licence	Substance Gold	Comments
850.822/2018	100.00	1278	2019-04-03	Cuiú Cuiú	2022-02-02						Licence	Gold
850.823/2018 850.041/2006	50.00 9,042.42	1279 8534	2019-04-03 02/09/2013	Cuiú Cuiú Cuiú Cuiú	2022-02-02 2016-06-20	2018-08-23	2022-11-23				Licence Licence	Gold Gold	Licence Extension Term
850.251/2006 850.615/2004	8,503.66 6,230.67	9686 11129	03/09/2010 2006-11-28	Cuiú Cuiú Cuiú Cuiú	2013-07-05 2009-09-22	2018-10-03 2010-10-28	2023-01-03 25/10/2013	27/10/2016	2015-10-29	2020-12-23	Licence Mining Application	Gold Gold	Licence Extension Term Final Report Approved 29/10/2015 - Mining Application 27/10/2016
850.047/2005	3,572.76	8544	2006-09-15	Mineiro	2009-07-13	2010-10-28	25/10/2013	27/10/2016	2015-11-12	2020-12-23	Mining Application	Gold	Final Report Approved 12/11/2015 - Mining Application 27/10/2016
850.139/2017	126.88			Tocantinzinho							Application	Gold
850.046/2017	1,828.62	4396	2017-06-06	Tocantinzinho	2021-07-07						Licence	Gold	Preliminary Report Presented 07/04/2020
850.677/2018	1,008.81	75	2019-01-04	Tocantinzinho	2023-02-05						Licence	Gold
850.678/2018	3,563.82	76	2019-01-04	Tocantinzinho	2023-02-05						Licence	Gold
850/679/2018	1,357.74	77	2019-01-04	Tocantinzinho	2023-02-05						Licence	Gold
850/680/2018	204.55	78	2019-01-04	Tocantinzinho	2023-02-05						Licence	Gold
850.682/2018	1,326.67	1272	2019-04-03	Tocantinzinho	2023-05-02						Licence	Gold
850.211/2018	3,504.72	1608	2019-04-10	Tocantinzinho	2023-05-09						Licence	Gold
851.033/2018	269.98	4071	2019-07-12	Tocantinzinho	2023-08-15						Licence	Gold
850.681/2018	1,375.52	4943	2019-08-29	Tocantinzinho	2023-09-30						Licence	Gold
Total ha	132,569.48

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Figure 4.1 Property Location Map

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Source: Cabral, 2021.
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Figure 4.2 Environmental Reserves Map

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Source: Cabral, 2021.

Figure 4.3 Aerial View of Property

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Source: McMahon, 2011.

Figure 4.4 Cuiú Cuiú Claim Map

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Source: Cabral, 2021.
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In McMahon (2011), PAH reports that at the Cuiú Cuiú gold project, all the limits of the licences held at that time were checked using handheld GPS, and all of the exploration program was carried out within the property limits.

The QPs are unable to comment with authority on the certainty and timing of the granting or renewal of the exploration license applications. It is not anticipated that the failure to grant the licenses will have a significant impact on the recommended exploration program.

The QPs are also unable to comment with authority on the certainty and timing of the granting of the two mining applications.

Cabral reports that, with respect to the certainty of licenses being granted, it also finds it to be a difficult question to answer. It notes that MNM Brazil has conducted all necessary work programs and supplied all required paperwork, and payment of taxes etc. that are required for license renewal. Cabral reports that it holds a high degree of confidence that these licenses will either be published or renewed in the near term. 850.041/2006 and 850.251/2006 were both renewed for a further three-year extension on August 23, 2018 and October 3, 2018 respectively. All current expiry dates have also been officially extended due to the Covid pandemic for an additional 15 months from the original expiry dates.

With respect to the Mining Applications on 850.047/2005 and 850.615/2004, Cabral reports that both have had their Final Reports Approved and the Economic Feasibility Study (PAE) has been submitted to the ANM and is awaiting analysis.

Additionally, Cabral notes that within the scope of the New Mining Code of Brazil, it is now possible to continue exploration after submission of the Final Report. A letter advising the ANM of continuation of exploration has been registered, as required by the code, and, as such, any delays in the processing of the Mining Application will not affect the planned exploration programs.

The EIA-RIMA background environmental study commenced in April 2018 and continued through to September 2020. The EIA-RIMA requires a minimum of one year of data collection before an application for the environmental license can be filed. The EIA-RIMA report was formally registered with the State Environmental Agency on the December 23, 2020. As such, Cabral envisages approximately 18-24 months before the full mining licenses will be granted for these two areas. Any new data and resource estimate can be added to the PAE or as a complementary report (R. McKnight, personal communication, October, 2017).

The QPs are not aware of any other significant risks which might affect title or the right to perform work on the property.

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4.2.1 Exploration Rights and Obligations

The following is a description of Cabral’s rights and obligations with respect to its exploration activities at Cuiú Cuiú.

Rights:

To perform the work necessary to define the deposits within the maximum allowable term of the licence, which is three years. It can be extended for no longer than another equal period, at ANM’s discretion and in full compliance with the conditions stipulated by the Brazil Mining Code.
To negotiate the deed. The holder may grant or transfer the claims before the approval of the final report of exploration work, only requiring the prior consent of ANM.
To relinquish the title, without detriment to meeting the obligation arising from the Mining Code.

Obligations:

To start exploration work no later than 60 days after the licence has been published in the official gazette and to not stop or interrupt work, without due reason, for more than three months running or 120 non-consecutive days.
To perform exploration work under the responsibility of a geologist or mining engineer legally qualified in Brazil.
To inform ANM of the occurrence of any other mineral substance not included in the licence agreement, as well as the start or resumption of the exploration work and any possible interruptions.
To perform the exploration work and to submit to ANM, before the expiration of the licence or its extension, a detailed report on the exploration work carried out.
To pay the Federal Government annual fees according to Table 4.2 below.

Table 4.2 Federal Government Annual Fees

Period	Annual Fees(R$/ha)
First 3years	3.70
Second 3years	5.56

4.3 AGREEMENTS

4.3.1 Previous Agreements

At the time of the QP’s site visit there was a limited number of garimpeiros (artisanal miners) living within the Licence areas and mining oxidized surface material (saprolite) on the claims.

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They do not have any Permissão de Lavra Garimpeira (PLG), which are small-scale mining licences, nor do they have legal rights over the surface area.

In 2006, Magellan negotiated an agreement with the local garimpeiros at Cuiú Cuiú, to explore and mine their properties. This agreement included annual payments during a period of five years.

In November 2010, a five-year renewal of the contract was signed, with a 25% increase in the annual payment. The surface access contract terminated in 2015 and Magellan was in arrears for two years of payments.

In March 2017, the agreement with the local garimpeiros at Cuiú Cuiú was renewed. See further discussion in Section 4.3.2.2.1.

4.3.2 Cabral Agreements

To acquire the Cuiú Cuiú project, a current subsidiary of Cabral acquired MNM Brazil along with its liabilities. In order to advance its field programs on the property, Cabral has modified one surface-access agreement and added new agreements.

4.3.2.1 Project Acquisition

As at 30 September 2015, the management of Magellan were owed a total of approximately CAD2.4m relating to loans provided to Magellan, unpaid remuneration and unreimbursed expenditures incurred on behalf of Magellan. Magellan management proposed that CAD$500,000 of these liabilities be addressed through an exchange for Magellan’s interest in MNM Brazil, a wholly-owned subsidiary of Magellan.

Magellan had three Brazilian subsidiary companies: MNM Brazil, Chapleau Brazil (a whollyowned subsidiary of Chapleau Resources Limited which, in turn, was a wholly-owned subsidiary of Magellan) and Pocone Gold Mineração Limitada (PGM) in which MNM Brazil held a 35% interest.

MNM Brazil held the following assets:

Cuiú Cuiú
Bom Jardim
União.

A new, private BC-registered company (“Newco”) was formed and acquired 100% of Magellan’s shares of MNM Brazil. This company later was renamed Cabral Gold Ltd.

Consideration for the interest in MNM Brazil was CAD$500,000 in the form of unpaid liabilities due to certain members of management (all of whom became Insiders in Cabral).

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Prior to the transaction closing, all staff of MNM Brazil were terminated resulting in an estimated cost of CAD$280,000 that was paid for by Magellan.

There is a 1% net-smelter return (NSR) royalty on Cuiú Cuiú held by Sandstorm Gold Ltd and a 0.5% NSR held by Anfield Gold Ltd. (now Equinox Gold Corp.). These commitments were retained under MNM Brazil and would be assumed by Cabral. Further details on these royalties are provided in Section 4.3.2.3. On May 10, 2017, San Angelo, Cabral and 1116669 B.C. Ltd. (a wholly-owned subsidiary of San Angelo) entered into an amended and restated business combination agreement, which was amended August 11, 2017 and August 30, 2017 (the “Business Combination Agreement”). Pursuant to the Business Combination Agreement, San Angelo would acquire Cabral Gold Ltd. by way of a three-cornered amalgamation. Cabral Gold Ltd. would amalgamate with 1116669 B.C. Ltd. to form Cabral Gold B.C. Inc., which would be a wholly-owned subsidiary of San Angelo. San Angelo would complete a 1:5 consolidation of its common shares concurrently with closing of the Business Combination, and shareholders of Cabral would receive 0.18 of one post-consolidation common share of San Angelo for each one common share of Cabral Gold Ltd. held.

The Business Combination was a reverse takeover of San Angelo by Cabral Gold Ltd. pursuant to the policies of the TSX Venture Exchange. Upon completion of the Business Combination, San Angelo would be the “Resulting Issuer” as defined in the policies of the TSX Venture Exchange and will carry on the business of Cabral. The Business Combination would result in San Angelo acquiring Cabral and control of the Cuiú Cuiú project.

Upon closing of the Business Combination, San Angelo Oil Limited announced that it had completed the previously announced business combination with Cabral Gold Ltd. and 1116669 B.C. Ltd. and changed its name from "San Angelo Oil Limited" to "Cabral Gold Inc." (Cabral Press Release, October 31, 2017).

MNM Brazil is a wholly-owned subsidiary of Cabral.

4.3.2.2 Surface Access Agreements Cuiú Cuiú Property

4.3.2.2.1 Condominium Agreement

On February 19, 2006, MNM Brazil entered into a surface access agreement with the holders of the traditional surface rights over the Cuiú Cuiú property. The owners are organised into a ‘condominium’ (which is similar to a cooperative, but with fewer rights) comprising minority stakeholders and majority stakeholders.

The February 19, 2006 agreement has since been amended and extended several times the most recent of which was on March 29, 2017. The current terms of the agreement require MNM Brazil to pay R$ 5,400 per year (equivalent of C$1,323 as at December 31, 2020) to each of the 19 majority stakeholders and R$ 2,700 per year (C$662) to each of the 61 minority stakeholders.

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The agreement specifies that in the event that an economically viable gold resource is identified, MNM Brazil will make an additional payment to the holders of the traditional surface rights based on the amount of gold defined (as measured in accordance with Australasian Joint Ore Reserves Committee definitions) as follows:

Less than 1.0 million ounces: US$ 2,000,000
1.0 million ounces to 2.0 million ounces: US$ 3,000,000
2.0 million ounces to 3.0 million ounces: US$ 4,000,000
3.0 million ounces to 4.0 million ounces: US$ 6,000,000
More than 4.0 million ounces: an additional US$ 3,000,000 for every additional million ounces identified in excess of 4.0 million ounces of contained gold.

Upon delivery and approval of the final research reports on the areas under consideration to the ANM or at any time if the size of the gold reserve is found to be economically viable (pursuant to a formal feasibility study), MNM Brazil is to provide written notice to the condominium following which the aforementioned payment is to be made within 90 days.

The surface access agreement with the garimpiero condominium provides MNM Brazil with the right to acquire any stakeholder’s interest at any time for a specified price as defined in the agreement. Such purchases are made for the purpose of consolidating land tenure of strategic ground.

During 2020, the Company chose to acquire a minority stakeholder’s interest at a negotiated price of R$ 100,000 (approximately C$31,000). The purchase price was paid in full during 2020.

4.3.2.2.2 New Surface Access and Purchase Agreements within the Cuiú Cuiú District

During 2020, MNM Brazil entered into three new surface access and purchase agreements relating to a total of 9,285 hectares located northeast and east of the main Cuiú Cuiú property.

Garimpo Cilmar

In August 2020, MNM Brazil entered into an agreement pursuant to which it gained access to a parcel of land having a total area of approximately 5,447 hectares located northeast of the main Cuiú Cuiú property. The monthly fee for the year ending August 2021 amounts to R$ 12,000 (C$2,941) per month; thereafter, the monthly charge is to be adjusted based on official inflation indices.

Garimpo Santa Barbara

In March 2020, MNM Brazil entered into an agreement pursuant to which it gained access to a parcel of land having a total area of approximately 2,769 hectares in the Nova Aliança area located southeast of the main Cuiú Cuiú property. The monthly fee for the year ending March 2021 amounts to R$ 6,000 (C$1,471) per month.

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Garimpo Nova Aliança

In February 2020, MNM Brazil entered into an agreement pursuant to which it gained access to a parcel of land having a total area of approximately 1,069 hectares in the Nova Aliança area located east of the main Cuiú Cuiú property. The monthly fee for the year ending February 2021 amounts to R$ 6,000 per month.

Each of the three agreements include an option pursuant to which MNM Brazil may purchase the subject property by making a payment to the owner based on the amount of gold defined on the applicable property at the time of activation and payment (as measured in accordance with provisions defined by the ANM as follows:

Less than 1.0 million ounces: US$ 1,000,000
1.0 million ounces to 2.0 million ounces: US$ 2,000,000
2.0 million ounces to 3.0 million ounces: US$ 3,000,000
3.0 million ounces to 4.0 million ounces: US$ 4,000,000
More than 4.0 million ounces: an additional US$ 1,000,000 for every additional million ounces identified in excess of 1.0 million ounces of contained gold to a maximum of US$ 2,000,000.

4.3.2.3 Royalty Agreements

Sandstorm NSR

In May 2012, Magellan, the former parent company of MNM Brazil, and MNM Brazil granted Sandstorm Gold Ltd. (“Sandstorm”) a 1.0% net smelter royalty (“NSR”) on the Cuiú Cuiú project for consideration of US$ 500,000. Magellan was required to pay an advance royalty of US$ 250,000 on the date that it obtains a feasibility study that recommends placing all or part of the Cuiú Cuiú project into production and a further advance royalty payment of US$ 250,000 on each one year anniversary of this date thereafter until the property enters commercial production. As part of the transaction, Magellan provided Sandstorm with a right of first refusal on any future royalty or gold-stream financing for the Cuiú Cuiú project.

Magellan’s rights and responsibilities associated with this agreement were transferred to Cabral Gold Ltd. pursuant to an agreement dated May 2, 2016.

Equinox NSR

A 0.5% royalty on the Cuiú Cuiú property is held by Equinox Gold Corp. (“Equinox”). The Equinox NSR is subordinate to the Sandstorm NSR.

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4.4 SURFACE RIGHTS

Surface rights in Brazil are not associated with title to either a mining lease or an exploration claim and must be negotiated with the landowner. A landowner’s right to participate in the profit of a mine is documented in Article 11, letter b, from the Federal Mining Code. The text reads as follows: “The participation will be 50 percent of what is payable to the States, Municipalities, and Administrative Organism, as a Financial Compensation for the exploitation of a mineral resource.” The Financial Compensation (CFEM) is calculated from the mineral sales value, minus taxes, transport costs, and insurances. The percentage of this “Financial Compensation” varies with the mineral; in the case of gold it is 1.5%.

On December 18, 2017, law No. 13,540/2017 was enacted. It was originated from executive order No. 789/2017 and its subsequent bill of law No. 38/2017. The new law changes several rules regarding the collection of the Financial Compensation for Mineral Exploitation (Compensação Financeira pela Exploração de Recursos Minerais - CFEM), known as the Brazilian mining royalty.

Before the issuance of the mentioned executive order, the CFEM tax basis was the mineral products net sales, excluding taxes over the selling as well as transportation and insurance costs. Now, the tax basis will consider the gross revenue, excluding only taxes over the selling. If the mineral product is consumed by Cabral, from 2018 on, the CFEM may levy on the calculated gross revenue considering the products (or similar products) current prices in local, regional, national or international markets, according to each case. Alternatively, CFEM may levy on the reference price of the product obtained upon the processing of the minerals, according to the Brazilian mining authority’s discretion.

4.5 GENERAL DESCRIPTION OF THE PROPERTY

At the Cuiú Cuiú project, the core area of most intense exploration by Magellan covers approximately 9 km by 5 km (4,500 ha) and includes nine main targets (Figure 4.5).

The exploration drilling completed by Magellan since 2006 was focused on six of these targets and most of the PAH technical report refers to three of these zones: Central, Jerimum de Baixo, and Moreira Gomes (McMahon, 2011). Most of the drilling completed in 2011 and 2012, that was not included in the PAH mineral resource estimate, focused on expanding and defining the previously drilled areas, but principally targeted extensions of known mineralized zones/areas, particularly Central North, Jerimum de Baixo, Jerimum de Cima and Moreira Gomes. Several new targets: Guarim, Ivo and Ratinho were also tested by diamond drilling in 2011 and 2012.

The remaining exploration area outside the core area of the Cuiú Cuiú project was subject to only limited historic exploration by Magellan, such as airborne geophysical magnetic, gradiometric and radiometric surveys, some regional mapping and soil surveys. Cabral has begun to test those outlying areas within multi-faceted, regional, reconnaissance exploration programs as detailed in Section 9.

Figure 4.5 Location of Magellan’s Exploration Targets

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Source: Cabral, 2017.

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4.6 ENVIRONMENTAL REGULATIONS

Federal law 6938/1981 outlines the environmental policy and the requirements of environmental permits for any activity with contaminant potential or involved with natural resources.

Environmental permits are divided into three stages/categories:

Preliminary Permit (LP, Licença Previa): this permit deals with the selection of the best place for developing the activity.
Installation Permit (LI, Licença de Instalação): this permit deals with the construction of the project, according to a previously approved technical project description.
Operating Permit (LO, Licença de Operação): this permit allows commencement of mining activities.

The government environmental organization has a six-month period to approve or deny the permit, from the time of the application.

If the permit requires an environmental study (EIA/RIMA) where a public audience (public consultation) is required, this approval period may extend to 12 months. In the case of the Pará State, this period is not legislated.

The National Environmental Council (CONAMA) has established a list of activities, which need to be presented for a previous EIA/RIMA. Mining activity is included in that list. Generally, a public audience is required.

The environmental permit needs to be renewed within a one- to five-year period, depending on the conditions included by regulatory agency in the permit.

The Cuiú Cuiú project was granted an Operation Permit (Licença de Operação) from the SEMMA (Municipal Environmental Secretary) which allows for the conduct of exploration activity. This permit was renewed in June, 2020. This permit must be renewed annually by Cabral but is considered to be a formality upon granting of the exploitation licence.

Much of the Tapajós Region has been environmentally classified into six categories:

REBIO and RESEX: Biological study areas. Mining is prohibited.
Indigenous Lands: Areas under tribal jurisdiction. Mining can occur with special tribal permission.
PARNA: National Park. Mining is prohibited.
FLONA: Permits mining activities with restricted environmental conditions.

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APA: The least restrictive environmental classification. Allows exploration activities and mining.

The Cuiú Cuiú project, all the property falls in the APA TAPAJÓS-Area 2 (Figure 4.2).

4.7 ENVIRONMENTAL LIABILITIES

Known environmental liabilities at the Cuiú Cuiú project are mostly the result of artisanal mining activities. These include shallow water-filled pits from which saprolitic materials were extracted, mainly by hydraulic mining methods (Figure 4.6) and more recently excavator activity.

Figure 4.6 Artisanal Mine Workings Using Hydraulic Mining

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Source: McMahon, 2011.

Most of the Magellan exploration program was restricted to areas already disturbed by the artisanal miners. Even though artisanal miners are known to have used mercury amalgamation for gold recovery, no traces of this element were found in the water sampling carried out by Magellan.

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5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 ACCESSIBILITY

The Cuiú Cuiú project is located approximately 195 km south-southwest of Itaituba, a town on the Tapajós River. The Tapajós is a major southern tributary of the Amazon River. Itaituba is located 1,000 km west-southwest of Belém. Regional airlines service the Belém-Itaituba route (a 3.5 hour trip).

There is a 15 km road from Cuiú Cuiú village to Porto Seguro where boats can dock, and another 10 km road to the Aecio Port where boats can also dock. The Transgarimpeiro road lies 60 km to the south of the project, and highway BR-163, which connects the city of Cuiaba (Mato Grosso State) with the city of Santarem (Pará State), lies 90 km east of the property.

In late 2015, local garimpeiros and timber contractors completed a 103 km long, dry season track that connects Cuiú Cuiú to the Tocantinzinho gold project to the southeast. Tocantinzinho is itself accessible from the BR-163 via a gravel road approximately 80 km in length (see Figure 5.1 for Tocantinzinho project location). In dry weather, one can complete the 450 km drive from Cuiú Cuiú to Itaituba in approximately 12 hours.

There are small, single-engine charter flights from Itaituba to the project, which take about 50 minutes. The project has a 1,000-m long unpaved airstrip. With a second emergency airstrip now available 15 km to the east at Nova Alianca where Cabral has a regional exploration camp.

In summer road access is available, but river provide better local access than roads in the rainy season.

5.2 CLIMATE

The Cuiú Cuiú project is located within the Amazon Basin where the dry season normally begins around late May and continues through to November, although there is intermittent rain from June to November. Temperatures vary between a minimum of 17°C in June to a maximum of 44°C in January, with average annual temperatures of 26°C. Temperatures are typically cooler in the high jungle where humidity is also constantly higher throughout the year. Average annual precipitation is between 1,500 mm and 2,000 mm. Although rainfall is heavy between February and May, exploration work can be carried out on the project throughout the year.

5.3 LOCAL RESOURCES AND INFRASTRUCTURE

Cabral’s main camp is located in the village of Cuiú Cuiú on the project site. The village consists of 75 houses and in 2010 had a population of 177 inhabitants (Figure 5.1). Power for the village and for the project is provided by a diesel generator. Cabral’s new camp, currently under construction, will have an alternative diesel generator energy supply providing

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autonomy when needed. Portions of the new camp, including the laboratory facilities, are already complete and in use.

Figure 5.1

Cuiú Cuiú Project Site Access by Air

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Source: Cabral, 2017.

The nearby projects and/or mines of União, Toncantinzinho, Belo Sun Mining, Gold Mining Inc. and Palito are shown on Figure 5.1.

In 2020, the village had the following services:

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One primary school.
Satellite and Radio-borne internet providers.
Two churches.
Five small restaurants.
Four bars.
Five grocery stores.
Electrical grid
Illuminated football field
Potable water bore

The water supply for the village comes from a recently drilled water-bore hole (Figure 5.2). The well was drilled with financial and technical support from MNM Brazil, Energold Drilling and Pronorte with the hole formally licensed on the November 3, 2020 and delivered to the local community on the December 10, 2020.

The closest town to Cuiú Cuiú with social services, such as banking, postal services, health services, and regular air services to major cities, is Itaituba. MNM Brazil’s management and administrative office is located in Itaituba. The population within the municipality of Itaituba was approximately 142,165 inhabitants in 2020.

Fuel and other supplies are currently brought in by road. Minor supplies for the camp are brought in by small aircraft from Itaituba.

Cabral owns a fleet of five four-wheel drive Toyota Hilux trucks, five ATV quad-bikes, and one tractor with backhoe, as well as a hired fleet consisting of two bulldozers, one excavator, and one front-end loader. These are sufficient for travelling around the property and moving heavy equipment. Cabral also has a portable Little Beaver Auger rig and a Multipower Hornet Reverse Circulation drill rig mounted on track-mounted ASV ST-50 vehicles and trailers.

The old camp had internet and telephone services, a capacity for 20 people, and a core shed with capacity to store 55,000 m of core. The new camp will have internet and telephone services, a capacity for 80 people, and a core shed with capacity to store 120,000 m of core and laboratory for conducting sampling, multi-element XRF readings, and density measurements.

Figure 5.3 to Figure 5.6 show some of the various facilities at the new Cabral camp.

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Figure 5.2 Newly Drilled Water Well

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Source: Cabral 2021

Figure 5.3 Camp Core Logging Area

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Source: Cabral 2021.

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Figure 5.4 Camp Laboratory Facilities

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Source: Cabral 2021.

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Figure 5.5 Camp Core Logging

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Source: Cabral 2021.

Figure 5.6 Core Storage and Logging Facilities

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Source: Cabral, 2021
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5.4 PHYSIOGRAPHY AND FLORA

The Cuiú Cuiú project is situated approximately at 200 m above sea level, with a maximum elevation of 330 m and a minimum of 75 m. Cuiú Cuiú has a weakly incised topography

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forming north-northwest-trending ridges on most parts of the property. The river valleys flow strongly during the wet season and are low during the months of June to October. Vegetation covers approximately 75% of the area and is mainly jungle (some of it secondary growth), with trees reaching a height of 30 m in some places. The remainder of the area has been cleared, mainly by artisanal workings (garimpos) or for small farms (Figure 5.7).

Figure 5.7 Local Physiography

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Source: McMahon, 2011.

6.0 HISTORY

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6.1 REGIONAL MINING HISTORY

The Tapajós Gold Province was the site of a major gold rush by artisanal miners from the late 1970s until the late 1990s and has recorded historical production of at least 10 million ounces, with actual production estimated to be approximately 30 million ounces to date (McMahon, 2011). Although gold is reported to have been first discovered in 1747, there has been continuous production in the region since 1958. Over a quarter of a million garimpeiros were recovering well over a million ounces per year as part of the largest gold rush in history during the 1980s to early 1990s. It was estimated that there were over one million artisanal miners active in northern Brazil during the period of peak gold production from 1988 to 1990.

Artisanal mine workings are shown in Figure 6.1.

Figure 6.1 Artisanal Mine Workings

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Source: McMahon, 2011.

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The Tapajós Province is still active, with over 30,000 artisanal workers and a current estimated production of well over 200,000 ounces per year. Alluvial deposits were exploited to near exhaustion, and then miners turned to mining the laterite/saprolite by hydraulic methods. Occasionally, primary veins and stockworks are mined when practical.

6.2 LOCAL MINING HISTORY

The Cuiú Cuiú area was first worked in 1958. The construction of the village itself began in the middle 1970s. It is said that during the period 1976 to 1992 up to 86 flights per day arrived in the village, and over 5,000 people lived in the area (McMahon, 2011).

The only known modern exploration conducted in the property was by Rio Tinto plc and TVX Gold Inc. Little is known about the Rio Tinto work, but during the 1990s TVX reportedly drilled 13 holes near the Jerimum de Baixo target.

Altoro Gold Corp. mapped the Central and Jerimum pits between 1997 and 1999.

Exploration conducted by Magellan will be discussed below.

6.3 HISTORIC EXPLORATION

6.3.1 Introduction

The exploration described in this section was completed for Magellan and its Brazilian subsidiary, MNM Brazil. As discussed in Section 4.3.2, Cabral acquired the MNM Brazil subsidiary as of October 31, 2017. Some former Magellan staff continue to work for, or are available to, Cabral.

Since beginning work on the Cuiú Cuiú project in 2005, Magellan employed a multi-faceted approach to exploring the property. This included soil sampling, auger drilling, diamond drilling and collecting rock samples where rock was exposed in “Garimpos” or artisanal workings. These sample data are summarised in Table 6.1 below.

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Table 6.1 Cuiú Cuiú Gold Project - Magellan Sampling Summary, by Year

Year	Rock	Soil	Auger Drilling	Auger Drilling	Diamond Drilling	Diamond Drilling	Diamond Drilling	Diamond Drilling
			Holes	Samples	Holes	Drilled(m)	Samples	Sample(m)
2005	104	143	-	-	-	-	-	-
2006	529	4,808	-	-	10	2,753.51	1,430	2,646.81
2007	133	2,131	-	-	20	4,209.18	2,297	3,933.91
2008	103	-	88	1,032	15	3,765.14	1,921	3,126.81
2009	-	-	121	2,019	9	1,742.95	1,225	1,734.68
2010	-	2,892	28	520	50	13,486.55	9,163	13,420.23
2011	-	-	-	-	64	20,849.52	11,968	18,045.35
2012	-	-	-	-	8	1,218.53	828	1,218.98
Total	869	9,974	237	3,571	176	48,025.38	28,832	44,126.77

6.3.2 January, 2005 to December, 2005

Work completed in 2005 included:

Structural Interpretation/Geological Mapping: A structural map based on an interpretation of Landsat images, followed by geological mapping was carried out, together with a detailed survey of all the garimpos or artisanal workings.
Rock Sampling: Rock samples (104) were collected where possible, as most of the area is covered by vegetation or saprolite. The samples were sent to the SGS Geosol laboratory in Belo Horizonte, Brazil, for preparation and assayed for gold.
Soil Sampling: A soil-sampling survey was carried out. A total of 143 soil samples were collected, which were submitted to the SGS Geosol laboratory in Belo Horizonte, Brazil, for preparation and gold assay. The soil-sample survey results are shown in Figure 6.2 overlying the aero-magnetic survey.

6.3.3 January, 2006 to December, 2006

Between January, 2006 and December, 2006, Magellan’s exploration work included:

Rock Sampling: 259 rock samples were collected, mainly from artisanal workings. The samples were sent to the SGS Geosol laboratory in Belo Horizonte, Brazil, for preparation and assayed for gold.
Soil Sampling: An extensive program of soil sampling was carried out over the Central, Pau da Merenda, Jerimum de Baixo, and Jerimum de Cima zones using a 100 by 25 m sampling grid. In addition, regional soil sampling was carried out with a 500 by 100 m grid. A total of 4,808 soil samples were collected, which were submitted to the SGS Geosol laboratory in Belo Horizonte, Brazil for preparation and gold assay (Figure 6.2).
Drill-Core Sampling: A total of 1,430 samples were collected from 2,753.51 m of BTW diamond-drill core, which were sent to SGS Geosol laboratory in Belo Horizonte for sample preparation, followed by gold fire assay.

Figure 6.2 Cuiú Cuiú Project - Magellan Soil Sampling

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Source: Cabral, 2017.
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IP Survey: a 22.75 line-km IP dipole-dipole geophysical survey (50 m spacing) was carried out over the Pau da Merenda, Jerimum de Cima and Jerimum de Baixo. Portions of the Moreira Gomes and Central zones were also covered.

6.3.4 January, 2007 to December, 2007

Rock Sampling: An additional 133 rock samples were collected from artisanal workings. The samples were sent to SGS Geosol laboratory in Belo Horizonte, Brazil, for preparation and assayed for gold.
Airborne Magnetic, Radiometric and Gamma Ray Survey: During June, 2007, an airborne magnetic radiometric survey was carried out. The airborne survey covered 3,233 line-km flown along 200-m-spaced lines at an altitude of 100 m (Figure 6.2).
Soil Sampling: The regional soil survey over the property was expanded to the northwest, using a 500 by 100 m grid. A total of 2,131 additional soil samples were collected, which were submitted to the SGS Geosol laboratory in Belo Horizonte, Brazil, for preparation and gold assay.
Ground Magnetic Survey: During July, 2007, ground magnetic survey work was carried out over the Central and Jerimum de Cima zones at a line spacing of 100 m.
Drill-Core Sampling: A total of 2,297 samples were collected from 4,209.18 m of BTW core, which were sent to the SGS Geosol laboratory in Belo Horizonte for sample preparation, followed by gold assaying.

6.3.5 January, 2008 to December, 2008

Rock Sampling: An additional 103 rock samples were collected. The samples were sent to the SGS Geosol laboratory in Belo Horizonte, Brazil for preparation and assayed for gold.
Power-Auger sampling: A total of 88 power-auger holes were drilled at the Central and Moreira Gomes zone, and 1,032 samples were collected and sent to the SGS Geosol laboratory (Figure 6.3) for gold analysis.
Drill-Core Sampling: A total of 1,921 samples were collected from 3,765.4 m of NTW and BTW core, which were sent to SGS Geosol laboratory in Belo Horizonte for sample preparation, followed by gold analysis.

Figure 6.3 Cuiú Cuiú Project - Magellan Power Auger Drilling

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Source: McMahon, 2011.

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6.3.6 January, 2009 to December, 2009

Drill-Core Sampling: A total of 1,225 samples were collected from 1,742.95 m of NTW and BTW core, which were sent to Acme Analytical Laboratories in Chile for sample preparation, followed by gold analysis.
Power-Auger Sampling: A total of 121 power-auger holes were drilled at Pau da Merenda, North of Central and Moreira Gomes. 2,019 samples were collected and sent to Acme Analytical Laboratories in Chile for sample preparation, followed by gold analysis (Figure 6.3).
Ground magnetic survey: A ground magnetic survey was carried out over the Moreira Gomes and Pau da Merenda zones.

6.3.7 January, 2010 to December, 2010

Soil Sampling: Soil sampling was carried out to the west of Pau da Merenda, Miraboa, east of Moreira Gomes, and Jerimum de Baixo. The average sample spacing was 200 m by 25 m. A total of 2,892 samples were collected, which were submitted to the Acme Analytical Laboratories in Chile for preparation and gold assaying (Figure 6.1).
Petrologic Studies: Sixteen thin sections from drill-core samples were prepared and reported on by CLM Petrografia LTDA, Rio de Janeiro, Brazil.
Ground magnetic survey: A ground magnetic survey was carried out over the Jerimum de Baixo zone.
Power Auger: A total of 28 power-auger holes were drilled to the east, and west of Central, and 520 samples were collected and sent to Acme Analytical Laboratories in Chile for sample preparation, followed by gold analysis (Figure 6.3).
Drill-Core Sampling: A total of 8,502 samples were collected from 12,719 m of NTW and BTW core, which was sent to Acme Analytical Laboratories in Chile for sample preparation, followed by gold analysis.
Airborne Magnetic - Radiometric and Gamma Ray Survey: A detailed airborne magnetic radiometric survey was carried out. The airborne survey covered 1,264 linekilometers, and was flown along 50-m-spaced lines at an altitude of 100 m.

6.3.8 2011 Exploration Program

In 2011, Magellan drilled 64 diamond-drill holes totalling 20,849.52 m. Follow-up and stepout holes were drilled on the Central, Moreira Gomes, Babi, Jerimum de Baixo and Jerimum de Cima zones. New targets, Central North, Central SE and Guarim were also tested.

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6.3.9 2012 Exploration Program

In 2012, eight diamond-drill holes were completed totalling 1,218.53 m. These holes tested previously undrilled targets at Ivo and Ratinho.

6.3.10 Soil Sampling Procedure

Soil-sampling methods used for the almost 10,000 soil samples collected over a period of six years (2005 to 2010) consisted of using a hand auger with a screw-flight to auger down to 70 to 80 cm depth. After the first year Magellan switched to using post-hole diggers rather than hand augers which was found to be much quicker/more efficient. About half a kilogram of soil was collected from the lowest 10 cm of the hole, bagged in a plastic sample bag, assigned a unique sample number with an inserted heavy paper sample tag inside (Cabral had sample books printed with unique numbers; several tens of thousands of individual sample cards were printed in books of 50). The sample number was written on the outside of the bag as well, and the characteristics of the sample were noted in the sample book. These characteristics included: color, type of soil, amount of clay, whether the sample was wet, any lithic material or sand encountered etc. This information was later introduced into an electronic data base. The bagged samples were stored under supervision at site and periodically batches were sent to SGS and later ACME labs. QA/QC procedures were in place and every 50 samples included two standards, two blanks, and one duplicate.

The only bias that management was aware of at the time is the fact that the drainages comprised alluvial and/or transported material and therefore were not representative of underlying material and, therefore, were not sampled. Only the slopes, hill tops and areas away from drainages were actively sampled. The samples are weathered soil or lateritic material and thought to be representative of the lithology and mineralization below, except where material has been transported.

6.3.11 Rock-Sampling Procedure

A total of 869 rock-chip samples, comprising typical horizontal or vertical channel/chip samples over rare in-situ primary hard-rock or saprolitic surfaces, were collected by Magellan between 2005 and 2010. This is a very small number in comparison to the soil samples or drill samples due to the paucity of outcrop. They were usually collected over one or two meter intervals and weighed from 1.5 to several kilograms each. Where there was a small exposure or insufficient exposure to get a long sample interval, a random chip sample was collected, taking small amounts of sample from various parts of the outcrop. The characteristics of the sample including lithology, color, hardness, presence of sulfides or Fe/Mn oxides, and UTM coordinates were noted on a sample card and later entered into a data base.

Biases in terms of sampling method were minimized. Often veins (when wide enough) were sampled separately from enclosing host rock, but such practices are normal in mineral exploration.

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Again, typical QA/QC procedures were in place, although only standards and duplicates were used, not blanks. No significant problems were found with either laboratory during the 2005 to 2010 period.

6.3.12 Interpretation and Conclusions

The Cuiú Cuiú soil anomaly, shown with the aero-magnetic survey results in Figure 6.2, is a continuous, 15 km northwest-trending soil anomaly, coincident with the "Tocantinzinho trend" (the crustal-scale shear controlling most of the important gold occurrences in the TMP) comprising over 9,000 sample points. The main part of the anomaly is over 10 km in length with an average value above 55 ppb and contains half a dozen higher value zones averaging over 100 ppb Au coincident with the main artisanal workings and areas drilled by Magellan. Over 50% of the anomaly has yet to be tested by drilling, and it remains open on strike.

The exploration methods employed by Magellan at Cuiú Cuiú follow a multi-faceted, industry standard approach. The airborne geophysical surveys were carried out by Fugro. The IP survey was conducted by Geodatos do Brasil Ltda. Magellan personnel performed the ground magnetometer surveys.

The soil samples, rock samples and auger-hole surveys described above were used to define prospective areas for follow-up diamond drill hole testing. These data are not suitable for use in mineral resource estimation and were not used in the estimation of the mineral resources. Collectively, they are a reasonable, order of magnitude indication of the size and location of areas with potential to host gold mineralization in bedrock.

6.4 HISTORIC MAGELLAN DRILLING

6.4.1 Introduction

The drilling described in this section was completed for Magellan and its Brazilian subsidiary MNM Brazil. Cabral has acquired MNM Brazil. Some Magellan staff work at, or are available to, Cabral.

A total of 48,025.38 m of diamond-drill core, in 176 exploration holes has been drilled between 2006 and 2012.

The Cuiú Cuiú diamond-drill holes are summarized by year in Table 6.2 and by target in Table 6.3. The collar coordinates of the historic drilling are listed in Appendix 1. Figure 6.4 shows all of the historic diamond-drill hole collar locations.

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Table 6.2 Cuiú Cuiú Gold Project - Magellan Diamond-Drilling Summary, by Year

	Holes	Holes	Metres	Samples	Samples
Year	Drilled	with DH Survey	Drilled	Number	Metres
2006	10	10	2,753.51	1,430	2,646.81
2007	20	20	4,209.18	2,297	3,933.91
2008	15	15	3,765.14	1,921	3,126.81
2009	9	9	1,742.95	1,225	1,734.68
2010	50	50	13,484.23	9,164	13,420.23
2011	64	58	20,849.53	11,968	18,045.35
2012	8	7	1,218.53	828	1,218.98
Total	176	169	48,025.38	28,832	44,126.77

Table 6.3

Cuiú Cuiú Gold Project - Magellan Diamond-Drilling Summary, by Target

Deposit	Holes Drilled	Metres Drilled
Central	61	17,939.77
Moreira Gomes	42	11,195.61
Pau da Merenda	11	2,593.52
Jerimum de Cima	13	3,195.77
Jerimum de Baixo	17	4,002.16
Babi	7	2,394.18
Central North	10	3,470.34
Central SE	5	1,684.80
Guarim	2	330.70
Ivo	4	478.15
Ratinho	4	740.38
Total	176	48,025.38

The first phase of diamond drilling, in 2006, (2,753.51 m in 10 holes) was early stage exploration. Nine of the holes were drilled under the Central artisanal workings, and one under the Jerimum de Baixo artisanal workings.

The second phase of diamond drilling was completed in 2007, and comprising 4,209.18 m in 20 holes, partially tested new targets such as Jerimum de Cima and Pau da Merenda artisanal workings. Some additional holes were completed at the Central zone.

Further diamond drilling during 2008 involved the completion of 3,765.14 m in 15 holes and primarily focused on the Central zone.

In 2009, an additional 1,742.95 m were completed in nine diamond-drill holes which tested the Moreira Gomes zone.

Figure 6.4 Cuiú Cuiú Project - Magellan Diamond-Drill Holes

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Source: Cabral, 2017.

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In 2010, further diamond drilling, consisting of 13,484 m in 50 holes, tested the northwest extension of Central zone, as well as the eastern extension of Moreira Gomes zone, Pau da Merenda, Jerimum de Baixo, and Babi (to the northeast of Central) zones (Figure 6.4). All drilling was completed by Energold Perfuraçoes Ltd.

In 2011, Magellan completed 64 diamond-drill holes totalling 20,849.52 m. Follow-up and step-out holes were drilled on the Central, Moreira Gomes, Babi, Jerimum de Baixo and Jerimum de Cima targets. New drill targets, Central North, Central SE and Guarim were also tested.

In 2012, eight diamond-drill holes were completed totalling 1,218.53m. These holes tested previously undrilled targets at Ivo and Ratinho.

6.4.2 Central Zone

In the Central zone, 61 diamond-drill holes totalling 17,939.77 m have been drilled. Forty-five of the holes were drilled in a northeast-southwest direction, and 16 in a northwest-southeast direction. The northeast-southwest oriented holes intersected the mineralization at approximately 90[o] to its strike and the estimated true width of the mineralized intervals is approximately 80% of the width intersected in the holes. The Central zone holes are shown in Figure 6.5 and the results are summarized in Table 6.4.

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Figure 6.5 Central Zone - Magellan Diamond-Drill Holes

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Source: Cabral, 2017. Scale shown on grid references at side and top of the map.

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Table 6.4 Central Zone - Magellan Diamond Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_01_06	62.4	64.0	1.6	1.35
CC_01_06	82.0	90.0	8.0	0.36
CC_01_06	143.2	186.0	42.8	0.67
CC_02_06	31.0	190.0	159.0	0.91
CC_02_06	262.0	292.0	30.0	0.70
CC_02_06	318.0	328.0	10.0	0.99
CC_02_06	338.0	344.0	6.0	0.77
CC_03_06	116.7	118.9	2.2	0.86
CC_03_06	136.5	139.3	2.8	0.51
CC_03_06	141.1	275.6	134.5	1.10
CC_04_06	6.1	23.0	16.9	0.69
CC_04_06	141.3	147.4	6.1	0.88
CC_04_06	207.0	257.7	50.7	0.57
CC_05_06	20.8	31.0	10.2	0.23
CC_05_06	40.0	48.0	8.0	0.26
CC_05_06	91.0	95.0	4.0	0.91
CC_05_06	134.7	137.6	2.9	1.24
CC_06_06	82.1	98.0	15.9	0.45
CC_06_06	146.0	166.0	20.0	0.73
CC_07_06	63.0	76.9	13.9	2.49
CC_08_06	0.0	8.4	8.4	0.42
CC_08_06	16.0	19.8	3.8	0.68
CC_08_06	38.9	44.7	5.8	0.32
CC_08_06	81.2	84.2	3.0	1.62
CC_08_06	123.6	126.6	3.0	0.51
CC_08_06	135.6	137.6	2.0	1.24
CC_08_06	153.6	161.3	7.7	0.26
CC_08_06	220.4	222.4	2.0	13.05
CC_09_06	0.0	4.6	4.6	0.44
CC_11_07		No Significant Results
CC_12_07	13.3	23.3	10.0	0.59
CC_12_07	35.0	39.0	4.0	0.90
CC_12_07	45.1	74.9	29.8	1.48
CC_12_07	96.7	100.6	3.9	1.84
CC_12_07	Hole was lost at 100.6 m depth. The final sample interval returned 2.1 [email protected]/t
CC_13_07	41.2	107.0	65.8	3.54
Incl.	57.9	64.0	6.1	23.53
CC_13_07	130.3	136.3	6.0	1.47
CC_13_07	165.2	177.5	12.3	4.25
CC_14_07	71.0	158.9	87.9	1.11
CC_15_07	42.8	222.4	179.6	1.06
Incl.	217.3	222.4	5.1	14.05

==> picture [152 x 22] intentionally omitted <==

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_16_07	81.8	83.1	1.3	1.06
CC_16_07	149.3	150.9	1.6	1.29
CC_16_07	170.1	344.3	174.2	1.46
Incl.	218.0	277.0	59.0	2.86
Incl.	275.0	277.0	2.0	36.15
CC_16_07	Hole	was stopped at 345.3 m depth in aplite dyke		a post-mineral
CC_17_07	128.8	130.8	2.0	2.05
CC_17_07	200.7	202.2	1.5	2.47
CC_18_07		No Significant Results
CC_31_08	131.7	137.7	6.0	0.79
CC_31_08	147.7	149.7	2.0	2.47
CC_32_08	61.6	63.1	1.5	1.98
CC_32_08	88.0	308.7	220.7	2.02
Incl.	88.0	97.8	9.8	17.91
and	245.6	249.8	4.2	25.69
CC_32_08	308.7	326.5	17.8	0.68
CC_33_08	54.7	55.7	1.0	3.07
CC_33_08	77.1	78.1	1.0	2.36
CC_33_08	109.4	110.4	1.0	1.34
CC_33_08	133.7	136.7	3.0	1.02
CC_34_08	134.0	136.0	2.0	1.29
CC_35_08	34.0	36.0	2.0	1.51
CC_35_08	100.6	102.3	1.7	1.53
CC_35_08	127.2	138.1	10.9	0.85
CC_35_08	202.1	203.1	1.0	28.45
CC_37_08	46.5	52.3	5.8	1.33
CC_37_08	148.8	152.5	3.7	1.88
CC_37_08	176.5	177.3	0.8	1.19
CC_37_08	208.3	208.8	0.5	3.88
CC_38_08	56.1	57.9	1.8	1.39
CC_38_08	107.3	130.4	23.1	0.88
CC_38_08	174.7	275.8	101.1	0.79
Incl.	174.7	176.4	1.7	3.45
and	179.2	180.2	1.0	1.82
and	190.1	192.4	2.3	2.66
and	204.4	204.9	0.5	2.75
and	219.5	238.7	19.2	1.78
and	261.6	275.8	14.2	1.39
CC_38_08	291.4	293.4	2.0	1.25
CC_38_08	308.3	311.6	3.3	1.01
CC_39_08	90.4	91.6	1.2	1.23
CC_39_08	108.6	117.2	8.6	1.23
CC_39_08	151.3	153.8	2.5	1.43
CC_39_08	220.4	224.3	3.9	1.12
CC_39_08	230.3	232.6	2.3	1.05
CC_40_08	72.5	74.5	2.0	1.58
CC_40_08	138.8	140.8	2.0	1.02
CC_40_08	172.6	228.9	56.3	0.70
CC_41_08		No Significant Results

==> picture [152 x 22] intentionally omitted <==

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_42_08		No Significant Results
CC_43_08		Hole was lost at 61 m depth
CC_44_08		No Significant Results
CC_45_08	380.2	406.6	26.4	1.95
Incl.	384.6	389.6	5.0	8.25
CC_54_09	47.7	161.3	113.6	0.90
Incl.	47.7	130.2	82.5	1.02
CC_55_10	134.4	270.6	136.2	0.91
Incl.	180.6	231.4	50.8	1.54
CC_56_10	41.5	114.7	73.2	0.96
Incl.	67.5	114.7	47.2	1.44
Incl.	111.7	114.7	3.0	18.75
CC_57_10	85.0	133.6	48.6	0.38
Incl.	91.0	103.8	12.8	0.60
Incl.	108.5	123.0	14.5	0.45
CC_57_10	Hole abandoned at 179 m - Drilling problems
CC_60_10	92.3	137.9	45.6	0.89
Incl.	109.5	130.2	20.7	1.53
CC_60_10	254.8	276.7	21.9	0.66
CC_61_10	99.3	118.5	19.2	1.10
CC_63_10	37.0	90.6	53.6	1.30
CC_65_10	74.0	116.0	42.0	1.52
Incl.	74.0	91.0	17.0	2.91
CC_67_10	58.0	64.0	6.0	1.20
CC_68_10	No Significant Results
CC_83_10	0.0	18.0	18.0	0.30
CC_83_10	58.7	63.0	4.3	0.48
CC_83_10	106.7	109.1	2.4	2.72
CC_86_10	102.2	124.8	22.6	0.64
CC_86_10	172.2	190.2	18.0	1.19
CC_88_10	62.0	85.5	23.5	0.37
CC_88_10	113.0	156.4	43.4	0.62
CC_90_10	No Significant Results
CC_93_10	109.2	118.2	9.0	0.94
CC_93_10	144.0	147.0	3.0	0.93
CC_93_10	217.9	238.9	21.0	0.34
CC_96_10	0.0	92.4	92.4	0.71
Incl.	16.0	61.0	45.0	1.13
CC_96_10	290.0	334.7	44.7	0.72
CC_96_10	344.3	404.3	60.0	0.63
Incl.	363.9	404.3	40.4	0.92
CC_96_10	437.9	469.0	31.1	0.77
CC_99_10	199.0	307.5	108.5	0.93
Incl.	249.0	302.0	53.0	1.63
CC_102_10	No Significant Results
CC_103_10	152.7	164.2	11.5	1.91
CC_103_10	208.6	231.9	23.3	0.80
CC_103_10	271.7	352.9	81.2	0.68
Incl.	274.7	285.7	11.0	3.09
CC_105_11	97.3	101.3	4.0	2.31

==> picture [152 x 22] intentionally omitted <==

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_105_11	199.3	252.7	53.4	0.53
Incl.	237.7	249.7	12.0	0.77
CC_107_11	405.1	407.1	2.0	3.00
CC_109_11	138.0	139.0	1.0	4.66
CC_109_11	197.0	214.0	17.0	0.76
CC_109_11	244.2	251.0	6.8	1.58
CC_109_11	341.2	346.1	4.9	0.63
CC_109_11	364.0	367.1	3.1	0.30
CC_113_11	29.7	33.7	4.0	0.58
CC_115_11		No Significant Results
CC_117_11	160.7	171.0	10.3	0.69
CC_117_11	393.0	402.3	9.3	0.66
CC_117_11	427.1	446.0	18.9	0.51
CC_118_11	33.0	40.0	7.0	0.41
CC_118_11	51.0	62.0	11.0	0.42
CC_118_11	207.2	207.7	0.5	58.70
CC_121_11	98.0	105.8	7.8	8.44
CC_124_11	366.7	376.8	10.1	1.10
CC_124_11	411.7	454.3	42.6	1.73
CC_124_11	485.5	496.6	11.1	0.23
CC_134_11		No Significant Results
CC_147_11		No Significant Results

Note: All holes were drilled at between -50° and -71°. The intersection widths are not necessarily true widths.

6.4.3 Moreira Gomes Zone

In this zone, 42 diamond-drill holes, totalling 11,195.61 m have been completed. All of the holes had a general north/south orientation and dip between 50° to 60°. The length of the holes varies from 160 m to 335 m. The intersections were approximately perpendicular to the strike of the mineralized structure and estimated true width of all the mineralized intervals is up to 80% of the intersected width in the holes. The Moreira Gomes zone diamond-drill holes are shown in Figure 6.6 and Figure 6.7 and the results are summarized below in Table 6.5.

Table 6.5

Moreira Gomes - Magellan Diamond-Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_46_09 CC_46_09 CC_47_09 CC_47_09 CC_47_09 CC_47_09 CC_48_09 CC_48_09 CC_49_09	0.0	38.0	38.0	1.19 1.23 0.39 0.47 0.46 0.44 0.72 0.70 0.97
	94.6	125.7	31.1
	0.0	10.7	10.7
	25.7	45.7	20.0
	111.2	120.4	9.2
	137.5	166.2	28.7
	9.1	15.2	6.1
	148.4	151.0	2.6
	78.3	83.2	4.9

==> picture [152 x 22] intentionally omitted <==

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_50_09	139.0	141.0	2.0	0.80
CC_50_09	155.0	190.0	35.0	2.02
CC_51_09	0.0	35.0	35.0	0.46
CC_51_09	144.1	171.8	27.7	0.66
Incl.	162.1	171.8	9.7	1.45
CC_52_09	86.2	89.5	3.3	7.43
Incl.	123.5	124.0	0.5	3.80
CC_53_09	74.4	91.7	17.3	13.69
CC_53_09	89.7	90.7	1.0	216.4
CC_58_10	102.0	190.0	88.0	0.52
Incl.	136.9	176.0	39.1	0.85
Incl.	157.9	190.0	32.1	1.05
CC_59_10	87.5	168.1	80.6	0.57
Incl.	100.3	127.2	26.9	0.82
and	155.1	167.1	12.0	1.26
CC_62_10	83.5	96.8	13.3	0.50
CC_64_10			No Significant Results
CC_66_10	0.0	20.0	20.0	0.55
CC_66_10	97.5	153.8	56.3	0.41
Incl.	146.0	153.8	7.8	2.28
CC_69_10	72.0	184.0	112.0	1.70
Incl.	72.0	99.8	27.8	5.03
Incl.	72.8	76.3	3.5	32.29
CC_70_10	72.0	93.0	21.0	0.36
Incl.	87.5	90.5	3.0	1.08
CC_70_10	123.0	133.5	10.5	0.61
CC_71_10			No Significant Results
CC_72_10	65.9	69.9	4.0	6.42
CC_73_10			No Significant Results
CC_74_10	184.9	194.7	9.8	0.26
CC_75_10	95.8	99.8	4.0	0.68
CC_75_10	240.2	246.2	6.0	2.00
CC_76_10	0.0	19.8	19.8	0.83
CC_76_10	147.8	195.7	47.9	0.35
Incl.	147.8	152.8	5.0	1.31
CC_77_10	125.4	168.3	42.9	0.50
Incl.	151.0	168.3	17.3	0.88
CC_78_10	151.1	158.2	7.1	2.35
CC_79_10	184.2	268.2	84.0	1.24
Incl.	184.2	232.9	48.7	2.01
CC_81_10	223.6	230.6	7.0	0.74
CC_101_10	388.0	421.0	33.0	1.82
Incl.	396.0	412.5	16.5	2.73
CC_104_10	0.0	52.0	52.0	0.64
Incl.	38.0	52.0	14.0	2.00
CC_104_10	107.0	114.5	7.5	18.83
CC_104_10	269.4	290.0	20.6	1.64
CC_104_10	337.6	347.6	10.0	0.95
CC_106_11	106.5	116.0	9.5	0.44
CC_106_11	237.9	251.4	13.5	0.55

==> picture [152 x 22] intentionally omitted <==

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_108_11	9.2	13.2	4.0	0.76
CC_108_11	188.0	190.0	2.0	2.10
CC_108_11	280.2	295.2	15.0	0.73
CC_108_11	337.4	344.1	6.7	1.18
CC_108_11	392.1	399.1	7.0	0.49
CC_110_11	181.6	205.6	24.0	4.06
Incl.	181.6	182.6	1.0	85.5
CC_111_11	185.0	192.2	7.2	0.62
CC_112_11	203.7	219.5	15.8	0.36
CC_112_11	254.3	257.1	2.8	1.00
CC_114_11			No Significant Results
CC_120_11			No Significant Results
CC_122_11	28.9	37.1	8.2	0.37
CC_122_11	208.6	227.0	18.4	0.46
CC_125_11	89.7	102.7	13.0	0.58
CC_126_11			No Significant Results
CC_129_11	178.0	180.0	2.0	2.60
CC_130_11	64.0	83.0	19.0	0.32
CC_133_11			No Significant Results
CC_136_11			No Significant Results
CC_140_11	64.0	83.0	19.0	0.48
CC_143_11			No Significant Results
CC_145_11	216.0	216.6	0.6	8.44
CC_149_11	353.7	362.7	9.0	0.34
CC_149_11	377.9	393.9	16.0	0.26

Note: All holes were drilled at between -50° and -60°. The intersection widths are not necessarily true widths.

==> picture [184 x 16] intentionally omitted <==

----- Start of picture text -----

Figure 6.6
Moreira Gomes West - Magellan Diamond-Drill Holes
----- End of picture text -----

==> picture [445 x 305] intentionally omitted <==

==> picture [20 x 126] intentionally omitted <==

Source: Cabral, 2017.

Figure 6.7 Moreira Gomes East - Magellan Diamond-Drill Holes

==> picture [450 x 312] intentionally omitted <==

==> picture [20 x 126] intentionally omitted <==

==> picture [63 x 7] intentionally omitted <==

----- Start of picture text -----

Source: Cabral, 2017.
----- End of picture text -----

==> picture [152 x 22] intentionally omitted <==

6.4.4 Pau da Merenda Zone

In this zone, 11 diamond-drill holes, totalling 2,593.92 m, were drilled, two of them in the artisanal workings of Pau da Merenda, and the remainder in the area of a soil anomaly to the east of the artisanal workings. Nine of the drill holes were oriented northeast-southwest, and three of them northwest-southeast, with dips ranging from 50° to 60°. The length of the holes varies from 185 m to 300 m. The extent of the mineralized structures is not yet fully understood, and more drilling is required. The Pau da Merenda diamond-drill holes are shown in Figure 6.8 and the results are summarized below in Table 6.6.

Table 6.6 Pau da Merenda - Magellan Diamond-Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_19_07	87.8	118.0	30.2	1.11
CC_20_07	21.3	22.8	1.5	2.13
CC_20_07	76.0	123.1	47.1	1.76
CC_20_07	143.0	145.0	2.0	1.27
CC_21_07	127.0	127.6	0.6	2.31
CC_21_07	169.0	169.8	0.8	1.99
CC_22_07	4.6	12.2	7.6	1.07
CC_22_07	16.8	18.3	1.5	1.29
CC_22_07	62.8	71.3	8.5	5.07
CC_23_07		No Significant Results
CC_72_10	65.9	69.9	4.0	6.42
CC_75_10	95.8	99.8	4.0	0.68
CC_75_10	240.2	246.2	6.0	2.00
CC_78_10	151.1	158.2	7.1	2.35
CC_80_10		No Significant Results
CC_82_10	0.0	18.3	18.3	0.46
CC_84_10	101.1	106.6	5.5	0.25

Note: All holes were drilled at between -50° and -60°. The intersection widths are not necessarily true widths.

Figure 6.8 Pau da Merenda - Magellan Diamond-Drill Holes

==> picture [422 x 298] intentionally omitted <==

==> picture [20 x 127] intentionally omitted <==

Source: Magellan, 2010. Scale shown on map grid.

==> picture [152 x 22] intentionally omitted <==

6.4.5 Jerimum de Cima Zone

Thirteen diamond-drill holes, totalling 3,195.77 m, were drilled in this zone, six of them in the artisanal workings, and the remainder in the area of a soil anomaly to the northeast. The holes had two orientations: northeast-southwest and northwest-southeast. The length of the holes varies from 62 m to 287 m. A summary of the Jerimum de Cima drill results is found in Table 6.7. The collar locations are shown in Figure 6.9.

Table 6.7 Jerimum de Cima - Magellan Diamond-Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_24_07	93.0	93.9	0.9	3.17
CC_24_07	169.5	170.0	0.5	1.21
CC_24_07	182.5	183.2	0.7	1.16
CC_24_07	224.3	225.8	1.5	1.04
CC_24_07	236.4	237.3	0.9	1.92
CC_24_07	249.0	267.0	18.0	1.17
CC_25_07			No Significant Results
CC_26_07	13.7	15.2	1.5	1.00
CC_26_07	57.4	58.5	1.1	1.35
CC_26_07	73.9	112.9	39.0	5.13
Including	73.9	75.2	1.3	1.73
and	90.9	91.8	0.9	5.42
and	97.3	98.1	0.8	1.53
and	101.6	103.1	1.5	117.26
and	106.2	107.3	1.1	4.71
and	112.0	112.9	0.9	3.47
CC_26_07	117.6	118.5	0.9	2.52
CC_26_07	169.0	169.8	0.8	1.99
CC_26_07	195.4	200.9	5.5	1.97
Including	199.9	200.9	1.0	7.67
CC_27_07	108.4	112.6	4.2	1.83
CC_27_07	122.5	123.2	0.7	1.78
CC_28_07			No Significant Results
CC_29_07			Lost at 62m
CC_30_07	156.3	157.6	1.3	2.02
CC_36_08	150.6	151.1	0.5	1.18
CC_36_08	177.2	178.2	1.0	1.05
CC_36_08	192.8	194.8	2.0	3.27
CC_36_08	229.2	229.7	0.5	1.09
CC_158_11	9.0	18.0	9.0	0.42
CC_161_11	223.7	225.7	2.0	1.00
CC_161_11	298.6	299.6	1.0	2.4
CC_161_11	302.6	303.6	1.0	4.3
CC_161_11	311.6	315.6	4.0	5.49
CC_162_11	170.0	178.0	8.0	0.28
CC_162_11	240.0	244.5	4.5	0.8
CC_166_11	107.8	108.8	1.0	1.3
CC_167_11	232.8	233.8	1.0	1.29

Note: All holes were drilled at between -50° and -65°. The intersection widths are not necessarily true widths.

Figure 6.9 Jerimum de Cima - Magellan Diamond- Drill Holes

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==> picture [20 x 126] intentionally omitted <==

Source: Cabral, 2017.

==> picture [152 x 22] intentionally omitted <==

6.4.6 Jerimum de Baixo Zone

Seventeen diamond-drill holes, totalling 4,002.16 m, were drilled in the Jerimum de Baixo zone, at an azimuth of 40° to 45°, and dipping 50° to 60°. The length of the holes varies from 149 m to 270 m. The Jerimum de Baixo diamond-drill holes are shown in Figure 6.10 and the results are summarized in Table 6.8.

Table 6.8

Jerimum de Baixo - Magellan Diamond-Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_10_06	24.7	82.1	57.4	0.51
CC_91_10	130.0	160.4	30.4	0.40
CC_92_10	101.0	141.0	40.0	0.36
CC_94_10	1.5	106.7	105.2	0.60
Incl.	1.5	42.2	40.7	1.29
CC_95_10	0.0	54.0	54.0	0.39
CC_95_10	113.4	115.7	2.3	1.26
CC_97_10			No Significant Results
CC_98_10	70.0	108.0	38.0	0.67
Incl.	95.0	107.0	12.0	1.69
CC_100_10			No Significant Results
CC_135_11	0.0	17.6	17.6	0.42
CC_135_11	48.1	57.1	9.0	0.63
CC_135_11	68.1	88.1	20.0	0.49
CC_135_11	102.1	104.1	2.0	6.29
CC_137_11	0.0	7.0	7.0	0.76
CC_137_11	29.6	31.6	2.0	0.69
CC_137_11	41.6	66.6	25.0	0.49
CC_137_11	73.6	132.6	59.0	0.28
CC_139_11			No Significant Results
CC_141_11	17.1	58.1	41.0	0.56
CC_141_11	92.1	125.1	33.0	0.28
CC_144_11			No Significant Results
CC_146_11	165.5	167.5	2.0	0.85
CC_146_11	175.5	177.5	2.0	2.63
CC_146_11	202.5	220.5	18.0	0.39
CC_151_11	19.8	21.8	2.0	1.49
CC_151_11	78.8	87.8	9.0	0.40
CC_151_11	97.8	104.8	7.0	0.64
CC_151_11	152.7	155.7	3.0	0.60
CC_151_11	169.7	171.7	2.0	1.07
CC_155_11	37.2	42.2	5.0	0.47
CC_157_11	0.0	8.6	8.6	0.76
CC_157_11	33.7	35.7	2.0	2.40
CC_157_11	127.9	129.9	2.0	2.00

Note: All holes were drilled at between -50° and -60°. The intersection widths are not necessarily true widths.

Figure 6.10 Jerimum de Baixo - Magellan Diamond-Drill Holes

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Source: Cabral, 2017.
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6.4.7 Babi Zone

Seven diamond-drill holes, totalling 2,394.18 m, were drilled in a soil anomaly. The holes were drilled at an azimuth of 25° to 35° and a 50° dip. Their lengths varied from 199 m to 248 m. Discrete, narrow veins were found in this zone, but none returned significant grades as shown in Table 6.9. The location of the Babi diamond-drill holes can be seen in Figure 6.11.

Table 6.9 Babi - Magellan Diamond-Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_85_10		No Significant Results
CC_87_10		No Significant Results
CC_89_10	27	65.5	38.5	0.35
CC_154_11		No Significant Results
CC_160_11		No Significant Results
CC_164_11		No Significant Results
CC_168_11		No Significant Results

Note: All holes were drilled at -50°. The intersection widths are not necessarily true widths.

Figure 6.11 Babi Zone - Magellan Diamond-Drill Holes

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Source: Cabral, 2017.
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6.4.8 Central North Zone

Ten diamond-drill holes totalling 3,470.34 m were drilled to test the Central North zone as shown in Figure 6.12. The results are summarized in Table 6.10 below.

Table 6.10

Central North - Magellan Diamond-Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_123_11	418.2	428.2	10	0.22
CC_123_11	462.5	469.8	7.3	0.38
CC_123_11	485.8	492.25	6.45	0.24
CC_127_11	260.5	268.5	8.0	0.83
CC_127_11	322.6	328.6	6.0	0.21
CC_127_11	357.3	374.3	17.0	0.3
CC_131_11	6.0	28.0	22.0	0.4
CC_131_11	125.5	140.1	14.6	0.33
CC_131_11	148.2	187.6	39.4	1.25
Incl.	157.2	158.2	1.0	9.65
CC_138_11	20.0	47.0	27.0	6.94
CC_148_11	148.4	157.4	9.0	0.94
CC_148_11	177.1	203.1	26.0	0.38
CC_148_11	266.2	282.2	16.0	0.38
CC_148_11	324.2	343.2	19.0	0.49
CC_150_11	54.0	58.5	4.5	0.46
CC_153_11	30.0	32.0	2.0	1.45
CC_153_11	73.1	83.5	10.4	0.60
CC_153_11	94.6	104.6	10.0	0.51
CC_153_11	138.6	142.6	4.0	1.46
CC_153_11	245.0	247.0	2.0	1.35
CC_153_11	259.0	267.0	8.0	0.76
CC_156_11	151.6	153.6	2.0	0.82
CC_156_11	165.0	166.0	1.0	4.73
CC_159_11	51.2	57.3	6.1	1.86
CC_159_11	66.0	68.0	2.0	0.90
CC_163_11	24.0	44.0	20.0	0.59
CC_163_11	109.8	123.8	14.0	0.50
CC_163_11	138.8	140.8	2.0	5.97
CC_165_11		No Significant Results

Note: All holes were drilled at between -50° and -65°. The intersection widths are not necessarily true widths.

Figure 6.12 Central North - Magellan Diamond-Drill Holes

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Source: Cabral, 2017.
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6.4.9 Central SE Zone

Five diamond-drill holes, totalling 1,684.8 m, were drilled to test the Central SE zone. The results are summarized in Table 6.11 below.

Table 6.11

Central SE - Diamond Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_128_11		No Significant Results
CC_132_11		No Significant Results
CC_138_11	20.0	34.0	14.0	13.07
Incl.	24.0	26.0	2.0	84.30
CC_142_11	125.2	125.7	0.5	2.24
CC_142_11	244.9	245.9	1.0	1.30
CC_152_11	20.0	22.0	2.0	1.49

All holes were drilled at between -50° and -71°. The intersection widths are not necessarily true widths.

6.4.10 Guarim Zone

Two diamond-drill holes, totalling 330.7 m, were drilled on the Guarim zone. The results are summarized below in Table 6.12.

Table 6.12

Guarim - Diamond-Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_116_11	52.2	52.7	0.5	30.2
CC_119_11			No Significant Results

All holes were drilled at -60°. The intersection widths are not necessarily true widths.

6.4.11 Ivo Zone

Four shallow diamond-drill holes, totalling 478.15 m, were drilled to test the Ivo zone. The results are summarized in Table 6.13.

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Table 6.13 Ivo - Magellan Diamond-Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_169_12	37.9	45.4	7.5	2.78
Incl.	43.5	44.0	0.5	38.00
CC_169_12	73.1	74.1	1.0	1.26
CC_169_12	81.2	90.0	8.8	1.47
CC_169_12	100.5	102.4	1.9	1.43
CC_169_12	107.7	108.6	0.9	0.59
CC_169_12	117.9	122.1	4.2	0.89
CC_170_12	76.0	79.4	3.4	0.46
CC_170_12	106.6	107.6	1.0	0.62
CC_171_12	54.5	58.6	4.1	0.38
CC_171_12	76.0	77.2	1.2	1.83
CC_171_12	95.0	96.8	1.0	0.53
CC_172_12	0.0	2.0	2.0	0.22
CC_172_12	9.0	10.4	1.4	0.24
CC_172_12	17.0	18.0	1.0	0.42
CC_172_12	33.0	34.0	1.0	0.27
CC_172_12	39.0	45.0	6.0	0.26

Note: All holes were drilled at -50°. The intersection widths are not necessarily true widths.

6.4.12 Ratinho Zone

Four diamond-drill holes, totalling 740.4 m, were drilled to test the Ratinho zone. Two holes were in the northern part of the zone and two in the south. The results are summarized in Table 6.14 below.

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Table 6.14 Ratinho Zone - Magellan Diamond-Drill Hole Summary

Hole ID	From	To	Interval Width(m)	Au(g/t)
CC_173_12	0.0	3.0	3.0	0.31
CC_173_12	55.5	57.5	2.0	0.48
CC_173_12	122.4	123.4	1.0	2.55
CC_173_12	151.9	153.0	1.1	0.65
CC_174_12	37.0	39.0	2.0	0.69
CC_174_12	65.5	66.5	1.0	0.31
CC_175_12	10.5	12.0	1.5	0.44
CC_175_12	22.0	24.9	2.9	0.39
CC_175_12	29.0	31.0	2.0	0.36
CC_175_12	53.0	54.0	1.0	1.32
CC_175_12	57.5	58.0	0.5	0.59
CC_175_12	65.6	66.1	0.5	0.90
CC_175_12	136.0	141.0	5.0	0.39
CC_175_12	158.0	160.0	2.0	0.67
CC_176_12	0.0	10.0	10.0	0.30
CC_176_12	27.0	28.0	1.0	1.59
CC_176_12	29.0	30.0	1.0	0.70
CC_176_12	38.4	40.0	1.6	0.80
CC_176_12	48.0	54.5	6.5	0.50
CC_176_12	64.8	66.8	2.0	0.70
CC_176_12	76.0	77.0	1.0	1.00

Note: All holes were drilled at -50°. The intersection widths are not necessarily true widths.

6.4.13 Standard Logging Procedure

The following is a summary of the logging procedure:

Core logging took place in a secure place.
Drilling contract provided core recovery, and oriented core marks, and Magellan’s technician checked and verified the information.
Core photography was completed at this stage.
A project geologist logged lithology, alteration, mineralogy, structures and marked the core samples.
A Magellan technician took magnetic susceptibility readings of each sample.
Data from the core were entered into a database (Microsoft Access).
The core is stored in secured well-labeled racks.

Drill core logs contain the following information:

Drilling header information: drill hole number, collar coordinates and elevation, location, azimuth, dip, length, and drilling dates.

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Core recovery.
Sample data: sample number with from-to intervals.
Graphic log: columns displaying the lithology.
Letter codes for the digital data base for lithology (rock type, composition, form, and texture), alteration (type, style, intensity, mineralogy), mineralization (type, style, mineralogy, %), structures (type, angle to core).

6.4.14 Diamond-Drill Hole Sampling Procedure

Magellan diamond-drill hole samples were collected on site at Cuiú Cuiú project, using the following protocols (Figure 6.13).

The holes were continuously sampled over the entire length, over approximate 0.5 to 2 m intervals.
A Magellan Geologist or Technician was responsible for the core handling procedures at the drill rigs verifying:
Full core boxes were securely covered and transported to the shack camp at the end of each shift.
Core was properly reassembled and placed in the core box in the correct orientation. After each drill run, the depth of the hole was marked with a wooden block.
Core boxes have the drill hole number, box number “from - to” meter noted on an aluminum tag attached to the front of the box.
Each box was photographed to provide a permanent visual record of the core.
Core recoveries were measured by a Magellan technician.
Core was marked after it has been refitted together as a guide for the core cutter.
Core magnetic susceptibility (from CC_52 onwards) and RQD were measured.
The core was then cut in half along the indicated line.
Both halves were placed in the core box and placed on a logging table.
During the logging the sample intervals down the hole were marked on the box. An aluminum tag showing sample number are attached to the core box.
The core was sampled at 2 m and 1 m intervals, and within the mineralized zone the sample interval was reduced to 0.5 m.
One half of the core was returned to the core box while the other half was placed in the numbered and tagged sample bag.
The bags were immediately sealed with a plastic fastener.

Figure 6.13 Cuiú Cuiú - Magellan Diamond-Drill Core Sampling

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Source: PAH (McMahon, 2011).

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The sample tags have pre-assigned sample numbers to account for the insertion of the two blank, two standards and one duplicate every 50 samples.
Samples were entered in the database.
Groups of bagged samples were placed in larger sacks and marked with the sample numbers.
Samples were shipped using a private airplane to Itaituba.
In Itaituba, samples were checked by Magellan personnel before being taken to the Acme Preparation lab in Itaituba.

6.4.15 Conclusions

In the QP’s opinion, the drilling methods, core logging and sampling procedures employed in the exploration of the Cuiú Cuiú project meet industry standards.

The QP has not found any drilling, sampling, or recovery factors that could materially impact the accuracy and reliability of the sample results.

6.5 MAGELLAN SAMPLE PREPARATION, ANALYSES AND SECURITY

All core samples from the first phase (2006) to third (2008) drill programs were sent to the SGS Geosol Laboratories in Belo Horizonte and/or Itaituba for sample preparation (each hole was submitted as a separate lot to the laboratory). The core samples were weighed, dried and then crushed down to 2 mm (10#), a split of 200 to 300 g was taken and pulverized to better than 95 percent minus 150 mesh. Gold analysis was by fire assay of a 50 g sample. SGS Geosol, which is an ISO 9001: 2000 and ISO 14001:2004 registered laboratory, has a quality control program in place which includes standards, blanks, repeats, and duplicates.

Core from the fourth (2009) and fifth (2010) drill programs was sent to Acme Laboratory (now owned by Inspectorate) in Itaituba for sample preparation. Core samples were weighed, dried, and crushed to down to 2 mm and a 1 kg split taken and pulverized to better than 85 percent minus 200 mesh. Gold analysis was by fire assay of a 50 g sample. Acme is an ISO 9001 registered laboratory and has a quality control program in place which includes standards, blanks, repeats, and duplicates.

The SGS Geosol and Acme Laboratories are commercial assay laboratories that are independent of Magellan, and Cabral.

6.5.1 Quality Assurance/Quality Control (QA/QC) Programs

Since 2009 (hole CC_47_09), the QA/QC program has included the insertion of two standards; two blanks and one duplicate every 50 samples. Before that (CC_01_06 to CC_46_09), two standards and two blanks were inserted every 50 samples.

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Magellan used external analytical standards developed by Rocklabs Ltd., from New Zealand. The standards, which come in sealed foil packages containing 50 g of material, were inserted into batches of samples. SGS Lakefield Geosol and Acme Labs also employ external standards and blanks in each batch of samples as part of their standard laboratory procedures.

At the time the core samples are bagged, duplicates, standard, and blank samples were inserted into the sample sequence with the normal core samples to monitor sampling variances, laboratory precision and accuracy, to identify problems caused by poor sampling, preparation and other assaying practices, possible sample contamination, and other parameters.

All assay results are received electronically from the laboratories along with assay certificates, in paper form, which are mailed separately. These data are added into the database as results become available. Assay results were monitored internally.

Table 6.15 summarizes standards used by Magellan during the life of the Cuiú Cuiú project.

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Table 6.15 Cuiú Cuiú Gold Project - Magellan QA/QC Sample Summary

QA/QC Sample	QA/QC Sample	Cert. Val	Used	Used
Type	Name	Au(g/t)	Years	Number
Blank	AuBlank-25	<0.002	2012	1
Blank	AuBlank-35	<0.002	2011	3
Blank	Blank	<0.002	2009-2012	129
Blank	Blank-11	0.0811	2006	6
Blank	Blank-14	<0.001	2008	37
Blank	Blank-18	<0.002	2008	153
Blank	Blank-36A	<0.002	2012	3
Blank	Blank-9	<0.003	2006	29
Blank	Blank-Granite	<0.002	2010-2012	629
SRM	OXA45	0.0811	2006-2008	127
SRM	OXA59	0.0817	2008	45
SRM	OxC44	0.197	2006-2008	46
SRM	OxD43	0.401	2008	39
SRM	OXE42	0.61	2006	21
SRM	OxH55	1.282	2009-2010	58
SRM	OxH66	1.285	2011	49
SRM	OXH82	1.278	2011-2012	217
SRM	OxK69	3.585	2009-2010	78
SRM	HiSilK2	3.474	2012	3
SRM	SE29	0.597	2009-2010	51
SRM	SF23	0.831	2006-2008	25
SRM	SH24	1.326	2008	37
SRM	SH35	1.323	2009-2011	74
SRM	SJ22	2.604	2008	3
SRM	SL51	5.909	2011	212
SRM	SN38	8.573	2010	97
SRM	SN50	8.685	2011	49
Coarse Duplicates			2009-2012	409
Total				2,630

The QP reviewed the results of the QA/QC analyses and found no evidence of systematic bias or other issues which would cast doubt upon the diamond-drill core assay results.

Since the 2006 program, drill hole logging was performed manually with information entered into Excel spreadsheets for importing into Access, used as the database software.

At no time was any aspect of the sample preparation conducted by an employee, officer, director or associate of Magellan.

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6.5.2 Micon Conclusions

In the QP’s opinion, the sample preparation, security and chain of custody (described in section 6.4.14, above) and analytical procedures employed in the exploration of the Cuiú Cuiú project meet industry standards.

6.6 HISTORICAL MINERAL RESOURCE ESTIMATES

In 2010 Magellan retained PAH to prepare a mineral resource estimate for the Cuiú Cuiú project. The principal author and qualified person for the estimate was Aaron McMahon, P.G., Senior Geologist at PAH. The estimate was supported by a Technical Report filed on SEDAR (www.sedar.com) by Magellan on April 21, 2011 (McMahon, 2011).

The estimate was prepared using assay results from drill core collected by Magellan prior to the end of 2010. The estimate considered a total of 25,955.01 m of diamond-drill core, in 104 exploration holes drilled from 2006 to 2010. Magellan continued drilling after the estimate was completed.

The mineral resource estimate is reported to have been “conducted in accordance with the Standards for Disclosure for Mineral Projects, Form 43-101F1 and Companion Policy 43101CP dated December 23, 2005” (McMahon, 2011). The resource was classified using “Resource and Reserve definitions are as set forth in Canadian Institute of Mining, Metallurgy and Petroleum, CIM Standards on Mineral Resource and Mineral Reserves - Definitions and Guidelines adopted by CIM Counsel on December 11, 2005” (McMahon, 2011).

The resource estimate was performed using a block model constrained by low (>0.01 g/t Au) and high grade (>0.2 g/t Au) domains. A surface separating oxidized (weathered) and fresh rock was also modelled. For each deposit there were multiple high-grade domains.

Grade domain boundaries were treated as hard for grade interpolation which was performed using Ordinary Kriging. Often, single blocks transcend one or more domain boundaries. PAH assigned various percentage values representing the proportion of a block in a given domain. Blocks were then interpolated with multiple grades for each of the domains in which it resides. The final grade for a block was then calculated as the average interpolated grade weighted by their respective percentage volume values. It is not known whether the assays from the oxidized and fresh rock were treated separately or not.

Due to the sparse distribution of samples throughout the project, the majority of the resources were classified as inferred. However, a small portion of the Central deposit has a sample density that the author felt was sufficient to support indicated resources.

For the reasons set out above, the QP believes that discussion of the historical PAH/Magellan mineral resource estimate is relevant to the present report.

The mineral resources at the Cuiú Cuiú project, as estimated by PAH in 2011, are set out in Table 6.166.16.

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PAH reports that the statement of resources in Table 6.16 is constrained by mineable shapes and cut-off grades to meet the requirement that mineral resources must have reasonable prospects for economic extraction. The mineable shapes are either Lerchs-Grossman pits or conceptual underground stopes. Resources falling within the pits are reported at cut-off grades of 0.3 g/t Au for fresh rock or 0.4 g/t Au for saprolite. Stope shapes only include blocks above a cut-off grade of 1.3 g/t Au. The cut-off grades consider a gold price of USD$1,250 per ounce and metallurgical recoveries of 91% for fresh rock and 66% for saprolite.

Table 6.16 Cuiú Cuiú Historical Resource Statement

Zone	Tonnage (x 1,000)	Au Grade (g/t)	Contained Au (koz)
Central	3,400	1.0	100
Moreira Gomes	0	0	0
Total Indicated Resources	3,400	1.0	100
Central	17,000	0.9	500
Moreira Gomes	14,000	1.5	700
Total Inferred Resources	31,000	1.2	1,200

Source: McMahon, 2011.

The mineral resources presented in Table 6.16 above are historical in nature as described in NI 43-101. They were prepared prior to the agreement to acquire the property by Cabral and the Business Combination with San Angelo, and a Qualified Person from Micon has not verified them as current. Furthermore, 72 diamond-drill holes, totalling over 22,000 m, have been drilled at Cuiú Cuiú since the end of 2010, the cut-off date for the most recent mineral resource estimate generated by PAH in 2011. The estimates in Table 6.16 are classified using the categories set out in the Canadian Institute of Mining, Metallurgy and Petroleum’s CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines, as required by NI 43-101. However, Cabral is not treating the mineral resources or mineral reserves as current.

The inferred historical resource summarized in Table 6.16 includes 1.9 million tonnes of saprolite with an average grade of 1.5 g/t Au (containing 90 koz of Au) which was not mined by the garimpeiros.

No other, more recent, estimates are known to have been made prior to acquisition by Cabral. The mineral resources have been re-estimated and are presented in this report.

PAH also provided a complete block model inventory at various cut-off grades in order to show sensitivity to cut-off (Table 6.17).

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Table 6.17 Historical Block Model Inventory

Cut-off Grade Au(g/t)	Indicated Blocks	Indicated Blocks	Indicated Blocks	Inferred Blocks	Inferred Blocks	Inferred Blocks
	Tonnage (x 1000)	Grade Au(g/t)	Contained Metal(oz)	Tonnage (x 1000)	Grade Au(g/t)	Contained Metal(oz)
1	1,000	2.0	66,000	11,000	2.3	830,000
0.9	1,200	1.9	71,000	13,000	2.1	880,000
0.8	1,400	1.7	76,000	15,000	1.9	950,000
0.7	1,600	1.6	82,000	19,000	1.7	1,000,000
0.6	2,000	1.4	89,000	22,000	1.5	1,100,000
0.5	2,400	1.3	97,000	28,000	1.3	1,200,000
0.4	2,900	1.1	100,000	35,000	1.2	1,300,000
0.3	3,500	1.0	110,000	45,000	1.0	1,400,000
0.2	4,500	0.8	120,000	64,000	0.8	1,600,000
0.1	6,200	0.6	130,000	100,000	0.5	1,700,000

Source: McMahon, 2011.

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7.0 GEOLOGICAL SETTING AND MINERALIZATION

7.1 SUMMARY

The following description of the regional geology was drawn mainly from work done by the Brazil Geological Survey. The description of the deposit geology, structural interpretation and geological model was produced from field mapping, core drilling, previous Magellan reports, and other similar occurrences such as Tocantinzinho deposit, which is also located in the Tapajós Mineral Province (TMP).

The Tapajós Region is hosted within the Brazilian Shield, which is Archean to Proterozoic in age and extends from western Bolivia through Brazil to Guyana and Venezuela. The TMP occurs specifically within the Tapajós-Parima terrane, which is one of six terranes or geological provinces recognized within the Brazilian part of the shield. The Tapajós-Parima terrane stretches from the Alta Floresta gold district in northern Mato Grosso state, through the TMP, and continues on the north side of the Amazon River, where granite-hosted gold deposits occur within indigenous reserves in the state of Roraima. The region is characterized by Paleoproterozoic magmatism. The basement is comprised of granite-gneisses of the Cuiú Cuiú Complex of 2015 Ma and is intruded by later the Parauari suite (1.89 Ga), the Maloquinha suite (1.88 Ga) and the latter part of the Irri Irri volcano plutonic suite.

The Cuiú Cuiú project is mostly underlain by granitic to dioritic plutons and granite-gneiss of Early Palaeoproterozoic (Trans-Amazonian) age. Two regional fault systems are identified, with a northwest-southeast trend. One is located to the north, and the second one to the south of the project. The deposit itself occurs in a distinctive structural anomaly, interpreted as a dilational zone, hosted within a large crustal-scale shear known as the Tocantinzinho Trend. This shear hosts many of the more important gold deposits and garimpos in the northern part of TMP.

7.2 REGIONAL GEOLOGY

The Cuiú Cuiú project is located in the central part of the Tapajós Gold Province, which in turn is situated in the central part of the Amazon Craton and covers part of the Ventuari-Tapajós and Tapajós-Parima Provinces and is characterized by Proterozoic magmatism (Figure 7.1).

The basement is mainly formed by granite-gneisses of the Cuiú Cuiú Complex (2015 Ma), while other plutonic rocks are included in the Creporizão suite (1997 Ma), the Parauari suite (1.89 Ga) and the Maloquinha suite (1.88 Ga).

The Creporizão suite includes syenite-granites, monzonite-granites, tonalities and granodiorites, all of which are generally deformed.

Figure 7.1 Regional Geological Map

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Source: McMahon, 2011.
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The Parauari suite is composed of monzonite-granites and granodiorites, with little or no deformation. A significant majority of the TMP gold deposits are hosted within Parauari intrusives, including Tocantinzinho, Palito, Sao Jorge and Bom Jardim.

The Maloquinha suite is characterized by A-type granites, mainly syenite-granites and alkaline-feldspar granites. The Maloquinha granite is sometimes intrusive into the Parauari Granite. Due to the A-type, alkaline nature of the Maloquinha intrusives and associated volcanic rocks, it has been postulated that this suite possibly represents a failed Proterozoic rift.

Volcanics rocks are distributed throughout the Province and are grouped within the Iriri Group or Uatumã Supergroup. Mafic Rocks from the Ingarana Suite and the Cachoeira Seca Suite are part of the Crepori diabase and associated with many of the mineralized structures in the area.

Regional-scale shear zones with a northwest-southeast orientation cut the crystalline units and many of the known gold occurrences are controlled by this tectonic event, such as Sao Jorge, Palito, Tocantinzinho, Coringa, and Mato Velho. Gold occurrences such as Cuiú Cuiú, Tocantinzinho, Mamoal, and Palito, and Sao Jorge are all aligned along this trend.

These crystalline units offer many possibilities for gold and base metal mineral deposits and since the alluvial gold rush of the 1980s and 1990s various types of primary mineralization have been identified.

Gold mineralization in the Tapajós is intrusive-related and shear hosted. Native gold occurs in quartz-sulfide ± carbonate veins and veinlets, and to lesser extend associated with disseminated sulfides. Pyrite is by far the dominant sulfide mineral, with subordinate sphalerite, chalcopyrite and galena. Host rocks are coarse, felsic (usually granitic) intrusive cut by fine grained dykes, although a minority of deposits are hosted in sub-volcanic lithologies. Mineralization is frequently well developed on the contact between the dykes and host intrusive, although rare, post-mineral dykes and intrusive bodies occur. It appears the deposits are genetically “intrusive related gold” type (IRG) with similarities to gold deposits in eastern Alaska and the Yukon as opposed to “orogenic/greenstone” types (D. Moore, ProExplo 2011 Lima Peru).

7.3 CUIÚ CUIÚ PROPERTY GEOLOGY

In 2009, a remote-sensing interpretation of the Cuiú Cuiú area was carried out by Mike Baker, geological consultant. The study involved the mapping of drainages, regoliths, lithologies and structures, based on air photos, Landsat, satellite radar and high resolution Quickbird imagery. One of the products obtained was an image interpreted geological map showing the principal target areas (Figure 7.2), as well as a description of geological units in the project area below (McMahon, 2011).

Figure 7.2 Local Geologic Map

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Source: Cabral, 2017.

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“Younger granites (Late Palaeoproterozoic): One pluton of younger anorogenic granite (unit gr3) is recognized in the northeast of the study area because of its distinctive rounded outline and its interruption of the local structure pattern. According to the published map, this is an alkaline granite of the Malaquinhatype. Less than 10 km east of Cuiú Cuiú there is a circular region of anomalously smooth, deeply weathered terrain with very low drainage density (implying porous material). This feature closely resembles the known Late Palaeoproterozoic granite in the core of the coeval volcanic massif centered just outside the northwest corner of the study area and is therefore mapped as a granite pluton of the same age.”

“Late Palaeoproterozoic volcanics (Iriri Gp.): Unit av consists of rhyolitic volcanics which are thought to be mainly ignimbrite. They form prominent outliers in the northwest corner of the area and are characterized by the presence of pale outcrops visible on the air photos. They are genetically related to the youngest granites. In places they are seen to underlie by darker weathered material (unit bv) which correlates with basaltic and andesite volcanics shown on the published map.”

“Late Palaeoproterozoic sandstone (Buiuçu Fm.): These dense, quarzitic sandstones (units) are equivalent to the Roraima Group of the northern Amazonian craton. They form a gently basinal terrane bounded by a south-facing southern scarp. In the southwest corner of the area there are intrusions (sills?) of dolerite (unit do).”

“Late undifferentiated intrusions: Unit i consists of topographically distinct bodies of small to medium size. Some show annular textures on the Landsat imagery or air photos. They appear to post-date the Palaeoproterozoic (Trans-Amazonian) deformation. Most are likely to be of Late Palaeoproterozoic age, but some may be younger.”

“Late tectonics mafic plutons (Ingarana Suite): Middle Proterozoic anorogenic mafic plutons occur in the region but the gabbros within the study area all appear to be affected by at least some of the Trans-Amazonian faulting and are therefore considered to be similar in age to the late tectonic granites. These gabbroic rocks (unit gb2) can be recognized on the air photos and Landsat as they give rise to a smoother, more rounded terrain than the granites.”

“Late tectonics granites: These are interpreted to be of late Trans-Amazonian age as they are affected by at least some of the deformation but clearly post-date the older granites and gneiss. These late tectonic granites (unit gr2) are mostly topographically prominent.”

“Older granites and gneiss: Unit gm is characterized by topographically featureless terrain, which is generally aligned along and bounded by major faults. Such terrain corresponds in part to the Cuiú Cuiú complex shown on published maps. This unit consists of granite-gneiss, migmatite and possibly also amphibolite, lithologies which tend to be more deeply weathered. No evidence off foliation was visible on the air photos or Landsat image. The remainder of the older basement consists of various granites, some of which are foliated. Differences in topography were used to differentiate them. Unit gr+ corresponds to the more prominent hills, some of which show pale outcrops or soil on the air photos, which are underlain by granitoids with weathering resistance such as potassic and/or hornblende-rich granites. Unit gr- is used for the most weathered granites which are likely to be rich in biotite and plagioclase where there are no distinctive topographic characteristics.”

“Prominent ridges: Ridges along major faults are considered to be siliceous bodies related to fault movements (e.g. silicified mylonite). These are mapped as unit si.”

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7.3.1 Central Target Area - Simplified Geology

The Central target area is underlain by the intrusive igneous Cuiú Cuiú Complex. The mineralization is mainly hosted in an intrusive rock that ranges from a tonalite/granodiorite to a coarse- to medium-grained granite (CLM Petrografia Ltda, 2010). The coarse granite is the most representative host rock. Colour ranges (when not altered) from pale pink to reddish, depending on the amount of microcline.

The host rock is weakly, to moderately foliated in parts. Pre-mineral micro-brecciation and crushing of the granite/granodiorite is widespread, but is not always related to mineralization, although the better mineralized zones are invariably hosted in brecciated granite, indicating that the brecciation is likely an important form of structural preparation.

Within the higher grade portions of the mineralized zone, the intrusive rocks are grey to pink appear weakly sheared and brecciated, and with strong hydrothermal alteration (silicification, sericitization, carbonatization and chloritization), locally displaying roughly preserved relicts of the original texture. In most cases plagioclase is completely altered to sericite. A broader red to pink, low-grade zone of hydrothermal alteration typically surrounds the core alteration zone containing potassium feldspar (and/or hematite) and chlorite and moderately brecciated granitic rocks.

Associated with the intrusive rock, are aplite/pegmatite dikes usually less than 2 m wide but with occurrences up to 6 m in width, displaying a preferred orientation east-west, and to a lesser extent northeast-southwest (Figure 7.3).

Fine-grained, dark-green to dark-gray andesitic dikes are widespread on the Central area. The rock, as described in the petrology report, is “sheared and extremely hydrothermally altered (chloritization, carbonatization and sericitization), preserving subhedral pseudomorphs after plagioclase, relicts from original igneous hypidiomorphic granular texture…” In some cases, no textural relict of the original rock is preserved. These dikes, in general, are riddled with carbonate and quartz veinlets (less quartz than carbonate). Gold grades in these dykes are normally low. Very similar, altered andesite dykes occur at Tocantinzinho and São Jorge, and in fact are ubiquitous throughout the Tapajós. It appears that the larger, stockwork-style gold deposits in the Tapajós, such as Tocantinzinho and Central in Cuiú Cuiú, are associated with dyke swarms. However, this is probably an indication of local structural preparation rather than evidence of a genetic link to the volcanic dykes (D. Moore pers. comm. to McMahon, 2009).

Two preferred orientations have been obtained from oriented core measurements, eastnortheast-west-southwest, dipping 60° to the northwest, and east-west, dipping 70° to the north (Figure 7.3 and Figure 7.6).

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Figure 7.3 Central Zone Simplified Geology

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Source: McMahon, 2011.
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7.3.2 Moreira Gomes Target - Simplified Geology

The Moreira Gomes target is underlain by the intrusive igneous Cuiú Cuiú complex. The mineralization is mainly hosted in a strongly magnetic diorite, with no sign of foliation or

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strong brecciation. The mesoscopic description from the petrology report reads “Coarsegrained mottled to spotted pinkish white intrusive rock, magnetic, displaying white crystals of plagioclase, pale-pink crystals of microcline, colorless quartz, dark-green crystals of chlorite, brownish pink crystals of titanite and yellow crystal of epidote.”

Within the mineralized zone, the diorite is strongly altered (sericitization, chloritization and carbonatization), and variably brecciated and sheared, preserving relicts of the original igneous hypidiomorphic granular texture. The original textures of the fresh diorite is completely overprinted, and the predominant color is gray-green.

Dike-like bodies occur parallel to the main east-west mineralized structure (Figure 7.4 and Figure 7.7). The main composition of these dykes is aplite-pegmatite, and a few of them are chloritized, fine-grain andesite.

A felsic dike rock unit is described in some holes (rhyolitic). It is not altered and is nonmagnetic, with its original porphyritic texture well preserved.

7.4 STRUCTURE

Figure 7.5 shows the main structures identified from the aerial photos and satellite imagery. The Cuiú Cuiú gold project lies between two major faults, identified by Mike Baker (2009), as Fault A (to the southwest of the project), and Fault B (to the northeast). Fault A has a southeastnorthwest trend. To the west of the area it changes direction to north-northwest. Elsewhere in the Amazonian craton, fault zones with similar changes in trend tend to be long-lived features of Archean origin. This fault is interpreted as a major strike-slip structure during the ductile phase of the Trans-Amazonic event.

Fault B has a north-northwesterly direction, parallel to Fault A. This fault is interpreted as an early Trans-Amazonian compressional structure, which was reactivated during the late TransAmazonian event (Figure 7.5).

Most of the structures in the main part of the Cuiú Cuiú project are related to the differential movement between the two regional faults. There are a series of left-lateral faults, parallel to Fault B. Some of these terminate in east-northeast-trending faults, interpreted as late structures.

These northwest-trending structures have the geometry of shear zones, whereas internal second or third-order faults are oriented east-northeast and are probably extensional in origin.

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Figure 7.4
Moreira Gomes Zone Simplified Geology
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Source: McMahon, 2011.
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Figure 7.5 Regional Structural Interpretation

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Source: Cabral, 2017.
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7.4.1 Structural Model

Based on a detailed Airborne Magnetic survey (Horizontal Gradient Map) and oriented core measurements, a local interpretation of the structural model and strain field was carried out.

Figure 7.6 and Figure 7.7 show the aeromagnetic lineaments, the mineralized zones, and a summary of the oriented core measurements for the Central, Moreira Gomes, and Jerimum de Baixo targets.

Table 7.1 summarizes the orientation of the different structures.

Table 7.1

Dip and Dip Direction Averages Obtained from Density Plots

Target	Structure Type	Dip (o)	Dip Direction (o)
Central	Vein/Veinlets	41	263
	Vein/Veinlets	79	231
	Vein/Veinlets	84	359
	Vein/Veinlets	39	187
	Vein/Veinlets	76	117
	Fractures	85	002
	Fractures	85	182
	Fractures	28	167
	Fractures	54	128
	Fractures	31	262
	Dyke	60	332
	Dyke	70	360
Moreira Gomes	Vein/Veinlets	31	305
	Vein/Veinlets	10	341
	Vein/Veinlets	22	318
	Vein/Veinlets	45	252
	Vein/Veinlets	27	11
	Fractures	31	318
	Fractures	38	179
	Fractures	37	082
	Dyke	55	180
	Dyke	37	254
Jerimum de Baixo	Vein/Veinlets	86	193
	Vein/Veinlets	88	000
	Vein/Veinlets	40	119
	Vein/Veinlets	51	179
	Fractures	73	219
	Fractures	83	033
	Fractures	77	063
	Fractures	57	164
	Dyke	83	057
	Dyke	76	193
	Dyke	53	146

Figure 7.6 Central Zone Structural Map

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Source: McMahon, 2011.
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Figure 7.7 Moreira Gomes Zone Structural Map

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Source: McMahon, 2011.
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The Central zone seems to be related to differential movements between two major strike-slip faults, with a dextral movement, and is located in tension gashes related to the shear zone.

Moreira Gomes is located in an east-west-trending, parallel strike-slip fault, with a sinistral sense of movement. At the Jerimum de Baixo target, the zone is not yet well defined, and more drilling is required. However, the target is located along a major strike-slip sinistral fault. This major lineament is probably the contact between two different lithological units.

7.5 ALTERATION

In a regional context, the Cuiú Cuiú gold project displays large zones of alteration. This indicates that large volumes of hydrothermal fluid were focused within the shear zones.

At the prospect scale, gold mineralization is associated with zones of intense sericite alteration. Petrographic studies (CLM Petrografia, 2010), show that primary plagioclase grains have been extensively altered to sericite. This is clearly seen in core samples as the rock changes to a pale green-brown color (Figure 7.8). Sericitization occurs as selvedges within veins. At Central zone, sericitic alteration becomes more massive, as veins/veinlets become more abundant. The primary alteration minerals are sericite-chlorite-silica, and calcite in veinlets (D. Moore, 2011).

A wider and more distal alteration type is the chlorite-hematite/potassium-feldspar alteration, which can reach up to 15-20 m from the mineralized zone. This alteration type is mentioned in most shear-hosted deposits (Peters S. G., Golding S. D., 1989), and in some cases has been described as potassic alteration, although it is not just potassic alteration. This alteration is typified by a strong reddish colouration and can be the result of staining by microcrystalline hematite after magnetite alteration (Figure 7.9).

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Figure 7.8 Sericite Altered Plagioclase Crystals

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Source: McMahon, 2011.

Figure 7.9 Chlorite-Hematite Alteration

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Source: McMahon, 2011.

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7.6 MINERALIZATION

7.6.1 Introduction

The Cuiú Cuiú gold deposit is a stockwork/sheeted veinlet body hosted in granitic rocks (Cuiú Cuiú complex), cut by fine-grained andesitic dykes, and by later aplitic/pegmatitic dykes. Gold mineralization is localized in shear zones which in turn are controlled by a large-scale northwest-southeast-striking lineament (the so called Tocantinzinho trend), probably a crustalscale shear.

The general dimensions of the Cuiú Cuiú deposits have been outlined by core drilling. The Central deposit has been traced 1,350 m in the northwest-southeast direction. It is 150 to 250 m wide, and has been drilled to a vertical depth of 450 m. The Moreira Gomes deposit has been drilled over a strike length of 2,100 m east-west. It is up to 200 m wide, and has been drill tested to a vertical depth of 400 m. Both of these deposits remain open along strike and at depth. The Central North deposit is located approximately 250 m north of the main Central deposit. It consists of four steeply dipping, northwest-striking, sub-parallel higher grade zones surrounded by a low-grade shell. The Central North deposit has a strike length of approximately 450 m, is 150 m wide and has been intersected as deep as 300 m below surface. The Jerimum de Baixo deposit consists of three steeply dipping, northwest-striking, subparallel higher grade zones surrounded by a low-grade shell. The deposit is approximately 650 m long, 150 m wide at its widest point and has been tested to 250 m to depth.

7.6.2 Mineralization Styles

The key feature of both the Central and Moreira Gomes deposits is sheeted quartz-chloritecalcite veinlets, containing pyrite and accessory base-metal sulfides. Veinlets are generally 0.2 to 2.0 cm in width but occasionally are up to 20 cm wide. Chlorite forms ubiquitous selvedges to fractures and veins and replaces ferromagnesian grains (Figure 7.10 and Figure 7.11).

The pyrite content within the zones of stockwork mineralization ranges from 0.5 to 4% in volume, while base-metals values (galena, sphalerite and chalcopyrite) average less than 0.2%. Similar to Tocantinzinho, the mineralization at Cuiú Cuiú can be considered “low sulfide,” with overall sulfide content of less than 2%. However, high-grade gold zones above 10 g/t Au are associated with elevated levels of both pyrite and base-metal sulfides and display significant silicification.

Pyrite is the primary host for native gold, although visible coarse gold is also found associated with base-metal sulfides, particularly galena, sphalerite, and chalcopyrite. Rare fluorite, and amethyst are present (cassiterite is noted in petrographic reports). Individual veins exhibit pinch and swell morphologies. Visible gold grains size ranges from 0.1 to 2.0 mm in diameter. There is a positive correlation between the frequency of quartz veins, the percentage of sulfides present and gold grade.

Figure 7.10 Mineralization Styles (1)

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Source: McMahon, 2011.

Figure 7.11 Mineralization Styles (2)

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Source: McMahon, 2011.

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Gold occurs as the native metal in fracture fillings within pyrite and other sulfides; it occurs on the surfaces of, and in between individual sulfide grains, rarely as inclusions within pyrite. It also occurs as solitary grains up to 1 mm or more in size in quartz-base metal sulfide veins.

The sheeted veinlets and veins show some preferred orientation. At Central there are four main trends, north-south, east-west, north-northeast-south-southwest and northwest-southeast Veinlets dip from 41° to 84°. No preferred orientation of high-grade veins is evident in the drilling conducted to date (Figure 7.12). At Moreira Gomes, there are two main orientations of the veinlets: north-northeast-south-southwest dipping 31° and east-southeast-west-northwest dipping 71°. As at Central, there is no known preferred orientation for the high-grade veins (Figure 7.13).

Figure 7.12

Central Zone Vertical Section

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Source: McMahon, 2011. Scale shown on section grid.

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Figure 7.13 Moreira Gomes Zone Vertical Section

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Source: McMahon, 2011. Scale shown on section grid.

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8.0 DEPOSIT TYPES

8.1 SHEAR-ZONE HOSTED GOLD DEPOSITS

Shear-zone hosted gold deposits are zones of anomalously high strain and form linear mappable units. These linear units occur in generally predictable orientations and are located in certain preferred settings.

In these mappable units, lithologies may be rotated (A), folded (B), dislocated (C), truncated (D), thinned (E), thickened (F), repeated (G) or transposed (H) (Figure 8.1, OGS, 1988).

At the prospect scale, shear-zone hosted gold deposits consist of many individual shear zones that are rarely linear and continuous, but which anastomose, bifurcate, or are discontinuous in both vertical and horizontal dimensions.

Many deformation zones are characterized by structures of both ductile and brittle deformation, which may be coeval or occur at different times (Ramsay, 1980).

These zones generally contain altered rocks, carbonate and hydrous minerals (sericite-biotite), as well as quartz and quartz-carbonate veins (low pressure-temperature conditions). Hematization of feldspars, which imparts a brick red color, is common in altered granitoids and porphyries (McMahon, 2011).

And finally, syn-tectonic to late-tectonic, andesitic to dacitic dykes, as well as aplitic and pegmatitic dykes appear intruding the deformation zones (Wyman and Kerrich, 1986, 1987).

Gold mineralization is hosted by small-scale structures within larger deformation zones. These structures are highly permeable zones, which are preferred sites for mineralization. A change from the brittle to ductile environment occurs with increasing depth.

Gold is associated with large volumes of fluid that have altered the host rock. This fluid, through its influence on the ductile-brittle behaviour of the rocks, will affect the form and distribution of gold bearing structures.

Deposits are lenticular, tabular or irregular shaped bodies composed of veins/veinlets, breccias zones, and/or stockwork systems. Veins transect lithological contacts and are not restricted to a specific rock type. In shear zone hosted gold deposits there is also a vertical zonation, which reflects a change in the deformation style, from brittle to brittle-ductile. For example, breccia veins occur principally within the brittle style of deformation and replacement veins are commonly associated with ductile zones (Figure 8.2).

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Figure 8.1 Block Diagram

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Source: McMahon, 2011 (after OGS, 1988).

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Figure 8.2 Idealized Shear-Zone Hosted Gold Deposit Model

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Source: McMahon, 2011 (after OGS, 1988).

As described in the idealized composite depositional model for Archean lode gold deposits (OGS, 1988) minerals common to gold related alteration zones include:

Carbonates.

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Potassic phyllosilicates (sericite and biotite).
Chlorite associated with calcite and dolomite.
Iron sulphides (pyrite).
Quartz.
Chloritoid minerals.

The most distinctive occurrence of gold is in quartz veins. In some deposits this is the principal location of mineralization, although gold also occurs in altered host rocks. In other deposits, gold is associated with alteration sulfides in the wall rock.

The 200 km long Juneau belt, and the Valdez Creek district in Alaska (R. J. Goldfarb, G. N. Philips, W. J. Nokleberg, 1997), the Charters towers district in Australia (O. P. Kreuzeur, 2004) are examples of gold deposits associated with deformations zones. Table 8.1 lists the reported contained gold in selected granite-hosted shear zone deposits.

Table 8.1 Granite-Hosted Gold Deposits

Mine	Gold (millions oz)
Las Cristinas(Venezuela)	>20
Omai(Guyana)	3.7
Boddington(Western Australia)	3.0
Tocantinzinho(Brazil)	2.5

Source: McMahon, 2011.

8.2 CUIÚ CUIÚ

The main characteristics of the gold deposits at Cuiú Cuiú are as follows (D. Moore, 2011):

The Tocantinzinho Trend is comprised of major northwest-southeast lineaments that control the locations of the most important gold deposits in the Tapajós and are probably crustal-scale shear zones.
Cuiú Cuiú is located along the Tocantinzinho Trend, which also hosts the São Jorge, Palito and Tocantinzinho gold deposits.
Central zone mineralization is related to differential movements that occurred between two major strike-slip faults systems. Moreira Gomes zone mineralization is located in an east-west-trending strike-slip fault.
The primary alteration minerals are sericite, potassium feldspar, chlorite, silica, calcite and hematite.
Andesitic to dacitic dykes are associated with many of the gold occurrences at Cuiú Cuiú; aplitic and pegmatitic dykes are also common. At Central, over a hundred andesitic dykes have been identified from drill holes.

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Mineralized zones at Cuiú Cuiú have irregular shapes, and gold is hosted in vein/veinlets, breccias, stockwork systems and as results of replacement of granitic host rocks.
At both the Central and Moreira Gomes deposits, gold mineralization has been traced over a vertical extent of more than 350 m and to date the lower limits of mineralization have not been defined. In the case of Moreira Gomes, gold mineralization extends more than 2,000 m along strike and remains open.
Gold grades show a correlation with the amount of quartz and intensity of sulfide content and base-metal mineralization.

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9.0 EXPLORATION

Cabral’s exploration campaign commenced with a review of historic data initiated in 2017 and extending into 2018 (Cabral Press Release, December 19, 2017). This involved an assessment of historic geochemical, drilling, and geophysical data (including airborne and ground magnetic, and induced polarization survey data). Eighteen targets were initially identified.

Cabral field exploration programs were initiated in February 2018, with the objective of refining targets for the inaugural 2019 Cabral drill campaign. (Cabral Press Release, February 15, 2018). Field programs continued through 2020, adding additional targets. By the end of 2020, forty-three target areas (Figure 9.1) considered to have significant potential for additional discoveries were being examined. Field work involved a number of integrated methodologies, including one or more of; taking gold counts of pan concentrates from stream sediments, soil sampling, surface-channel and rock-chip sampling, surface trenching, and auger drilling. Pan concentrates were also taken from auger hole material to provide gold counts along with routine analysis. A total of twelve of these targets have now been tested by diamond or RC drilling, in addition to follow-up exploration drilling testing potential highgrade zones at MG and Central (see Section 10).

The cumulative field work completed by Cabral to the end of 2020 is shown in Tables 9.1 and 9.2. Target locations are provided in Figure 9.1, while soil, auger, and rock sample location areas are shown by type on Figure 9.2.

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Table 9.1 Cuiú Cuiú Gold Project - Cabral Sampling Summary by Year

Year	Rock	Soil	Auger Drilling	Auger Drilling	Trenching / Channel Sampling	Trenching / Channel Sampling	Trenching / Channel Sampling	Trenching / Channel Sampling	Trenching / Channel Sampling
			Holes	Samples	Number	Type	Meterage	Samples	Sampled (m)
2018	138	419	522	547	177	TR / CH	3,549.60	1,367	3,263.98
2019	49	1,282	70	138	18	TR / CH	142.64	76	125.70
2020	199	2,103	64	130	35	TR / CH	301.60	170	295.03
Total	386	3,804	656	815	230		3,993.84	1,613	3,684.71

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Table 9.2 Cuiú Cuiú Gold Project - Cabral Sampling Summary by Area

Target	Auger Holes	Auger Holes	Auger Holes	Auger Holes	Trenches/Channel Samples	Trenches/Channel Samples	Trenches/Channel Samples	Soils	Rock	Streams
Name	# holes	meterage	# assay samples	# pan- con samples	# trenches	meterage	# assay samples	# assay samples	# grab assay samples	# pan-con samples
ABM	-	-	-	-	-	-	-	-	4	6
Alonso	26	238.55	50	60	4	79.10	40	298	42	22
Alonso W	-	-	-	-	-	-	-	-	7	47
Babi	41	585.92	39	115	17	148.42	42	-	8	-
Central	40	342.82	30	60	35	713.48	227	-	4	-
Central North	12	151.60	10	22	-	-	-	-	-	-
Central SE	6	88.10	6	12	-	-	-	73	6	-
Chiqueirinho	-	-	-	-	-	-	-	175	-	-
Dona Moça	3	36.05	7	8	3	34.30	16	-	20	-
Filão do Amor	-	-	-	-	2	9.80	6	-	9	-
Fofoca	-	-	-	-	-	-	-	15	1	-

Target	Auger Holes	Auger Holes	Auger Holes	Auger Holes	Trenches/Channel Samples	Trenches/Channel Samples	Trenches/Channel Samples	Soils	Rock	Streams
Name	# holes	meterage	# assay samples	# pan- con samples	# trenches	meterage	# assay samples	# assay samples	# grab assay samples	# pan-con samples
Geraldo	-	-	-	-	-	-	-	-	9	-
Germano	-	-	-	-	2	6.45	6	-	3	-
Guarim	71	551.80	74	149	-	-	-	-	-	-
Hamilton Novo	-	-	-	-	1	40.00	3	-	-	-
Indio	-	-	-	-	4	9.30	9	-	11	-
Indio South	-	-	-	-	-	-	-	-	2	-
Ivo	-	-	-	-	8	114.60	53	-	7	-
JE	-	-	-	-	5	25.44	14	6	7	-
Jerimum de Baixo	-	-	-	-	5	32.81	19	-	9	-
Jerimum de Cima	36	293.43	38	74	24	275.76	117	-	3	-
Jerimum do Meio	6	103.10	6	16	8	90.50	60	-	13	-
Jerimum South	-	-	-	-	-	-	-	-	-	-
JN	35	276.46	68	71	1	15.00	10	11	4	-
Machichie	78	886.00	114	144	21	201.69	98	-	22	-
Machichie NE	-	-	-	-	1	0.76	3	-	-	-
Machichie SW	-	-	-	-	3	106.97	54	-	-	-
Maranhao E	-	-	-	-	-	-	-	-	4	-
Maranhao W	-	-	-		-	-	-	-	1	-
Medusa	36	517.01	77	75	-	-	-	1,281	36	17
Mineiro Cilmar	33	370.40	64	75	-	-	-	1,631	19	-
Mira Boa	96	965.80	99	215	6	110.10	46	30	8	-
Moreira Gomes	-	-	-	-	10	100.88	26	-	2	-
Morro da Lua	1	19.50	2	2	4	2.58	12	7	12	-

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Target	Auger Holes	Auger Holes	Auger Holes	Auger Holes	Trenches/Channel Samples	Trenches/Channel Samples	Trenches/Channel Samples	Soils	Rock	Streams
Name	# holes	meterage	# assay samples	# pan- con samples	# trenches	meterage	# assay samples	# assay samples	# grab assay samples	# pan-con samples
Morro do Facao	-	-	-	-	9	39.60	50	-	11	-
Mutum	-	-	-	-	13	734.60	248	-	3	-
Pau da Merenda	71	554.40	63	130	6	116.70	56	-	-	-
Quebra Bunda	31	382.55	36	76	2	35.50	19	-	3	-
Regional	1	14.00	0	2	19	662.90	254	277	49	30
Seis Irmãos	-	-	-	-	-	-	-	-	5	-
Tracajá	-	-	-	-	2	3.90	3	-	30	-
Vila Rica	33	575.65	32	104	13	255.20	98	-	11	-
Zezinho	-	-	-	-	2	27.50	24	-	1	-
Total	656	6,953.14	815	1,410	230	3,993.84	1,613	3,804	386	116

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Figure 9.1 Cuiú Cuiú Gold Project - Target, Mineral Occurrences, and Deposit Locations

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Source: Cabral 2021

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Figure 9.2 Cuiú Cuiú Gold Project - Areas of Cabral Exploration by Sample Type

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Source: Cabral 2021

The field reconnaissance programs have been very successful in locating numerous new insitu gold occurrences (>1 oz/t Au grab and rock-chip samples), as well as discovering significant new high-grade boulder fields. Follow-up work was also completed at several historic showings discussed in Section 6. Additional details are provided in Cabral press releases: March 21, 2018; June 19, 2018; July 19, 2018, February 11, 2020; February 27, 2020; April 22, 2020; October 20, 2020.

Grab rock samples typically represent mineralized vein and wall-rock material located adjacent to historical artisanal shafts and pits. Where the vein is exposed, composite grab chips are taken across the face. From February 2018 to the end of 2020 a total of 22 grab rock-chip and 257 grab rock samples were taken from in-situ bedrock sources and analysed. Highlights of these in-situ grab and composite chip samples include:

Germano: grades of 8.1 - 264.0 g/t Au
Vila Rica: grades of 0.5 - 80.1 g/t Au
Morro da Lua: grades of 5.5 to 162.4 g/t Au
Jerimum Cima: grades of 2.7 - 123.5 g/t Au
Jerimum Meio: grades of 1.8 - 700.2 g/t Au

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Jerimum North: grades of 10.0 g/t - 52.1 g/t Au
Jerimum East (Grota Rica): grades of 152.6 g/t Au
Machichie: grades of 336 g/t Au
Quebra Bunda: grades of 3,727 g/t Au
Indio: grades of 1.5 - 52.6 g/t Au
Fofoca: grades of 99.8 g/t Au
Filão do Amor: grades of 8.5 - 33.0 g/t Au
Mira Boa: grades of 1.2 - 38.6 g/t Au

Rock grab samples were also taken and analysed from newly discovered fields of transported boulders. From February 2018 to the end of 2020 a total of 107 grab-rock samples were taken from boulders. Highlights of these (Figures 9.1 and 9.3, Table 9.2) include:

Alonso: grades of 11.6 to 200.3 g/t Au
Medusa: grades of 1.1 - 82.1 g/t Au
Dona Moca: grades of 3.9 - 108.3 g/t Au
Tracajá: grades of 24.2 to 165.0 g/t Au

In addition to the high-grade boulder rock- and rock-chip samples, an area was identified at the Cilmar target where abundant coarse nuggets occur in alluvial placer workings (Figures 9.1 and 9.4). Neither the source for the Cilmar nuggets, or any of the boulder occurrences have yet to be positively identified, but it is considered unlikely that the source is too far away.

Figure 9.3

Photo of Quartz Boulders with Pyrite/Boxworks at the Alonso West Target

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Source: Cabral 2021

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Figure 9.4 Photo of a Selection of Coarse Gold Nuggets from the Cilmar Target

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Source: Cabral 2021

Where basement is more continuously exposed, channel samples are taken to better characterise the width and tenor of the mineralization. Trenching has been conducted in some locations to expose the structure where the soil profile is thinner, and the weathered bedrock can be safely accessed (Figure 9.5).

116

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Figure 9.5 Photo of a Trench with Channel Sampling at Mutum

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Source: Cabral 2021

From February 2018 to the end of 2020, Cabral completed 230 trenches, within which 1,613 channel samples were taken and analysed (Figures 9.1 and 9.2, Table 9.2). Details are provided

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in Cabral press releases: August 9, 2018; November 19, 2018; January 29, 2019; February 12, 2019, May 6, 2019; September 30, 2020; January 27, 2021). Highlights from channel sampling and trenching are listed below:

Jerimum Cima target: o 1.9 g/t Au over 12.4 m
15.7 g/t Au over 1.7 m
1.1 g/t Au over 8 m
Jerimum North target:
24.0 g/t Au over 5.3 m (including 19.9 g/t Au over 0.75 m and 371.6 g/t Au over 0.3 m)
Jerimum Meio target: o 35.5 g/t Au over 0.9 m
Machichie (in-shafts; sampling width limited to lateral extent of exposure o 54.6 g/t Au over 0.80 m,
52.5 g/t Au over 0.9 m,
23.8 g/t Au over 1.35 m
13.2 g/t Au over 0.75 m,
13.8 g/t Au over 1.5 m
5.8 g/t Au over 1.75 m.
22.1 g/t Au over 0.75 m
Machichie (in cuttings / pits). o 5.3 g/t Au over 9.5 m, including 30.8 g/t Au over 1.5 m
Villa Rica o 43.3 g/t Au over 0.5 m,
1.1 g/t Au over 10 m,
7.9 g/t Au over 1.9 m
Mutum
1.0 g/t Au over 32 m (including 7.9 g/t Au over 2.5 m),
o 0.9 g/t Au over 16.5 m, and 0.9 g/t Au over 25.5 m.
Pau de Merenda
4.1 g/t Au over 15 m including 23.5 g/t Au over 1.6 m

Soil sampling has been undertaken at a broad range of prospects, building on an extensive historic surface geochemical database (see Section 6). From February 2018 to the end of 2020 Cabral took and analysed 3,804 soil samples from seven grids (Table 9.2, Figures 9.1 and 9.2: see also Cabral press releases May 16, 2019; October 20, 2020).

Key findings were:

Morro da Lua: a gold-in-soil anomaly was identified extending 1.5 km to the east of a series of artisanal shafts, potentially marking the extension of a structure defined by a topographic high.

118

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Medusa: Soil sampling in and around Medusa identified a large coherent gold-in-soil anomaly which extends at least 1.4 km, with a pronounced ESE trend, to the east of a cluster of boulders with high gold grades.
Cilmar: Multiple low-level anomalies were identified in broader soil sampling over the Cilmar area. Given that younger paleo-placer sediments cover lower lying areas, lowlevel anomalies may be significant.

Auger drilling has been used as another tool for geochemical reconnaissance and mapping depth of cover above the basement saprolite (Figures 9.1 and 9.2, Table 9.2). Cabral took samples to characterise the base of the cover and the top of the saprolite geochemistry. From February 2018 to the end of 2020 Cabral drilled 656 auger holes and analysed 815 auger samples for gold (see also Cabral press releases: July 5, 2018; August 27, 2018; March 26, 2019; July 23, 2020).

Auger sample results >0.1 g/t are considered particularly anomalous, given the broader spaced auger drilling, and require follow-up work. In addition, to samples being analysed at the laboratory for gold, larger samples from the remaining material were reduced to concentrates using gold pans. These were also taken at the base of the cover sequence and in basement saprolite. Gold grains were counted for 1,410 auger pan-concentrate samples (Table 9.2) and recorded.

Key findings from the auger program include:

A 5-km gold geochemical auger anomaly defined a corridor, linking the Central SE, Central, Central North, and Pau de Merenda areas (Figures 9.1 and 9.6). The anomaly remains open on strike.
Auger geochemical anomalies were identified in the Machichie area (Figure 9.1), extending east, west and north east of artisanal workings. Multi-element results show coincident anomalous Mo, Pb, Cu, and W.
A shallow auger hole in the reconnaissance program at Cilmar (Figure 9.1) intersected 3.2 g/t Au associated with quartz veining in saprolitized bedrock, suggesting the presence of a bedrock structure.
Auger drilling at other regional prospects (Figure 9.1 and 9.2) included peak results of: o Mira Boa: 1.1 g/t Au
Vila Rica: 0.6 g/t Au
Quebra Bunda: 0.2 g/t Au
Jerimum de Cima: 0.2 g/t Au
Guarim: 0.5 g/t Au
Babi: 0.1 g/t Au

119

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Figure 9.6 Simplified plot of a 5 km Long Auger Geochemical Anomaly Extending from Central SE Northwest Through the Pau de Merenda Targets

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Source: Cabral 2021

Additional field activities have included:

Drone Surveying: Drone surveys were conducted primarily to assist with mapping artisanal pits, shafts and alluvial workings, and elsewhere as a base for mapping and topography. Work has been done in-house, and also through Geosan Geotechnologia Ltda. to produce an updated topographic model over the Central - MG areas.
Collar Survey: In 2018 Cabral purchased a differential GPS: TRIMBLE R8 RTK (base and rover) and SPECTRA SP-60 RTX (01 receiver). This equipment is being used both for onsite survey control for Cabral hole planning and final confirmation, and to check locations of historical-sample and drill-collar locations.
Pan Concentrates: Pan concentrates (Figure 9.7) were also taken from stream sediments when commencing evaluation of new areas on the property that had limited data coverage. Heavy minerals are concentrated from a set 20 L volume of sediment derived from the stream-channel base using a gold pan, to test for drainage systems with gold in their catchment. Individual gold grains within the pan concentrate were counted,

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documented and plotted. 116 pan concentrate samples were taken, with a principal focus on the eastern side of the property (Cabral press releases February 27, 2020; April 1, 2020). Gold counts in some samples exceeded 100 grains.

Figure 9.7 Photo of Gold in a Pan Concentrate Sample from a Drainage at Alonso

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Source: Cabral 2021

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10.0 DRILLING

Cabral drilled 31 exploration diamond-drill holes, totalling 4,098.7 m, and 45 exploration reverse-circulation (RC) drill holes, totalling 2,633 m in 2019 and 2020. Tables 10.1 and 10.2 summarize the Cuiú Cuiú drilling by target and by year, respectively. Tables 10.3 and 10.4 provide collar co-ordinates and orientations for all of the diamond and RC holes, respectively. The location of each of the targets drilled are shown on Figure 10.1.

In addition to taking 1,988 core and 1,175 RC-chip samples to analyse for gold, and where appropriate multi-element ICP analysis, Cabral also measured 3,366 samples of drill core for density. There were only scattered historic core samples measured for density.

The Cabral diamond drilling was designed to follow-up on new targets identified through the regional exploration programs, and to test for potential higher grade zones within known deposits.

Table 10.1 Cuiú Cuiú Gold Project - Drilling Summary by Target

Target	Diamond Drill Holes	Diamond Drill Holes	Diamond Drill Holes		RC Drill Holes	RC Drill Holes	RC Drill Holes
Name	# Holes	Meterage	# Assay Samples	# Density Samples	# Holes	Meterage	# Assay Samples
Alonso	-	-	-	-	15	748.55	249
Central	4	630.30	321	533	-	-	-
J.E	1	123.00	53	85	-	-	-
Jerimum de Cima	2	252.63	91	121	-	-	-
J.N	2	343.50	141	240	-	-	-
Machichie	8	755.68	432	689	2	247.00	157
Machichie NE	1	250.50	116	259	1	157.00	134
Machichie SW	2	143.65	46	95	-	-	-
Medusa	-	-	-	-	21	943.80	416
Moreira Gomes	8	1,068.37	521	881	-	-	-
Morro da Lua	1	183.00	115	156	-	-	-
Quebra Bunda	1	199.58	86	178	-	-	-
Seis Irmãos	1	148.50	66	129	-	-	-
Tracajá	-	-	-	-	6	536.50	219
TOTAL	31	4,098.71	1,988	3,366	45	2,632.85	1,175

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----- Start of picture text -----

Figure 10.1
Cuiú Cuiú Gold Project - Targets Drill Tested in 2019 and 2020
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Source: Cabral 2021
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Table 10.2 Cuiú Cuiú Gold Project - Drilling Summary by Year

Target	Diamond Drill Holes	Diamond Drill Holes	Diamond Drill Holes	Diamond Drill Holes	RC Drill Holes	RC Drill Holes	RC Drill Holes
Year	# Holes	Meterage	# Assay Samples	# Density Samples	# Holes	Meterage	# Assay Samples
2019	31	4,098.71	1,988	3,366	-	-	-
2020	-	-	-	-	45	2,632.85	1,175

Table 10.3 Cuiú Cuiú Gold Project - Diamond Drilling Summary

Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates
BHID	Easting	Northing	Elev.	Az.	Dip	TD	Zone
CC_177_19	553,006.86	9,343,478.40	144.52	0	-50.0	87.30	Machichie
CC_178_19	553,006.86	9,343,478.10	144.50	360	-62.4	121.30	Machichie
CC_179_19	552,834.96	9,343,502.99	114.63	360	-50.2	94.68	Machichie
CC_180_19	552,732.99	9,343,583.95	142.58	180	-50.0	40.50	Machichie
CC_181_19	552,732.99	9,343,583.95	142.58	180	-60.1	149.60	Machichie
CC_182_19	552,555.66	9,343,362.14	112.13	315	-50.4	65.50	Machichie SW
CC_183_19	553,329.12	9,343,700.02	164.33	180	-55.5	250.50	Machichie NE
CC_184_19	553,702.80	9,342,892.64	165.33	315	-59.2	100.50	Moreira Gomes
CC_185_19	553,705.30	9,343,014.33	166.87	135	-60.1	144.00	Moreira Gomes
CC_186_19	553,765.68	9,342,973.39	162.30	0	-50.6	207.20	Moreira Gomes
CC_187_19	553,327.22	9,342,563.38	125.92	0	-51.1	148.50	Seis Irmãos
CC_188_19	553,910.35	9,343,849.97	145.62	0	-49.6	199.58	Quebra Bunda
CC_189_19	550,794.97	9,345,948.18	140.08	180	-50.0	195.00	Jerimum de Cima
CC_190_19	550,829.68	9,345,720.76	134.16	0	-50.0	57.63	Jerimum de Cima
CC_191_19	551,881.38	9,346,111.49	118.05	0	-50.5	123.00	JE/Grota Rica
CC_192_19	550,939.94	9,346,304.85	157.94	0	-49.5	202.50	JN
CC_193_19	550,929.68	9,346,405.49	133.26	0	-52.6	141.00	JN
CC_194_19	550,214.38	9,346,679.17	184.35	310	-56.9	183.00	Morro da Lua
CC_195_19	552,558.07	9,343,362.94	112.44	315	-65.7	78.15	Machichie SW
CC_196_19	553,057.47	9,343,478.42	152.56	0	-49.2	81.00	Machichie
CC_197_19	553,106.08	9,343,478.39	160.61	0	-49.5	87.00	Machichie
CC_198_19	552,957.07	9,343,465.72	132.98	0	-49.4	94.30	Machichie
CC_199_19	553,698.65	9,343,031.47	167.87	180	-49.7	166.67	Moreira Gomes
CC_200_19	553,698.30	9,342,965.35	164.45	180	-50.8	75.00	Moreira Gomes
CC_201_19	554,068.97	9,343,006.40	160.21	180	-60.5	175.00	Moreira Gomes

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Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates
BHID	Easting	Northing	Elev.	Az.	Dip	TD	Zone
CC_202_19	553,610.19	9,343,058.33	172.53	180	-50.0	150.00	Moreira Gomes
CC_203_19	552,998.47	9,342,987.45	121.74	180	-57.2	50.00	Moreira Gomes
CC_204_19	547,935.78	9,345,181.03	168.70	225	-50.4	150.00	Central
CC_205_19	548,140.63	9,344,646.21	128.13	55	-71.5	250.00	Central
CC_206_19	548,105.09	9,344,750.54	131.38	0	-53.6	177.30	Central
CC_207_19	547,823.62	9,345,293.31	158.12	225	-50.1	53.00	Central

Table 10.4 Cuiú Cuiú Gold Project - Details of Cabral RC holes

Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates
BHID	Easting	Northing	Elev.	Az.	Dip	TD	Zone
RC0001_20	556,964.98	9,340,282.70	131.59	0	-50	39	Alonso
RC0002_20	557,119.09	9,340,298.50	152.01	0	-50	72	Alonso
RC0003_20	557,117.85	9,340,340.70	159.62	0	-50	80	Alonso
RC0004_20	557,117.85	9,340,371.00	165.00	0	-50	84.5	Alonso
RC0005_20	557,118.99	9,340,290.70	149.42	0	-60	52	Alonso
RC0006_20	556,963.29	9,340,330.40	130.66	180	-60	42	Alonso
RC0007_20	556,963.26	9,340,335.10	131.20	0	-60	37.5	Alonso
RC0008_20	556,006.28	9,340,035.80	132.44	0	-60	19.9	Alonso
RC0009_20	556,007.80	9,340,045.40	134.05	0	-60	30	Alonso
RC0010_20	556,006.59	9,340,059.10	134.96	0	-60	41.15	Alonso
RC0011_20	556,006.59	9,340,080.50	139.00	0	-60	43	Alonso
RC0012_20	556,006.97	9,340,102.20	139.26	0	-60	36	Alonso
RC0013_20	556,008.58	9,340,120.70	144.92	0	-60	51	Alonso
RC0014_20	557,027.09	9,340,354.00	146.45	0	-60	62.5	Alonso
RC0015_20	557,025.99	9,340,383.50	150.98	0	-60	58	Alonso
RC0016_20	560,575.98	9,341,229.60	197.70	0	-60	55	Medusa
RC0017_20	560,576.12	9,341,206.10	198.35	0	-60	40	Medusa
RC0018_20	560,576.02	9,341,185.76	198.63	0	-60	50	Medusa
RC0019_20	560,575.56	9,341,165.28	196.94	0	-60	83	Medusa
RC0020_20	560,580.66	9,340,972.40	137.24	0	-60	51	Medusa
RC0021_20	560,578.63	9,340,995.70	137.24	0	-60	70	Medusa
RC0022_20	560,579.53	9,341,030.00	136.94	0	-60	23	Medusa
RC0023_20	560,580.66	9,340,952.60	137.59	0	-60	50	Medusa
RC0024_20	560,619.97	9,340,961.20	145.33	0	-60	63	Medusa

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Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates	Cuiú Cuiú Project - RC Percussion Hole Collar Coordinates
BHID	Easting	Northing	Elev.	Az.	Dip	TD	Zone
RC0025_20	560,838.83	9,341,080.30	159.27	0	-60	98	Medusa
RC0026_20	560,838.83	9,341,084.40	159.27	180	-60	26	Medusa
RC0027_20	560,840.40	9,341,062.60	164.18	0	-60	24.5	Medusa
RC0028_20	560,840.97	9,341,049.10	172.08	0	-60	27	Medusa
RC0029_20	560,839.28	9,341,038.10	175.82	180	-60	19	Medusa
RC0030_20	560,839.66	9,341,028.20	171.39	180	-60	29	Medusa
RC0031_20	560,842.57	9,341,012.10	172.17	180	-60	29.4	Medusa
RC0032_20	560,838.85	9,340,995.60	168.73	180	-60	21	Medusa
RC0033_20	560,838.97	9,340,984.40	165.40	180	-60	23	Medusa
RC0034_20	560,831.77	9,341,198.40	155.81	180	-60	41.5	Medusa
RC0035_20	560,831.63	9,341,173.80	168.47	180	-60	35.4	Medusa
RC0036_20	560,838.16	9,341,160.30	157.55	180	-60	85	Medusa
RC0037_20	561,123.08	9,342,971.10	120.10	130	-60	111	Tracajá
RC0038_20	561,215.65	9,342,971.80	126.55	310	-60	82	Tracajá
RC0039_20	561,204.47	9,342,980.80	124.69	310	-60	68	Tracajá
RC0040_20	553,181.90	9,343,478.30	167.90	0	-60	127	Machichie
RC0041_20	553,230.32	9,343,468.40	172.47	0	-60	157	Machichie NE
RC0042_20	553,332.75	9,343,621.90	166.91	0	-60	120	Machichie
RC0050_20	561,251.34	9,343,009.40	124.73	310	-60	105	Tracajá
RC0051_20	561,136.54	9,342,894.00	124.34	310	-60	91.5	Tracajá
RC0052_20	561,095.18	9,342,863.00	124.25	310	-60	79	Tracajá

10.1 MACHICHIE TARGET

The Machichie target (Figures 10.1 and 10.2) was the first new discovery made by Cabral at Cuiú Cuiú (see Cabral press releases: March 21, 2018; July 19, 2018; January 29, 2019: February 12, 2019; February 28, 2019; March 26, 2019; and January 7, 2021). It is located just 500 m north of the MG deposit, one of the historic deposits described in further detail within Sections 6, 12, 13 and 14. At Machichie field work in 2018 identified surface exposures and artisanal workings along an east-west-trending structure, parallel to the MG trend.

The main mineralized trend is also evident in reprocessed magnetics data and has a broad coincident surface geochemical anomaly. Grab samples from exposures and historic workings along this trend returned gold values up to 336 g/t Au, while trenching returned up to 5.3 g/t Au over 9.5 m (including 30.8 g/t Au over 1.5 m) in channel samples. Due to topographic constraints trench results remained open.

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Along with gold mineralization and disseminated pyrite, coarse molybdenite occurs in the veins along with traces of chalcopyrite, while disseminated scheelite is evident in veins and wall rock mineralization using a tungsten lamp.

Figure 10.2 Cuiú Cuiú Gold Project - Machichie Target Area

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Source: Cabral 2021

Drilling in 2019 and 2020 confirmed the presence of a significant east-west-trending mineralized system extending over a strike length of 520 m (Figure 10.2). Mineralization is steeply dipping, and in general there is a narrow zone of higher grade gold mineralization surrounded by a broad lower grade alteration halo (Figures 10.3). In addition to gold, core samples returned elevated levels of molybdenum, copper, and tungsten.

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Figure 10.3 Cuiú Cuiú Gold Project - Machichie Schematic Cross Section 553005 (CC177-19 and CC178-19)

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Source: Cabral 2021

In addition, drilling and trenching also suggests there may be a secondary mineralized highgrade trend occurring between Machichie and MG comprising several parallel structures that trend northeast (Figure 10.2). The best result from one of these potential northeast structures was in CC182-19, which cut 3.4 m at 36.9 g/t Au (including 0.7 m at 162.7 g/t Au).

By the end of 2020, Cabral had completed ten diamond-drill holes and two RC holes testing the Machichie and Machichie SW targets, totalling 899 m and 247 m, respectively. The main east-west-trending Machichie zone remains open in all directions, while the northeast-trending structures are not yet well defined. Additional drilling will be required to establish true width, continuity and size.

Numerous promising drill results have been returned to date, highlighted by:

Diamond-drill hole CC178-19 (Table 10.3, Figures 10.2 and 10.3) returned 2.1 m at 15.3 g/t Au from 91.7 m within the main east-west-trending Machichie magnetic-low target. The high-grade intercept occurred within a broader mineralized envelope that returned 62.8 m at 0.9 g/t Au from 31.6 m.

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Diamond-drill hole CC177-19 (Table 10.3, Figures 10.2 and 10.3) was drilled up-dip on the same section as CC178-19 and returned 3.1 m at 7.3 g/t Au from 61.4 m including 0.6 m at 24.7 g/t Au from 63.6 m. These results confirm vertical continuity of high-grade mineralization from surface to 80 m depth. The zone remains open at depth and continues on strike. The intersection formed part of a broader mineralized envelope that returned 45 m at 1.0 g/t Au from 37.5 m.
Diamond-drill hole CC179-19 (Table 10.3, Figure 10.2) tested the main east-west target and returned 0.5 m at 20.2 g/t Au from 39.1 m. It was drilled 175 m west of CC177-19 and CC178-19. The intersection formed part of a broader mineralized envelope that returned 16.3 m at 1.3 g/t Au from 33.9 m.
Diamond-drill hole CC181-19 (Table 10.3, Figure 10.2) tested the main east-west target, 275 m west of CC177-19 and returned 0.6 m at 10.0 g/t Au from 38.4 m. The intersection formed part of a narrower lower grade interval of 6.6 m at 1.6 g/t Au from 38.4 m.
Diamond-drill hole CC182-19 (Table 10.3, Figure 10.2) targeted a northeast-trending structure, coincident with a northeast-trending magnetic low and returned 3.4 m at 36.9 g/t Au from 32.2 m including 0.7 m at 162.7 g/t Au from 33.9 m, highlighting the potential of northeast-trending structures.
Diamond-drill hole CC196-19 (Table 10.3, Figure 10.2) returned 2.0 m at 5.9 g/t Au from 58.0 m including 0.5 m at 20.1g/t Au from 58.5 m.
RC hole, RC41-20 (Table 10.4, Figure 10.2) is the first RC hole to test the Machichie main structure. It was collared 50 m east of the most easterly previous hole, and returned 34.0 m at 5.4 g/t Au from surface, including 13.0 m at 13.4 g/t Au, within which a there was a very high-grade 3.0 m intercept that graded 48.2 g/t Au.

10.2 MACHICHIE NORTHEAST (NE) TARGET:

At the Machichie NE target area (Figures 10.1 and 10.2) bedrock and basement saprolite are covered by recent sediments and there is no surface exposure. This new discovery was found by following up auger geochemical anomalies of >100 ppb Au with coincident elevated copper, molybdenum and tungsten values. The geochemical anomaly is also coincident with a historic induced-polarization geophysical anomaly and a magnetic low.

The first reconnaissance exploration drill hole (CC_183_19) encountered strong mineralization in bedrock below the cover sequence. Along with significant gold values, it also returned elevated silver, copper and tungsten values that were within the principal intersection. In addition, the tungsten mineral scheelite, and coarse centimeter-sized molybdenite were observed in parallel veins, suggesting the possibility that a concealed intrusive source may be present.

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Only one diamond-drill hole and one RC hole were drilled at Machichie NE prior to the end of 2020 (Tables 10.1, 10.3 and 10.4, Figure 10.2). Both were drilled on the same section. Based on this limited drilling, gold mineralization appears to be steeply dipping, but the strike beneath the cover sequence is not yet known, Additional drilling will be required to establish the overall orientation as well as the true width, continuity and size of Machichie NE. Drilling is currently insufficient to determine true widths in many cases.

Drill hole CC183-19 (Table 10.3, Figure 10.2) targeted a coincident magnetic low, chargeability high and Au-Mo-Cu-W auger anomaly and returned 15.9 m at 1.73 g/t Au from 79 m, including 0.5 m at 21.3 g/t Au from 86.5 m and 1.0 m at 10.3 g/t Au from 91.4 m. Scheelite (CaWO4) and coarse molybdenite (MoS2) were observed in veins and alteration zones within the drill hole, suggesting the proximity to a concealed intrusive source.
Drill hole RC42_20 (Table 10.4, Figure 10.2) was drilled directly above the 2019 discovery hole and returned 17 m at 0.80 g/t Au from 15 depth including 4 m at 2.9 g/t Au.

10.3 SEIS IRMAOS (SIX BROTHERS) AND GUARIM TARGETS

The Seis Irmãos (Six Brothers) and Guarim Prospects lie 300 m and 500 m south of the MG resource respectively (Figures 9.1, 10.1 and 10.4). Both prospects are associated with parallel, variably demagnetized east-west structures, and are open along strike. Grab samples from spoils adjacent to historical shafts at Seis Irmãos returned grades of 17 to 128.6 g/t Au.

At Guarim, one of two historical diamond-drill holes returned 0.5 m at 30.2 g/t Au from 57.2 m, beneath historical workings. A prominent de-magnetized corridor extends westwards from Guarim and trends towards the Mira Boa region.

Cabral completed a single reconnaissance exploration diamond-drill hole at Seis Irmãos, which confirmed the presence of a mineralized structure:

Drill hole CC187-19 (Table 10.3, Figure 10.4) tested an east-west magnetic low which is coincident with a number of high-grade samples collected on surface with gold values ranging from 17 to 55 g/t Au. A coincident gold-in-auger saprolite anomaly is also evident on surface. CC187-19 is located less than 300 m south of MG and intersected 0.7 m at 12.7 g/t Au in a pyritic quartz vein from 62.0 to 62.7 m, within a broader alteration envelope.

Additional drilling will be required to establish the overall orientation as well as the continuity, size and true widths of the Guarim and Seis Irmãos mineralized zones.

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10.4 JERIMUM REGION TARGETS:

The Jerimum region consists of a number of separated target areas (Figures 9.1 and 10.2), with multiple rich alluvial workings and a +100 ppb gold-in-soil anomaly extending over 22 ha. The magnetics shows an array of east-west and northeast-trending structures, most of which remain to be tested. Historical drilling has been focussed on an east-west trend, which has returned peak results of 39 m at 5.1 g/t Au. A single diamond-drill hole in the 2019 campaign identified a western extension to that structure:

Drill hole CC189-19 (Table 10.3) was drilled to test the western extension to the Jerimum Cima zone and returned 24 m at 0.7 g/t Au from surface to 24.0 m including 0.7 m at 8.9 g/t Au.

Grab samples from spoils at abandoned shallow artisanal shafts at Jerimum North have returned 55.4 to 969 g/t Au. A channel sample across a structure exposed in workings returned target returned 5.3 m at 24.0 g/t Au.

Jerimum Meio (JM) is an east-west-trending vein structure that has been identified 2.2 km northwest of the MG gold deposit. Channel sampling of the new vein structure returned 0.9 m at 35.3 g/t Au (open). Surface grab sampling, completed at the JM vein structure during December 2020, returned gold values of 23.7, 42.6, 126.4, 145.8, 162.2 and 700.2 g/t Au. The JM structure has not been drill-tested.

Additional drilling will be required to test the various Jerimum targets to determine orientation as well as the true width, continuity and size.

10.5 MORRO DA LUA TARGET:

The 2018 channel and grab samples identified high-grade gold mineralization in veins associated with an array of recent artisanal shafts and surface workings at Morro da Lua, which are associated with historic soil anomalies of +50 ppb to locally +100 ppb Au. The soil anomaly extends east and northeast of the target area, over an area of 1,500 m east-west x 700 m northsouth. Surface grab samples at Morro da Lua returned results ranging from 5.5 to 162.4 g/t Au within an area of 220 m east-west and 210 m north-south. Magnetics and topography suggest both east-west and northeast structural controls. The target had never been drilled, until Cabral drilled a single reconnaissance-exploration diamond-drill hole in 2019. That hole returned very promising results:

Drill hole CC194-19 (Table 10.3, Figure 10.1) was drilled at the previously untested Morro da Lua target and was designed to test a northeast- and east-west-trending magnetic feature, and a moderate gold-in-soil anomaly. The hole returned 2.8 m at 19.5 g/t Au from 42.2 to 45.0 m including 0.7 m at 70.3 g/t Au. In addition, the hole cut 0.5 m at 9.1g/t Au from 99.9 m and 0.6 m at 14.8 g/t Au from 130.9 m, indicating the presence of at least three high-grade veins.

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Additional drilling will be required to test the Morro da Lua target to determine orientation as well as the true width continuity and size of the mineralized system.

10.6 MOREIRA GOMES (MG) DEPOSIT HIGH-GRADE TARGETS:

The MG deposit (Figures 10.1 and 10.4) was one of four deposits for which Micon generated a mineral resource estimate in 2018 (Table 14.29) in accordance with CIM Estimation of Mineral Resource and Mineral Reserve Best Practice Guidelines (November 23, 2003), and following the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 10, 2014), that are incorporated by reference into NI 43-101. Inferred mineral Resources for the MG deposit are 8.6 MM tonnes averaging 1.45 g/t Au, for 0.4 MM ounces.

The geometry, geology, resources, and other details of the MG deposit are discussed extensively in Section 6 and Sections 12, 13 and 14. In general it comprises a number of broad east-trending steeply north-dipping alteration zones associated with brecciation and shearing that has been traced for 2.2 km, and to a depth of 360 m. Like most other zones within the Cuiú Cuiú project, at MG there are narrow, higher grade vein structures occurring within the broader, lower grade alteration halo, which in the case of MG, is up to 65 m wide.

During the historic diamond-drill programs 18 high-grade intercepts (>10 g/t Au, including six exceeding 1 oz/t Au) were encountered at MG, but none were followed up (Cabral Press Release April 29, 2019). Moreover, the spacing of the historic drill-hole sections were quite wide, typically 50 m to over 100 m, and very few sections had more than one hole - all drilled to various depths. Only 35 historic holes (totaling 9,261 m) currently define the resource.

With the wide drill spacing and overall sparsity of drilling, it was not possible to correlate the high-grade intercepts between sections or within sections with any degree of confidence. Cabral believes it is important to further define and assess these high-grade intercepts, as several were significantly reduced through implementing top cuts in the 2018 resource estimates, and that better defining the higher grade zones may have a material impact on the grade and contained ounces of gold in future resource estimates.

One of the best historic intercepts occurred at downhole depths from 110 m to 120 m in CC10410. It returned 10.0 m at 14.2 g/t Au, including 2.0 m at 70.2 g/t Au, within which occurred a 0.5 m pyrite-rich quartz vein that assayed 264.9 g/t over the width of the vein. This high-grade structure is a footwall vein occurring outside the main resource wireframes used by Micon to determine its 2018 NI 43-101 Inferred Resource, and occurs within the only hole on a section.

A good example of a high-grade structure within the main alteration zone was in historic hole CC69-10. It was also the only hole on a section, and returned a 95 m zone averaging 1.98 g/t Au from 72 m to 167 m downhole. Within that broad interval were three higher grade intervals:

A 3.5 m pyrite and quartz-vein-rich section graded 32.3 g/t Au from 72.8 to 76.3 m downhole. At the top of this intercept were five successive 0.5 m samples which returned 154.5, 36.6, 7.1, 17.4, and 5.4 g/t Au, respectively.

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A strongly altered 4 m section from 83.8 to 87.8 returned 3.3 g/t Au, including 0.5 m averaging 6.1 g/t Au and including 0.5 m at 5.2 g/t.
A strongly altered 4.3 m interval from 129.5 to 133.8 returned 5.81 g/t Au, including 1.0 m at 13.9 and 1.0 m at 5.7 g/t

Another good example of a high-grade structure within the main alteration zone was in historic hole CC101-10. It is the deepest hole, and intercept, at MG. It was also the only hole on a section. CC101-10 encountered a 34 m altered, brecciated and sheared zone averaging 1.77 g/t Au from 387 to 421 m downhole. The hole ends at 425.2 m, and the zone is considered to be unconstrained at depth. Within that broad interval were two higher grade intervals:

A 5.3 m pyrite and quartz-vein-rich section which graded 5.3 g/t Au from 407.25 to 412.5 m downhole, including 0.75 m at 20.6 g/t Au, 0.75 m at 7.4 g/t Au, and 0.75 m at 15.0 g/t Au
A second quartz-vein-rich section occurs near the base of the hole from 420.0 - 421.0 and returned 1.0 m at 9.3 g/t Au.

Cabral’s 2019 diamond-drill program at MG was targeted at following up these isolated historical high-grade intervals to assess whether or not they had any dip or strike extent. Two phases of drilling were completed in 2019 (Tables 10.1 and 10.3). The location of the holes is shown on Figure 10.4.

The first three diamond-drill holes, CC182-19, CC184-19, CC185-19, were oblique holes drilled in the winter of 2019 (Figure 10.4, Table 10.3, see also Cabral Press Release; April 29, 2019) targeting a hypothetical northeast-trending steeply dipping structure that might connect three high-grade quartz- and pyrite-rich intercepts encountered in CC104-10, CC69-10 and CC101-10 described above. Although each of the historic north-dipping holes were on adjacent sections, they were the only holes on each of those sections, and while they all encountered the high-grade mineralization, it was at successively deeper downhole depths, as described above. Unfortunately, none of the Cabral holes encountered the hypothetical northeast structure. Two of the holes did not encounter any basement mineralization, while CC185-19 did cut the main MG zone approximately 200 m above the CC-101-10 deep intercept.

Following the initial disappointing results, Cabral re-evaluated its MG high-grade follow-up program, and determined that smaller step-out holes on section directly up- or down-dip from historic high-grade intervals would be more prudent. Drilling was designed to cut the zone from the north to obtain intercepts closer to expected true widths.

This philosophy was quite successful. The second phase of 2019 diamond drilling at MG included five holes, CC199-19, CC200-19, CC201-19, CC202-19, and CC203-19 (Tables 10.1 and 10.3). Of the five holes, three encountered high-grade gold mineralization above or below

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historic intercepts (Figures 10.4 to 10.7) (see also Cabral press releases; November 7, 2019 and January 20, 2020). CC195-19 missed the zone within a transported cover sequence, while CC-203 was a shallow hole and may have also encountered surface disturbance.

Figure 10.4 MG Core Area Magnetic Image Showing the Location of Cabral and Historic Diamond-Drill Holes

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Source: Cabral 2021

This drilling suggests the various high-grade structural zones may be more continuous and material than previously thought.

In addition to identifying continuity in the high-grade basement zones, the 2019 holes also encountered gold mineralization within a transported cover sequence. At this stage there is insufficient drilling to quantify the impact of the cover mineralization, but it may prove to be important.

Additional drilling will be required to test the high-grade structures to determine orientation as well as define the true width, continuity, size and impact within the overall MG mineralized system. Further drilling is also required to establish the extent and materiality of the cover sequence mineralization.

Highlights of Cabral MG drilling are summarized below:

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Drill hole CC185-19 (Table 10.3, Figure 10.4) was designed to test a hypothetical northeast-trending vein structure, within a structurally complex area where historic drilling previously encountered high grades (e.g. CC104-10 which cut 0.5 m at 264.9 g/t Au, CC69-10 which cut 0.5 m at 154.5 g/t Au and CC101-10 which cut 0.8 m at 20.6 g/t Au. The 2019 hole did intersect the main MG mineralized system, CC185-19 cut 40.9 m at 0.8 g/t Au from 101.4 to 142.3 m, including 10.1 m at 1.3 g/t Au from 101.4 to 111.5 m. The intercept occurs approximately 200 m up-dip from an historic deeper intercept in hole CC101-10, which returned 25 m at 2.3 g/t Au from 396.0 m to 421.0 m, including; 1.5 m at 14.0 g/t Au, 0.8 m at 11.3 g/t Au, and 1 m at 9.3 g/t Au.
Drill hole CC199-19 (Table 10.3, Figures 10.4 and 10.5) was the first of five holes drilled at the MG target that were designed to test a structurally complex area where historic drilling previously encountered high-grades. CC199-19 returned 16.9 m at 9.6 g/t Au from 82.6 m including 7.6 m at 18.5 g/t Au from 91.9 m. The intercept is directly down-dip from the historic intercept in CC69-10 which encountered a 3.5 m pyrite and quartz-vein-rich section averaging 32.3 g/t Au from 72.8 to 76.3 m downhole. At the top of this historic intercept were five successive 0.5 m samples which returned 154.5, 36.6, 7.1, 17.4, and 5.4 g/t Au, respectively. This 2019 result supports the concept that infill drilling may better define and extend the high-grade trends.
Drill hole CC201-19 (Table 10.3, Figures 10.4 and 10.7) returned a zone of high-grade gold mineralization: 7.8 m at 4.7 g/t Au including 0.6 m at 48.5 g/t Au. It was designed to test the up-dip continuity of high-grade mineralization encountered in the easternmost high-grade target within the MG deposit, above historic hole CC79-10, which returned 16.8 m at 5.0 g/t Au including 1.0 m at 56.0 g/t Au and 1 m at 11.6 g/t Au. This 2019 result also supports the concept that infill drilling may better define and extend the high-grade trends.
Drill hole CC202-19 (Table 10.3, Figures 10.4 and 10.6) was designed to test the continuity of high-grade mineralization at the MG deposit and returned 14.2 m at 6.7 g/t Au from 109.4 m depth including 5.6 m at 13.0 g/t Au from 109.4 m and 0.9 m at 22.4 g/t Au from 121.3 m depth. This 2019 result also supports the concept that infill drilling may better define and extend the high-grade trends.

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Figure 10.5 Schematic MG Section 553700E Showing High-grade Intercepts in Cabral Hole CC199-19 and Historic Hole CC69-10

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Source: Cabral 2021

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Figure 10.6 Schematic MG Section 553610E Showing High-grade Intercepts in Cabral Hole CC202-19 and Historic Hole CC50-09

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Source: Cabral 2021

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Figure 10.7 Schematic MG Section 554070E Showing High-grade Intercepts in Cabral Hole CC201-19 and Historic Hole CC79-10

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Source: Cabral 2021

10.7 CENTRAL DEPOSIT HIGH-GRADE TARGETS:

The Central deposit (Figure 10.1) is another of the four deposits for which Micon generated a mineral resource estimate in 2018 (Table 14.29). Indicated Mineral Resources at Central are 5.9 MM tonnes averaging 0.9 g/t Au (0.17MM ounces), and Inferred Mineral Resources are 8.7 MM tonnes averaging 1.13 g/t Au (0.31MM ounces).

The geometry, geology, resources, and other details of the Central deposit are discussed extensively in Sections 6 and in Sections 12, 13 and 14 In general, it comprises a broad northwest-trending, steeply-dipping brecciated and altered zone that has been defined by drilling for 1.2 km and to a maximum depth of 420 m. The deposit remains open on strike and down-dip. Like most other zones within Cuiú Cuiú, at Central there are numerous higher grade

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shear veins and intense breccia zones characterized by very strong hydrothermal alteration that occurs within the lower grade alteration halo. In places the Central low-grade alteration halo is over 100 m wide.

Like MG, the mineralized system is co-incident with an extensive magnetic low (Figure 10.8), which extends 2.3 km to Central North (one of the other deposits for which a 2018 resource was determined). The area between Central and Central North has very few drill holes and the two zones may be part of the same mineralizing system. Indeed, Cabral’s auger drilling program indicates Central lies within a much larger northwest-trending gold geochemical anomaly defined by auger drilling that can be traced for over 4 km (see Section 9, Figure 9.6) from Central SE, through Central, to northwest of Pau de Merenda. Much of this gold anomaly has never been drill tested.

Figure 10.8 Central Area Magnetic Image Showing the Location of Cabral and Historic Diamond Drill Holes

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Source: Cabral 2021

Alteration and deformation intensity at Central is much stronger than at MG, but in general, the mineralized zones are surrounded by a broad, low-grade, red-rock and/or dark chloritic alteration halo that is several hundred metres wide in places. As at MG, the red-rock alteration is characterized by weak to strong microcline (kspar) and/or hematite replacement of

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plagioclase and by chlorite replacement of amphiboles and biotite within various intrusive rocks. Deformation within these plutonic rocks ranges from little to none, to highly brecciated and foliated. The highest gold grades are mainly associated with 1) quartz veining and flooding with abundant pyrite, 2) strongly chloritized, silicified, sulphidized breccias and mylonites, and 3) margins of mafic and felsic dykes.

A total of 76 historic diamond-drill holes, totalling 23,191 m, currently define the resource. Within the broader low-grade zones, 34 high-grade intercepts (>10 g/t Au) were encountered at Central (Cabral Press Release April 29, 2019), Historic drilling was designed to delimit a potential open-pit, bulk-tonnage deposit. The high-grade intercepts were not the focus of historical drill programs and were not followed up. Moreover, sections were very wide-spaced (in places over 200 m, but more commonly 100 m apart, to 50 m in the core area), and most sections just had one hole, all drilled to various depths. This was also the first area ever drilled at Cuiú Cuiú by Magellan, and the strike of the mineralized zone was not known. Many of the early holes drilled in the southern part of the deposit holes were oriented northwest, which ultimately proved parallel to the overall trend of mineralization. In addition, the southern part of the deposit is quite wet at surface, such that holes were collared further from the target than optimal, resulting in generally deeper intercepts.

Of 29 holes intersecting high grades, only 13 had one or more other holes drilled up-dip or down-dip on the same section, some of these intercepts were nearly 400 m down hole, or close to 350 m deep.

As a result, it was not possible to correlate the high-grade intercepts between sections or within sections with any degree of confidence. As mentioned earlier, the Central mineralized zone is much more complex than MG, and at this stage the orientation of the higher grade structures and their true widths are not known. Nevertheless, Cabral believes it is important to better define and assess these high-grade intercepts, as several were significantly reduced through implementing top cuts in the 2018 resource estimates, and that better defined higher grade zones could have a material impact on the grade and contained ounces of gold in future resource estimates.

A good example of multiple high-grade structures within a broader alteration zone was in historic hole CC15-07. This hole was drilled southwest across the mineralized corridor at -65°, and was also only one of two holes drilled on that section. CC15-07 returned two broad intercepts. The upper low-grade intercept occurred in saprolite. It was quite low grade and cut 55.2 m at 0.35 g/t Au from a downhole depth of 6.8 m. The lower intercept was more typical of Central and occurred in bedrock. From 91.8 m to 227.4 m that intercept was pervasively altered, returning 135.6 m at 1.34 g/t Au, within which occurred three higher grade vein structures:

182.2 to 184.8 m to 2.6 m at 7.9 g/t, including 0.9 m at 13.2 g/t Au and 1.0 m at 7.1 g/t Au.
202.0 to 204.0 to 2.0 m at 8.0 g/t Au.

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217.3 to 222.4 m - 5.1 m at 14.1 g/t Au, including 1.8 m at 7.2 g/t Au and 0.7 m at 67.3 g/t Au

Another good example of multiple high-grade structures within a number of broader alteration zones was in historic hole CC13-07. It also encountered a separate discrete deep high-grade zone. This hole was also drilled southwest across the mineralized corridor at -55°, and was the only hole on the northeast-southwest section. It encountered four separate alteration zones, one in saprolite and three in basement. Three of the four reported higher grade intervals are as follows:

from 36.7 to 84.8 m to 48.1 m at 4.5 g/t Au in saprolite, including:

a. from 50.2 to 67.0 m - 16.8 m at 10.8 g/t Au, including:

i. 1.6 m at 5.8 g/t Au ii. 6.1 m at 24.0 g/t Au, including: � 1.5 m at 39.2 g/t Au � 1.6 m at 13.6 g/t Au � 1.5 m at 32.5 g/t Au � 1.5 m at 11.5 g/t Au

b. from 80.8 to 82.8 m - 2.0 m at 8.4 g/t Au
from 95.4 to 121.5 - 26.1 m at 0.9 g/t Au, including 1 m at 13.5 g/t Au.
from 130.3 to 145.3 - 15 m at 0.71 g/t Au.
from 165.2 to 179.5 - 14.3 m at 6.4 g/t Au, including:
a. from 165.2 to 167.2 - 2.0 m at 40.8 g/t Au, including:

i. 1.0 m at 67.7 g/t Au. ii. 1.0 m at 13.9 g/t Au

b. From 176.7 to 177.5 m - 0.8 m at 5.8 g/t Au

The final example is historic hole CC32-08. This hole was drilled southeast at -71°, and is one of the holes drilled parallel to the overall strike of the mineralized system. It pierces orthogonally through the CC15-07 section, approximately 100 m above the higher grade mineralization encountered in CC15-07. As would be expected, CC32-08 encountered numerous mineralized zones from surface and terminated in mineralization. It does, however, illustrate the number of high-grade zones between the northeast-southwest sections that are not well constrained. Two of the basement intercepts were particularly notable, and encountered eight distinct higher grade structures:

from 88.0 to 113.0 m - 25 m at 7.9 g/t Au, including:
a. from 88.0 to 95.8 m - 7.8 m at 22.4 g/t Au, including:
- 0.5 m at 155.3 g/t Au.
- 0.5 m at 52.1 g/t Au.
- 0.6 m at 23.0 g/t Au.
- 2.0 m at 9.3 g/t Au.
- 0.5 m at 61.1 g/t Au
b. from 110.0 to 111.8 m - 1.8 m at 6.8 g/t Au

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from 158.6 m to the end of the hole (330.7 m) - 172.1 m at 1.5 g/t Au, including:
a. from 215.7 to 216.9 m - 1.2 m at 8.3 g/t Au.
b. from 246.6 to 249.8 m - 3.2 m at 33.4 g/t Au, including:
- i. 0.5 m at 25.8 g/t Au.
- ii. 0.5 m at 70.8 g/t Au.
- iii. 0.5 m at 100.9 g/t Au. iv. 0.5 m at 6.7 g/t Au
c. from 250.8.7 to 249.8 m - 0.5 m at 6.9 g/t Au.
d. from 261.2 to 262.2 m - 1.0 m at 9.1 g/t Au.
e. from 293.7 to 294.7 m - 1.0 m at 8.6 g/t Au.
f. from 307.3 to 308.7 m - 1.4 m at 11.0 g/t Au

Cabral’s 2019 four diamond-drill hole program at Central (Figure 10.8, Tables 10.1 and 10.3) was primarily designed to test up and down-dip from several of the historical high-grade intervals to assess whether or not they had any dip extent. One reconnaissance hole, CC20719, was added to test beneath a new surface artisanal working to the northeast of the current resources and did not encounter any significant gold values. The remaining three holes, CC204-19, CC205-19, and CC206-19, all appear to support dip continuity and returned significant gold values on three separate sections (Figures 10.9 to 10.11). Highlights are provided below, (additional details are provided in Cabral Press Release, February 5, 2020):

Diamond-drill hole 204-19 (Table 10.3, Figures 10.8 and 10.9) was designed to test the continuity of high-grade mineralization within the northern part of the Central deposit and returned 17.3 m at 2.1 g/t Au from 128.5 m depth including 6.0 m at 4.9 g/t Au from 130.5 m. This is interpreted to correlate with an up-dip intercept of 6.0 m at 6.7 g/t Au in historic diamond drill hole CC65-10 (Figure 10.9).
Diamond-drill hole 205-19 (Table 10.3, Figures 10.8 and 10.10) intersected an upper and a lower mineralized zone. The upper zone returned 39.6 m at 1.3 g/t Au from 126.6 m including 3.6 m at 6.0 g/t Au and 2 m at 5.0 g/t Au. The lower mineralized zone returned 62.6 m at 0.8 g/t Au from 187.4 m depth including 0.7 m at 10.7 g/t Au, 2.8 m at 5.4 g/t and 0.5 m at 12.0 g/t Au. These are interpreted to correlate up-dip and down-dip with high-grade intervals in historic holes CC15-07 and CC117-11 which were drilled on the section, as well as two orthogonal holes CC32-10 and CC38-10, which pierce the section.
Diamond-drill hole 206-19 (Table 10.3, Figures 10.8 and 10.11) intersected 38.5 m at 1.5 g/t Au including 1.5 m at 6.0 g/t and 1.6 m at 8.6 g/t Au. These are interpreted to correlate up-dip and down with two of four high-grade intercepts in CC13-07, which is the only other hole drilled on the section. The up-dip extension of deep intercept of 4.0 m at 20.9 g/t Au encountered in CC13-07 was not encountered in Cabral’s hole, nor was the down-dip extension of a shallower intercept of 2.0 m at 8.4 g/t Au. That deep intercept is approximate 150 m below the Cabral hole.

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In general the initial three-hole program was successful and does suggest that high-grade gold intercepts can be correlated up and down-dip. While it seems that not all the high-grade structures can be interpreted to have significant vertical continuity, it is also possible that some may have inclined plunges, which cannot be delimited by the spacing of the current drill pattern.

Very few holes have been drilled to test the near-surface potential of the extension of the mineralized zone within the saprolite sequence which is up to 100 m thick. This is partly due to wet surface conditions; however, an attempt to drill this upper weathered sequence needs to be made in order to ascertain the continuity of the mineralized zone into the saprolite, and the impact of weathering on gold grade and rock densities.

Additional drilling will be required to test the high-grade structures to determine orientation as well as define the continuity, size and impact within the overall Central mineralized system. Further drilling is also required to establish the extent and materiality of the cover sequence mineralization as well as true widths.

Figure 10.9 Schematic Central Section Showing High-grade Intercepts in Cabral Hole CC204-19 and Historic Holes CC65-10 and CC102-10

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Source: Cabral 2021

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Figure 10.10 Schematic Central Section Showing High-grade Intercepts in Cabral Hole CC205-19 and on Section Historic Holes CC15-07 and 117-11 and Orthogonal Holes CC32-08, and CC38-10

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Source: Cabral 2021

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Figure 10.11 Schematic Central Section Showing High-grade Intercepts in Cabral Hole CC206-19 and Historic Hole CC13-07

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Source: Cabral 2021

10.8 QUEBRA BUNDA TARGET

A composite rock-chip sample returned 3,727 g/t Au (108.71 oz/t Au) from a shear zone at Quebra Bunda (Figure 10.1) - the highest grade individual sample yet returned at Cuiú Cuiú. The host structure is 0.5 to 1 m wide, and extends at least 365 m along strike based on auger gold and pathfinder element geochemistry. The high-grade zone is associated with box-worked (after sulphide) quartz veins in the widening segment of the vein. A single diamond hole CC_188_19 (Table 10.3) was drilled at depth beneath the position, and whilst intersecting a structure, it did not return significant mineralization. Plunge controls are currently unknown as are the true widths.

10.9 RECONNAISSANCE BOULDER EXPLORATION REVERSE CIRCULATION PERCUSSION DRILLING

In late September 2020, Cabral commenced a reconnaissance drilling program at new targets, with an initial focus on Alonso, Medusa, and Tracajá (Figure 10.1, Tables 10.1 and 10.4). In the absence of any prior drilling or surface exposure, broadly spaced traverses of holes were

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drilled as a first stage of evaluation the Alonso and Medusa boulder discoveries. Holes at the Tracajá boulder discovery targeted a position where anecdotal reports of a vein trend were reported, but the vein position not verified due to surface disturbance. Drilling comprised:

Alonso - Alonso West:
15 holes totalling 749 m of drilling
Medusa
21 holes totalling 944 m of drilling
Tracajá
6 holes totalling 537 m of drilling

Low-level gold mineralization was encountered in the RC chips from these first drill traverses, the objective of which was to identify the position of the host structure.

At Alonso, a peak result of 4 m at 0.60 g/t Au from 45 m was reported from Hole 5 in the eastern sector of the target. Extensive pyritic granite was observed in the western sector of the target, but with no significant gold anomaly. The drill line was orientated north-south, and orthogonal drill lines may be required to effectively test the target.

At Medusa a peak result of 1 m at 1.02 g/t Au from 63 m was reported from Hole 36, within a broader low-level anomalous background (10 to 100 ppb Au). The position corresponds to a valley suggesting some recessive topographic expression of the structural corridor.

Results from Tracajá included 1 m at 0.61 g/t Au from 51 m and 7 m at 0.45 g/t Au from 82 m in hole 50, and 2 m at 0.70 g/t Au from 55 m in hole 51, and 1 m at 0.64 g/t Au from 28 m in hole 52. Whilst these gold values are lower than the blocks sampled on surface, the presence of a mineralized structure is considered by Cabral to be significant and will require further follow-up drilling (Cabral press release of January 20, 2021).

True widths of mineralization for the reconnaissance RC program are unknown.

10.10 DIAMOND DRILLING PROCEDURES SAMPLING SECURITY AND LOGGING

All core samples from the diamond-drilling program were collected by Company staff or dedicated contracts and delivered twice a day to Cabral's core yard in Cuiú Cuiú.
The core was logged, photographed, processed for density measurements, and sampled by dedicated staff.
Cabral’s technical staff recorded core recovery and verified the meterage marks recorded by the drill contractor.

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A project geologist logged lithology, alteration, mineralogy, structures and marked the core samples.
Core was photographed in a wet and dry state, generally after sampling details had been marked on the core. Select examples of the saprolite profile were photographed again after cutting.
Data from the core were entered into a database (Microsoft Access).
Cut core was weighed (weight of individual samples recorded on scales and included in the database).
Individual sample bags are sealed with coded zip ties, and stored in supervised facilities until dispatch, either by air or road freight to Itaituba. From Itaituba the shipments went to sample preparation facilities at SGS Geosol Laboratories in Belo Horizonte or Parauapebas.
The logged core was stored in secured, well-labelled racks.
Aspects of the logging procedure were carried over from historical Magellan practices (refer to section 6.4.13).
Cabral selectively took supplementary chargeability and resistivity readings with a KT20 Terraplus instrument.

10.11 RC SAMPLING PROCEDURE

Cabral operated with two RC rigs during 2020, one was a self-managed rig, the other was a contract rig (see also Section 11).
Samples from Cabral’s self-managed RC program were delivered daily by staff to Cabral's core yard in Cuiú Cuiú. RC samples from the contract RC rig were delivered by designated contractors daily. Prepared samples were zip-tied, weighed, and stored for dispatch via couriers either by air or road freight to Itaituba, and from Itaituba to sample preparation facilities at SGS Geosol Laboratories in Belo Horizonte or Parauapebas.
The contract rig was a Foremost Prospector W750 reverse-circulation drill rig that is capable of drilling holes to a maximum of 400 m depth in good conditions, equipped with a compressor and booster. Samples exit the cyclone pass through a Metzke Riffle Splitter to obtain individual split samples of representing 1 m intervals. The Metzke Riffle Splitter is cleaned with compressed air with each metre of advance. One-metre interval samples were submitted for analysis where they showed evidence of veining or hydrothermal alteration. Samples in unaltered wall-rock zones were composited

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from 2 m split intervals, with the 1 m split from the Metzke Riffle Splitter stored on site for re-analysis if necessary.

Cabral purchased a track-mounted, ASV Scout ST-50, reverse-circulation drill rig equipped with two compressors and a booster. The self-managed rig was dedicated to reconnaissance testing of new regional, previously-undrilled targets. Samples were collected in 1 m intervals, weighed, and split through a Jones Riffle Splitter or cone and quartered. The 1 m interval samples were submitted for analysis where they showed evidence of veining or hydrothermal alteration. Samples in unaltered wall-rock zones were composited from 2 to 4 m intervals, with the 1 m split temporarily held for reanalysis if necessary.
Sample quality was monitored; if sample integrity could not be maintained (excessive water flow or contamination from caving ground in saprolite / overburden), the hole was terminated and a separate hole was drilled to form a “fence” or a scissor hole on section to test for structures where the position is not well constrained. Fences of holes are similarly drilled when the rig reaches point of refusal to advance at reasonable rates in hard basement.
Magnetic susceptibility readings were taken of each metre sample. Samples were scanned with ultraviolet light, with some prospects known to have an association with the tungsten mineral scheelite in associated structures. Samples with scheelite were submitted for multi-element analysis.
A record of each individual sample is maintained in chip tray (one pre-sieved, the other representing the coarse fraction post-sieving).

Logging sheets record sample intervals, the weight of each recovered interval per metre of advance, the mass of the split sample, submitted to the laboratory, the sample condition, the date and supervising geologist.

10.12 CONCLUSIONS

The QP is unaware of any drilling, sampling, or recovery factors that could materially impact the accuracy and reliability of the results.

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11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY

Cabral has in place a series of protocols to govern sample security, quality control and general workflow of the exploration and mineral resource definition activities.

11.1 SAMPLE PREPARATION AND ANALYSIS

All diamond-drill core from the 2019 drill programs was cut on site and sent to SGS Geosol Laboratories for sample preparation. High-priority core was dispatched by courier directly to their laboratory at Belo Horizonte, whereas lower priority samples are sent by courier to their laboratory at Parauapebas. SGS Geosol is an ISO 9001: 2000 and ISO 14001:2004 registered laboratory, has a quality control program in place which includes standards, blanks, repeats, and duplicates. SGS Geosol is independent of Cabral Gold Inc.

At the laboratory the preparation of core samples is undertaken by Method Code PRP102_E, whereby:

the core is oven-dried at 105° C then crushed down to 3 mm; the crushed fraction is homogenised, and quartered.
a split of 250 to 300 g is pulverized to better than 95 percent minus 150 mesh.

The laboratory analyses for gold using the following methods:

FAA505: Fire assay of a 50 g charge, with AAS finish. Detection limit of 5 - 10,000 ppb Au. Over-range samples are repeated by method FAA525.
FAASCR_150: metallic screen fire assay technique with AAS finish: used for samples with predicted or confirmed high-grade gold.
ICP40B: occasional use for pathfinder / lithogeochemical review. Four acid digestion (HCl, HNO3, HF, HClO4) with ICP-OES finish for 36 elements.

Pulps are returned to the Cuiú Cuiú site for storage.

Cabral uses blanks and analytical reference standards supplied by Rocklabs to independently monitor results, including:

Au blank25: <0.002 ppm Au
OxH82: Au = 1.278 ppm
HiSilK2: Au = 3.474 ppm
SL51: Au = 5.909 ppm

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Table 11.1 Cuiú Cuiú Gold Project - QA/QC Sample Summary - Diamond and RC drilling

QA/QC Sample	QA/QC Sample	Cert. Val	Used	Used
Type	Name	Au(g/t)	Years	Number
Blank	AuBlank-25	<0.002	2019-2020	69
SRM	OXH82	1.278	2019-2020	50
SRM	HiSilK2	3.474	2019-2020	51
SRM	SL51	5.909	2019-2020	39
Coarse Duplicates			2019-2020	57
Total				266

Table 11.2

Cuiú Cuiú Gold Project - QA/QC Sample Summary - Trench and Channel Samples

QA/QC Sample	QA/QC Sample	Cert. Val	Used	Used
Type	Name	Au(g/t)	Years	Number
Blank	AuBlank-25	<0.002	2018-2020	45
SRM	OXH82	1.278	2018-2020	34
SRM	HiSilK2	3.474	2018-2020	31
SRM	SL51	5.909	2018-2020	25
Coarse Duplicates			2018-2020	42
Total				177

Table 11.3 Cuiú Cuiú Gold Project - QA/QC Sample Summary - Auger Samples

QA/QC Sample Type Name Blank AuBlank-25 SRM OXH82 Total	Cert. Val	Used	Used
Name	Au(g/t)	Years	Number
AuBlank-25	<0.002	2018-2020	19
OXH82	1.278	2018-2020	20
			39

Table 11.4 Cuiú Cuiú Gold Project - QA/QC Sample Summary - Rock Samples

QA/QC Sample	QA/QC Sample	Cert. Val	Used	Used
Type	Name	Au(g/t)	Years	Number
Blank	AuBlank-25	<0.002	2018-2020	13
SRM	OXH82	1.278	2018-2020	8
SRM	HiSilK2	3.474	2018-2020	9
SRM	SL51	5.909	2018-2020	7
Total				36

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Table 11.5 Cuiú Cuiú Gold Project - QA/QC Sample Summary - Soil Samples

QA/QC Sample	QA/QC Sample	Cert. Val	Used	Used
Type	Name	Au(g/t)	Years	Number
Blank	AuBlank-25	<0.002	2018-2020	37
SRM	OXH82	1.278	2018-2020	31
SRM	HiSilK2	3.474	2018-2020	3
SRM	SL51	5.909	2018-2020	3
Total				74

11.2 SOIL SAMPLING PROCEDURE

The soil sampling procedure was carried over from prior Magellan protocols to maintain consistency of sample medium and sampling practice. Refer to Section 6.

11.3 STANDARD CORE LOGGING PROCEDURE

Aspects of the logging procedures were carried over from historical Magellan practices, (Refer to Section 6).

11.4 AUGER HOLE SAMPLING PROCEDURE

Cabral conducts mechanized auger drilling to evaluate the interface of geochemical anomalies at the base of overburden and the top of saprolite.
Mechanical hand augers (Figure 11.1) and a “Little Beaver” ATV-mounted auger drill (Figure 11.2) were used to drill and obtain samples to a depth of up to 30 m.
A screw-auger attachment is available for the upper metres, material taken at depth for sampling is recovered using a blade attachment in advances of 0.5 m, recovering a coherent in-situ sample (Figure 11.3). The analytical sampling program targets the basal colluvial gravel horizon in areas of residual weathering (or basal sediments in alluvial cover), a horizon that is typically 0.5 to 1 m thick, and the hole extended typically 3 to 5 m into the top of the underlying clay saprolite.
Each saprolite sample was bagged, weighed and split, with a 3 kg portion sent for laboratory analysis. Gold analysis was conducted by SGS method FAA505 (fire assay, 50 g charge). Analytical quality is monitored by the use of certified reference materials and blanks.
The remaining saprolite material is washed and panned on site and the gold grains for each sample were counted, with details entered into a spreadsheet. For empirical plotting, the number of gold counts is normalized to a 50 kg sample.

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The base-of-cover sample above the saprolite interface is screened at 2 to 5 mm to separate and inspect the coarse fraction. The fine fraction was then split and a sample of up to 300 g sent for analysis as a soil sample. The remainder of the sample was again panned and gold grains were counted.
The entire hole was logged to assist in interpreting the character of the overburden - whether it is a transported cover, or a residual weathering region. Field logs on paper are entered into excel spreadsheets and later imported into the Access database.

Figure 11.1 Hand-held Mechanical Auger

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Source: Cabral 2021

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Figure 11.2 Little Beaver ATV Mounted Mechanical Auger

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Source: Cabral 2021

Figure 11.3 Auger Sampling

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Source: Cabral 2021

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11.5 DIAMOND-DRILL HOLE SAMPLING PROCEDURE

The diamond-drill hole sampling procedure was largely carried over from Magellan historical practices, (refer to section 6), excepting that more variable sampling intervals were applied. Sampling was initiated at geological boundaries. Sample intervals were reduced in mineralized areas. The facilities used are shown in Figures 11.4 and 11.5.

Figure 11.4 Core-cutting Facilities

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Source: Cabral 2021

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Figure 11.5 Core-Logging, Photography and Storage Facilities

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Source: Cabral 2021

11.6 SPECIFIC GRAVITY PROCEDURE

Specific-gravity measurements were taken on core samples via the Archimedes method.
For weathered samples, representative sections of half core from different domains of the overburden and weathered basement were hand cut. If samples couldn’t be processed immediately, they were wrapped in plastic cling wrap and placed in a refrigerator to preserve moisture content and measured at the earliest opportunity.
A SCOUT - SPX Scale (Figure 11.6), was used to weigh the samples, with an upper capacity of 6,200 g, measuring in increments of 0.1 g. The scale was “zeroed” before each sample. A cradle to hold the core was attached to the base of the scale to measure the immersed sample.
Samples were weighed first in their moist state, then dried oven dried at 110° C for 12 hours, and re-weighed to determine moisture content.
Porous weathered samples were coated in a thin coating of paraffin wax prior to immersion. The paraffin coating itself is weighed and the mass adjusted for in the calculation.
Specific gravity on fresh core from basement samples is made on half-core after cutting, with no coating of the sample being necessary.

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Data is entered into a spreadsheet for calculation, and uploaded to the database (Microsoft Access).

Figure 11.6 Density Measurement Equipment

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Source: Cabral 2021

11.7 RC SAMPLING PROCEDURES

Cabral operated with two RC drill rigs during 2020, one was a self-managed rig, the other rig was contracted through Geosedna (Figures 11.7 to 11.9).
The Geosedna rig is a Foremost Prospector W750 reverse circulation drill rig that is capable of drilling holes to a maximum of 400 m depth in good conditions, equipped with a compressor and booster. Samples exit the cyclone pass through a Metzke Riffle Splitter to obtain individual split samples representing 1 m intervals. The Metzke Riffle Splitter was cleaned with compressed air after each metre of advance. The Geosedna rig has been focussed on potential future resource target areas at Machichie / Machichie NE. The 1 m-interval samples were submitted for analysis when they show evidence of veining or hydrothermal alteration. Samples in unaltered wall-rock zones are composited from 2 m split intervals, with the 1 m split from the Metzke Riffle Splitter stored on site for reanalysis if necessary.

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Figure 11.7 Cabral Gold Scout ST-50 Drill Rig; Cyclone

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Source: Cabral 2021

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Figure 11.8 Geosedna Rig: Foremost Prospector W750 Rig, Cyclone, Organization of Samples for Dispatch and Storage, Ultraviolet Light Scanning of Chips

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Source: Cabral 2021

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Figure 11.9 Example of Chip Trays, Showing Transition from Saprolite to Fresh Rock

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Source: Cabral 2021

Cabral purchased a track-mounted, ASV Scout ST-50, reverse-circulation drill rig equipped with two compressors and a booster. The rig has been dedicated to reconnaissance testing of new, regional, previously undrilled targets. Samples were collected in 1 m intervals, weighed, and split through a Jones Riffle Splitter or cone

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and quartered. The 1 m-interval samples were submitted for analysis when they show evidence of veining or hydrothermal alteration. Samples in unaltered wall-rock zones were composited from 2 to 4 m intervals, with the 1 m split temporarily held for reanalysis if necessary. An MPP-001-4206 Rotary Sample Splitter has been ordered to mechanize the sample splitting process.

Sample quality was monitored. If sample integrity could not be maintained (excessive water flow or contamination from caving ground in saprolite / overburden), the hole was terminated and a separate hole is drilled to form a “fence” or a scissor hole on section to test for structures where the position is not well constrained. Fences of holes are similarly drilled when the rig reaches point of refusal to advance at reasonable rates in hard basement.
Magnetic susceptibility readings were taken of each metre sample. Samples were scanned with ultraviolet light. Some prospects are known to have an association with the tungsten mineral scheelite in associated structures. Samples with scheelite were submitted for multi-element analysis.
A record of each individual sample was maintained in chip trays (one pre-sieved, the other representing the coarse fraction post-sieving).
Logging sheets recorded sample intervals, the weight of each recovered interval per metre of advance, the mass of the split sample, submitted to the laboratory, the sample condition, and the date and supervising geologist.

11.8 SURVEY PROCEDURES

In 2018, Cabral purchased a TRIMBLE R8 RTK (base and rover) and SPECTRA SP-60 RTX (01 receiver) to enable accurate and precise layout of drill sites and key channel and trench locations (Figure 11.10).

Data was exported from the receiver in UTM South America 196 Zone 21S. The equipment measures horizontal and vertical precision.
Planned collar sites are marked with a survey peg, and the azimuth of the planned hole is marked with a foresight and backsight. Pegs were marked with flagging tape to assist with orientation of the drill rig.
Collar coordinates are verified again after the hole was concluded in case of any necessity to make adjustments, and the data entered in excel hole registers and the master Access database.
Collar positions are marked for future reference with permanent concrete marks tagged with aluminium labels of hole name and details.

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Figure 11.10 GPS Field Surveys

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Source: Cabral 2021

11.9 CONCLUSIONS

It is the QP's opinion that the sample-preparation, security, and analytical procedures described in this report are adequate for the purposes used.

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12.0 DATA VERIFICATION

Micon received a copy of the Cuiú Cuiú Project MS Access database. Check results of various components of this database, by the QP, are discussed in the sections below.

12.1 DRILL COLLAR REVIEW

The first drill-collar locations were initially determined using a GPS Garmin 65SX, which proved to have an acceptable accuracy in horizontal coordinates, but not in elevation. After finishing the third phase of drilling, drill collars were located by measuring the distances and bearing from a hole with known coordinates, using a SUUNTO compass and clinometer, and metric tape.

The QP performed a series of logical checks of the drill-hole coordinates and discovered one collar elevation that was 100 m higher than any other (CC_152_11: 307.8 m). No other issues with the collar data were identified.

During the QP’s site visit, attempts were made to locate a drill-hole collar in some of the deposit zones. Due to the activities of artisanal miners and re-growth of jungle vegetation, no collars were found. The QP recommends that the location of as many collars as still exist be surveyed using a differential GPS.

12.2 DOWNHOLE SURVEY REVIEW

The QP performed logical checks of the digital down-hole survey data. Survey data for seven holes were not found in the database: CC_111_11, CC_119_11, CC_120_11, CC_122_11, CC_147_11, CC_156_11 and CC_173_12. In addition, a number of apparent data-entry errors were discovered and brought to the attention of Cabral personnel. These issues were all addressed by referring to the original survey records and corrected prior to updating the geological models and commencing mineral resource estimation.

12.3 GEOLOGICAL DATA REVIEW

The QP performed logical checks of the summary geological, alteration, mineralization and sample interval datasheets. Random checks were made by comparing the geological data to original logs and core photos. Numerous issues were identified with mismatched “From” and “To” data of adjacent intervals resulting in overlapping intervals and gaps without information. In addition, a large number of duplicate intervals were discovered. These findings were brought to the attention of Cabral personnel and corrected.

12.4 ASSAY DATA REVIEW

The assay data in the database were checked for logical errors, particularly with regards to samples flagged as QA/QC samples. In a number of cases the flagging of these data did not agree with the field in which they were found. These findings were brought to the attention of

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Cabral personnel for clarification and/or correction. All issues identified by the QP were corrected to the QP’s satisfaction. Random checks of the assay database against the original assay lab certificates were made and no additional problems or issues were identified.

12.5 DENSITY REVIEW

In 2009 and 2010, Magellan conducted a density sampling program, taking 218 samples from 44 holes (of 74 available holes). Ninety-one samples were collected from the Moreira Gomes zone and 127 from the Central zone. Small core pieces, 5 cm to 10 cm long, were collected from mineralized zones (strongly altered rock) and some from host rock.

The standard water-displacement method was used, which consists of the following procedure:

Sample is weighed (Ma).
Sample is covered with wax (density: 0.86) and weighed (Mx).
Sample is carefully placed inside a cylinder filled with water, hanging from a line in order not to make contact with the wall of the cylinder, and weighed (Mw).
SG is calculated with the following formula:

SG= Ma/(Mw-((Mx-Ma)/0.86))

The density statistics for both zones are presented in Table 12.1.

Table 12.1 Cuiú Cuiú Gold Project - Density Statistics from Core Samples

SG (t/m3)	Central	Central	Central	Moreira Gomes	Moreira Gomes	Moreira Gomes
	AT	SG	SG Cap	AT	SG	SG Cap
Mean		2.76	2.71		2.78	2.78
Max	309.9	7.11	2.88	228.1	4.69	2.93
Q3	187.1	2.75	2.75	162.7	2.83	2.82
Median	135.0	2.71	2.71	137.0	2.79	2.79
Q1	100.3	2.67	2.67	108.9	2.75	2.75
Min	38.2	2.17	2.42	12.0	1.42	2.6
IQR		0.08	0.08		0.08	0.07
CV		0.18	0.03		0.11	0.03
Number	127	127	114	91	91	84
Capped			13			7

In both deposit datasets, the QP found several outliers at both ends of the distributions which had the potential to bias the mean. Past experience has shown that trimming the population at the 5[th] and 95[th] percentiles eliminates most outliers and produces a more reasonable estimate of density. The effect of capping the density in this way has a significant effect on the mean density of the Central zone while at Moreira Gomes the effect in negligible.

The Cuiú Cuiú original density data are plotted in Figure 12.1 as a function of down-hole depth. The obvious outliers are coloured red. A few data at shallow depths (coloured yellow) show a

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correlation to depth likely due to weathering. In future analyses, it is recommended that the density data be sorted by weathering horizon since in tropical environments, weathering has a great effect on density.

The capped density data are plotted against depth in Figure 12.2 where two distinct populations can be seen representing samples from the Central and Moreira Gomes zones.

Figure 12.1 Cuiú Cuiú - Density vs. Sample Depth

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Source: Micon 2017.

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Figure 12.2 Cuiú Cuiú - “Capped” Density vs. Sample Depth

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----- Start of picture text -----

Source: Micon 2017.
----- End of picture text -----

In light of the issues identified with density data, the QP elected to use default values of 2.7 g/cc in fresh rock and 1.8 g/cc in weathered saprolite and colluvium.

12.6 CONCLUSIONS AND RECOMMENDATIONS

The QP completed the site visit with former employees of Magellan some of whom are associated with Cabral. This, in combination with the review and analysis described above, was determined to support the use of the Magellan data in a mineral resource estimate.

The QP identified a number of issues with the Magellan Cuiú Cuiú diamond-drill hole database, consisting mainly of logical and data-entry errors. A great majority of the issues pertain to holes drilled in 2011 and 2012. All issues identified by the QP were addressed. The QP considers the Cuiú Cuiú data and database to a good basis for mineral resource estimation.

It was recommended that the density data be sorted by weathering horizon since, in tropical environments, weathering has a significant effect on density. This has been completed.

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13.0 MINERAL PROCESSING AND METALLURGICAL TESTING

Resource Development Inc. (RDi) completed a scoping level metallurgical study on behalf of Magellan Minerals using mineralized samples from the Cuiú Cuiú property in 2011. Preliminary bench scale work was undertaken on four composite samples representing four different areas of the prospect, these were described as:

Composite 1: Oxide mineralization from Central area.

Composite 2: Primary mineralization from Central area.

Composite 3: Oxide mineralization from Moreira Gomes area.

Composite 4: Primary mineralization from Moreira Gomes area.

The results from this test program were presented in a report by RDi entitled “Scoping Metallurgical Study for Magellan Minerals Cuiú Cuiú Prospect, Brazil”, dated January 10, 2012.

13.1 METALLURGICAL SAMPLES

The four metallurgical composites were prepared by RDi using analytical rejects based on instructions from Magellan. Most of the samples used for the composites were from the 2009 and 2010 drilling campaigns. A description of the four composite samples and the average analytical results are presented in Table 13.1.

Table 13.1 Metallurgical Composite Analyses

Composite Number	1	2	3	4
Description	Central Oxide	Central Primary	Moreira Gomes Oxide	Moreira Gomes Primary
No. of Samples	11	11	9	10
No. of Drill Holes	4	7	6	4
Weight(kg)	28.4	41.2	13.8	26.5
Au(g/t)- average	1.9	1.8	1.5	1.4
Ag (g/t)- average	7.1	8.9	11.7	3.5
CTOTAL (%)	0.02	0.60	0.10	0.90
CORGANIC (%)	0.02	0.09	0.09	0.11
STOTAL (%)	<0.01	0.46	0.04	1.59
SSULPHIDE (%)	<0.01	0.02	0.02	1.35

The gold and silver head assay values shown in Table 13.1 are based on the average of two analyses. In all cases there were significant variances between the duplicate assays.

The scoping level test work program did not include multi-element analyses and therefore The QP cannot comment on the potential presence of deleterious elements that could have a significant effect on economic extraction.

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The composite samples used for the preliminary metallurgical test work program were considered a reasonable representation of the mineralization found within the Central and Moreira Gomes deposits. No test work has been completed using samples from any of the other deposits included in the Cuiú Cuiú Project.

13.2 METALLURGICAL TESTWORK

A series of gravity separation tests was undertaken by RDi. The 1 kg test samples from each composite were ground to 80% passing (P80) 65 mesh (210 μm), 100 mesh (149 μm) and 150 mesh (105 μm) and fed to a two-stage gravity circuit comprising a laboratory Knelson concentrator and a Gemeni table. The final gravity-concentrate grades and recoveries are summarized in Table 13.2.

Table 13.2 Gravity Separation Test Results

Test Description	Recovery	Recovery	Recovery	Conc. Grade	Conc. Grade
	wt.%	Au %	Ag %	Au (g/t)	Ag (g/t)
Composite 1 - 65 mesh	0.2	13.0	15.1	95.8	95.8
Composite 1 - 100 mesh	0.2	12.7	26.5	111.8	175.8
Composite 1 - 150 mesh	0.3	21.9	30.2	113.4	157.3
Composite 2 - 65 mesh	0.3	18.2	3.1	103.3	8.1
Composite 2 - 100 mesh	0.7	36.8	17.9	110.6	26.5
Composite 2 - 150 mesh	0.5	26.8	12.6	107.8	25.9
Composite 3 - 100 mesh	3.9	22.4	16.9	4.1	4.9
Composite 3 - 150 mesh	0.4	59.4	26.6	247.7	76.5
Composite 4 - 65 mesh	0.6	25.3	0.6	61.3	<1.71
Composite 4 - 100 mesh	0.9	27.8	9.0	49.3	13.7
Composite 4 - 150 mesh	1.5	43.9	16.4	47.2	10.9

These results suggest that for all the composites a portion of the gold is liberated and could be recovered by using a conventional gravity circuit.

A series of standard carbon-in-leach (CIL) bottle-roll leach tests were completed by RDi. Two tests were undertaken on each composite, one with a feed grind (P80) of 100 mesh (149 μm) and one at a P80 of 200 mesh (74 μm). The final gold and silver extractions and reagent consumptions following 48 hours of leaching are presented in Table 13.3.

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Table 13.3 48 Hour Cyanide Leach Test Results

Test Description	Recovery (%)	Recovery (%)	Reagent Consumption(kg/t)	Reagent Consumption(kg/t)
	Au	Ag	NaCN	Lime
Composite 1 - 100 mesh	95.1	67.3	0.23	6.48
Composite 1 - 200 mesh	97.0	69.9	0.24	2.16
Composite 2 - 100 mesh	92.8	26.8	0.24	2.16
Composite 2 - 200 mesh	94.9	9.7	0.84	2.33
Composite 3 - 100 mesh	87.9	46.4	0.67	10.40
Composite 3 - 200 mesh	96.8	55.9	0.65	10.67
Composite 4 - 100 mesh	90.4	43.6	0.54	3.11
Composite 4 - 200 mesh	94.3	22.7	1.25	2.96

13.3 CONCLUSIONS AND RECOMMENDATIONS

The preliminary test work completed to date on oxide and primary samples of Central zone and Moreira Gomes zone mineralization suggest that good gold recoveries can be expected by using conventional free-milling process technologies.

Preliminary gravity separation test results suggest that some of the gold in all composites was liberated and could potentially be recovered using a standard gravity circuit.

Additional metallurgical test work is recommended to optimize the process flowsheet and to test samples from other areas within the Cuiú Cuiú property. Test work to be considered includes:

Mineralogical investigations.
Gold and silver deportment studies.
Multi element chemical analyses of representative samples.
Comminution and hardness testing.
Additional gravity testing.
Flotation amenability testing.
Cyanide leach optimization testing.
Preliminary geochemical analyses of test-work tailings samples.

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14.0 MINERAL RESOURCE ESTIMATES

14.1 INTRODUCTION

Following the completion of a mineral resource estimate by PAH in 2010, Magellan drilled 72 additional diamond-drill holes totalling 22,068 m. Follow-up and step-out holes were drilled on the Central, Moreira Gomes, Babi, Jerimum de Baixo and Jerimum de Cima targets. New drill targets, Central North, Central SE, Guarim, Ivo and Ratinho were also tested.

In 2017, following the acquisition of the Cuiú Cuiú project, Cabral contracted Micon to incorporate that new drilling into new mineral resource estimates of Central and Moreira Gomes and to estimate the mineral resources of Central North and Jerimum de Baixo. The new Cuiú Cuiú Mineral Resource estimate is summarized below in Table 14.1. The near-surface resources are constrained by optimized ultimate open-pit shells and reported at a cut-off grade of 0.35 g/t Au. Resources below the pit shells and deemed potentially mineable by underground methods, are reported at a cut-off grade of 1.3 g/t Au.

Table 14.1 Cuiú Cuiú Mineral Resource Estimate

	Resource Class	Cut-off Au(g/t)	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Open-Pit Deposit
Central	Indicated	0.35	5,886	0.90	171
Total	Indicated	0.35	5,886	0.90	171
Central	Inferred	0.35	7,206	0.98	228
Moreira Gomes	Inferred	0.35	6,713	1.36	293
Central North	Inferred	0.35	160	0.66	3
Jerimum de Baixo	Inferred	0.35	1,993	0.81	52
Total	Inferred	0.35	16,072	1.11	576
Underground Deposit
Central	Inferred	1.30	1,460	1.84	86
Moreira Gomes	Inferred	1.30	1,876	1.77	107
Central North	Inferred	1.30	11	1.45	1
Jerimum de Baixo	Inferred	1.30	100	1.90	6
Total	Inferred	1.30	3,448	1.80	200
Total Deposit
Total	Indicated	-	5,886	0.90	171
Total	Inferred	-	19,520	1.24	776

14.2 GEOLOGICAL INTERPRETATION

14.2.1 Central

The Central deposit consists of 11 steeply dipping, northwest striking, sub-parallel zones of higher grade mineralization. 3D wireframe interpretations, originally generated by Magellan geologists, and reinterpreted by Cabral and the QP to include all of the drill-hole data were

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used to generate the model. The higher grade zones were surrounded by a low-grade shell to capture discontinuous anomalous intersections that are between, but not included in, the highgrade zones. Surfaces were generated to model the topographic surface, base of colluvium and the base of saprolite.

The Central North deposit is located approximately 250 m north of the main Central deposit. It consists of four steeply dipping, northwest striking, sub-parallel higher grade zones surrounded by a low-grade shell. The Central and Central North mineral zone wireframes are shown below in Figure 14.1, looking to the northeast.

Figure 14.1 3D Isometric View of the Central Deposit Mineral Zone Wireframes

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Source Micon, 2018

14.2.2 Moreira Gomes

The Moreira Gomes deposit consists of nine steeply dipping, east/west striking, sub-parallel zones of higher grade mineralization. Three-dimensional wireframe interpretations, originally generated by Magellan geologists, and reinterpreted to include all drill-hole data were used to generate the model. The Moreira Gomes mineral zone wireframes are shown in Figure 14.2, below. The higher grade zones were surrounded by a low-grade shell to capture discontinuous anomalous intersections that are between, but not included in, the high-grade zones. Surfaces were generated to model the topographic surface, base of colluvium and the base of saprolite.

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Figure 14.2 3D Isometric View of the Moreira Gomes Mineral Zone Wireframes

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Source Micon, 2018

14.2.3 Jerimum de Baixo

The Jerimum de Baixo deposit consists of three steeply dipping, northwest-striking, subparallel higher grade zones surrounded by a low-grade shell. The high-grade zones are shown in Figure 14.3.

Figure 14.3 3D Isometric View of the Jerimum de Baixo Mineral Zone Wireframes

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Source Micon, 2018

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14.3 EXPLORATORY DATA ANALYSIS

14.3.1 Drill-Hole Database

The Central deposit database contains 75 diamond-drill holes totalling 23,061.24 m from which 13,839 samples (representing 21,081.9 m of core) were collected and assayed for Au. The statistics of the Central sample database are summarized by mineral zone in Table 14.2.

The Moreira Gomes deposit database contains 42 diamond-drill holes totalling 11,195.61 m from which 6,559 samples (representing 9,989.9 m of core) were collected and assayed for Au. The statistics of the Moreira Gomes sample database are summarized by mineral zone in Table 14.3.

The Jerimum de Baixo deposit database contains 17 diamond drill holes totalling 4,002.3 m from which 2,586 samples (representing 3,946.3 m of core) were collected and assayed for Au.

The statistics of the Jerimum de Baixo sample database are summarized by mineral zone in Table 14.4.

14.3.2 Bulk Density

There is a limited number of bulk-density measurements available for the Cuiú Cuiú project and very few from the weathered saprolite and colluvium horizons. Therefore, uniform bulk densities of 2.7 g/cc in fresh rock and 1.8 g/cc in saprolite and colluvium were used to calculate tonnages.

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Table 14.2 Central - Magellan DDH Sample Summary Statistics

	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples
	Min Zone	Mean	Max	Q3	Median	Q1	Min	IQR	Std. Dev.	CV	Number
Central	1	0.23	1.27	0.376	0.130	0.056	0.0025	0.32	0.24	1.04	45
	2	1.23	58.70	0.721	0.239	0.074	0.0025	0.65	5.42	4.40	493
	3	0.72	10.60	0.513	0.262	0.096	0.0025	0.42	1.67	2.32	59
	4	0.85	34.50	0.401	0.171	0.054	0.0025	0.35	3.78	4.45	172
	5	1.31	19.80	0.530	0.114	0.040	0.0025	0.49	3.25	2.48	101
	6	0.91	39.16	0.719	0.263	0.069	0.0025	0.65	2.71	2.98	1,028
	7	1.54	67.68	0.581	0.138	0.039	0.0025	0.54	6.13	4.00	143
	8	0.28	5.13	0.352	0.105	0.023	0.0025	0.33	0.58	2.04	118
	9	1.48	155.29	0.704	0.225	0.049	0.0025	0.66	8.06	5.44	840
	10	0.42	7.48	0.408	0.144	0.028	0.0025	0.38	0.81	1.95	604
	11	0.49	1.71	0.641	0.244	0.159	0.0025	0.48	0.55	1.13	27
	15	0.11	27.46	0.078	0.027	0.009	0.0025	0.07	0.55	5.13	5,424
Central North	21	0.31	4.12	0.287	0.101	0.043	0.0025	0.24	0.55	1.78	195
	22	0.63	9.65	0.621	0.142	0.026	0.0025	0.60	1.41	2.25	214
	23	0.28	3.68	0.336	0.076	0.014	0.0025	0.32	0.58	2.06	87
	24	0.26	0.98	0.401	0.224	0.038	0.0025	0.36	0.25	0.96	23
	25	0.06	4.34	0.057	0.013	0.005	0.0025	0.05	0.21	3.29	1,391
	99	0.10	86.20	0.036	0.011	0.003	0.0025	0.03	1.40	14.44	9,216
Total		0.27	155.29	0.097	0.023	0.007	0.0025	0.09	2.33	8.65	20,180

Table 14.3 Moreira Gomes - Magellan DDH Summary Sample Statistics

Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples
Min Zone	Mean	Max	Q3	Median	Q1	Min	IQR	Std. Dev.	CV	Number
1	1.77	85.5	1.243	0.553	0.224	0.0025	1.02	6.31	3.57	543
2	4.58	154.5	1.037	0.741	0.248	0.009	0.79	20.37	4.45	60
3	1.96	216.4	0.959	0.330	0.150	0.008	0.81	15.44	7.88	197
4	0.80	3.93	1.053	0.509	0.176	0.059	0.88	0.97	1.21	30
5	0.71	3.65	0.941	0.393	0.118	0.0025	0.82	0.86	1.21	61
6	0.93	4.30	0.922	0.566	0.356	0.0025	0.57	1.05	1.14	53
7	0.88	4.69	1.023	0.461	0.133	0.007	0.89	1.32	1.50	31
8	0.60	9.15	0.449	0.301	0.252	0.053	0.20	1.41	2.34	40
9	0.84	1.85	1.340	0.777	0.408	0.223	0.93	0.55	0.66	22
15	0.38	264.9	0.127	0.027	0.007	0.0025	0.12	7.89	20.99	2,259
99	0.08	46.2	0.024	0.007	0.0025	0.0025	0.02	1.21	15.14	6,610
Total	0.32	264.9	0.073	0.011	0.0025	0.0025	0.07	4.99	15.53	9,906

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Table 14.4 Jerimum de Baixo - Magellan DDH Summary Sample Statistics

Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples	Au(g/t) Samples
Min Zone	Mean	Max	Q3	Median	Q1	Min	IQR	Std. Dev.	CV	Number
1	0.64	9.4	0.684	0.264	0.116	0.005	0.57	0.99	1.54	252
2	0.44	3.09	0.391	0.292	0.07	0.006	0.32	0.66	1.48	116
3	1.64	9.39	0.798	0.389	0.192	0.02	0.61	2.86	1.74	52
15	0.15	4.29	0.179	0.073	0.035	0.0025	0.14	0.26	1.70	865
99	0.09	17.3	0.053	0.015	0.007	0.0025	0.05	0.62	7.14	2,589
Total	0.17	17.3	0.112	0.031	0.009	0.0025	0.10	0.71	4.19	3,874

14.4 GEOLOGICAL MODELING

14.4.1 Block-Model Parameters

Block modelling was performed in Datamine Studio RM. A parent block size of 10 m by 5 m by 10 m in the X, Y and Z directions, respectively was selected. Parent blocks were sub-divided to more closely honour the mineral zone wireframes and the surfaces representing topography, base of colluvium and base of saprolite. The minimum sub-block size was 5 m by 1 m by 5 m.

The Central deposit mineral zones strike northwest/southeast. The block model was rotated 45° clock-wise about the Z-axis to orient its X-axis parallel to the strike of the deposit. The block model parameters are summarized below in Table 14.5.

Table 14.5 Central Block Model Parameters

Central	X	Y	Z
Origin	546,500	9,345,500	-300
Maximum			220
Extents	3,000	1,600	520
Parent Block Size	10	5	10
Blocks	300	320	52

Note: Rotation: 45° clock-wise about Z-axis.

The Moreira Gomes block model parameters are summarized in Table 14.6 below. No rotation of the model was required since the deposit strikes east-west.

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Table 14.6 Moreira Gomes Block Model Parameters

Moreira Gomes	X	Y	Z
Origin	551,950	9,342,250	-250
Maximum	555,050	9,343,450	200
Extents	3,100	1,200	450
Parent Block Size	10	5	10
Blocks	310	240	45

Note: No rotation required.

The Jerimum de Baixo deposit has an average strike of 120°. The block model was rotated 30[o] clock-wise about the Z-axis to orient its X-axis parallel to the strike of the deposit. The blockmodel parameters are summarized below in Table 14.7.

Table 14.7 Jerimum de Baixo Block Model Parameters

Jerimum de Baixo	X	Y	Z
Origin	550,650	9,343,850	-200
Maximum			200
Extents	1,250	850	400
Parent Block Size	10	5	10
Blocks	125	170	40

Note: Rotation: 30° clock-wise about Z-axis.

14.5 COMPOSITE STATISTICS AND CAPPING

The Central, Moreira Gomes and Jerimum de Baixo deposit drill holes were composited to a nominal 2 m length. The compositing process honoured geological boundaries and all data within a mineral zone were included by selecting a composite length, close to 2 m, that divided the mineralized interval into equal parts. The composites were also flagged with domain codes, which were used to separate the composites for capping analysis and resource estimation. The summary statistics of the uncapped composites for Central, Moreira Gomes and Jerimum de Baixo are shown in Table 14.8, Table 14.9 and Table 14.10, respectively. Histograms and cumulative probability plots are found in Appendix 2.

14.5.1 Capping Analysis

In precious metal deposits, the data typically fit a positively skewed lognormal distribution where the population mean is greater than the median and a small number of high-grade assays can have a large effect on the mean. These high-grade assays are often referred to as “outliers” and can account for a significant proportion of the apparent metal content of a deposit. In order to prevent high outlier assays from having a disproportionate effect on grade interpolation, it is common practice to apply a maximum capping value to these assays.

The Central, Moreira Gomes and Jerimum de Baixo deposit capping thresholds were initially selected by looking for breaks in the cumulative probability plots (Appendix 2) while paying

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attention to the coefficient of variation (CV = standard deviation/mean) and the effect on the metal content. A high CV, greater than 2.5, often indicates that capping is required. As a final check, grade estimates were generated for a given mineral zone to assess the impact of different capping thresholds on the global zone estimate.

The summary statistics of the Central capped composite database are shown in Table 14.11 along with the capping thresholds selected for each domain, the number of composites which required capping and the effects of capping. A similar summary for Moreira Gomes is shown in Table 14.12. No capping was required at Jerimum de Baixo or Central North. Please note that the “Metal Loss” shown in these tables is the difference in the length-weighted mean of the un-capped and capped populations. The effect on the estimated block model grades and metal content will likely be different.

Table 14.8 Central Deposit - Uncapped Composite Summary Statistics

	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)
	Min Zone	Mean	Max	Q3	Median	Q1	Min	IQR	CV	Number
Central	1	0.22	0.62	0.381	0.161	0.062	0.004	0.32	0.82	33
	2	0.88	29.43	0.790	0.334	0.119	0.004	0.67	2.54	252
	3	0.44	4.86	0.386	0.206	0.099	0.023	0.29	1.79	44
	4	0.49	8.34	0.526	0.296	0.121	0.005	0.40	2.05	76
	5	1.33	16.12	0.496	0.174	0.069	0.009	0.43	2.56	46
	6	0.87	30.36	0.845	0.353	0.094	0.0025	0.75	2.42	633
	7	0.97	39.82	0.296	0.101	0.025	0.0025	0.27	4.69	80
	8	0.27	5.13	0.363	0.110	0.024	0.0032	0.34	2.13	92
	9	0.98	34.88	0.745	0.250	0.063	0.0025	0.68	3.08	535
	10	0.40	5.73	0.435	0.171	0.039	0.0025	0.40	1.65	449
	11	0.52	0.77	0.685	0.514	0.382	0.263	0.30	0.38	8
	15	0.11	9.51	0.096	0.035	0.012	0.0025	0.08	3.42	2,808
Central North	21	0.26	2.21	0.227	0.138	0.059	0.008	0.17	1.37	101
	22	0.61	4.27	0.709	0.288	0.060	0.0025	0.65	1.50	72
	23	0.35	2.72	0.360	0.166	0.028	0.0025	0.33	1.56	42
	24	0.24	0.56	0.362	0.295	0.022	0.0025	0.34	0.86	12
	25	0.06	2.67	0.068	0.024	0.007	0.0025	0.06	2.52	597
Total		0.36	39.82	0.247	0.066	0.018	0.0025	0.23	4.04	5,880

176

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Table 14.9 Moreira Gomes Deposit - Uncapped Composite Summary Statistics

Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)	Au(g/t) - 2 m Composites(Uncapped)
Min Zone	Mean	Max	Q3	Median	Q1	Min	IQR	CV	Number
1	1.42	44.99	1.094	0.605	0.251	0.004	0.84	2.86	197
2	2.90	48.95	0.843	0.552	0.355	0.009	0.49	3.29	26
3	2.00	104.94	1.285	0.433	0.192	0.008	1.09	5.58	88
4	0.71	2.26	1.000	0.501	0.243	0.070	0.76	0.86	13
5	0.66	1.97	0.867	0.579	0.257	0.043	0.61	0.84	17
6	0.91	4.30	0.878	0.580	0.394	0.0025	0.48	1.02	35
7	0.71	4.69	0.661	0.517	0.243	0.026	0.42	1.42	19
8	0.57	2.60	0.403	0.323	0.291	0.242	0.11	1.21	11
9	0.72	1.21	1.070	0.675	0.396	0.231	0.67	0.57	8
15	0.15	49.97	0.126	0.033	0.007	0.0025	0.12	9.84	1,367
Total	0.46	104.94	0.254	0.072	0.011	0.0025	0.24	7.34	1,781

Table 14.10

Jerimum de Baixo Deposit - Uncapped Composite Summary Statistics

Min Zone	Mean	Max	Q3	Median	Q1	Min	IQR	CV	Number
1	0.52	5.09	0.583	0.278	0.153	0.02	0.43	1.38	104
2	0.48	3.04	0.473	0.329	0.160	0.009	0.31	1.30	50
3	1.39	9.39	0.819	0.364	0.206	0.02	0.61	1.80	24
15	0.15	4.29	0.174	0.085	0.041	0.0025	0.13	1.78	434
Total	0.29	9.39	0.257	0.120	0.050	0.0025	0.21	2.37	612

Table 14.11 Central Deposit - Au (g/t) Capping Summary

Min Zone	Threshold	Data Capped	Data Capped	Metal	Uncapped	Uncapped	Capped	Capped
		Num	%	Loss	Mean	CV	Mean	CV
1	n/c	-	-	-	0.22	0.82	0.22	0.82
2	10	1	0.4%	5%	0.88	2.54	0.80	1.78
3	n/c	-	-	-	0.44	1.79	0.44	1.79
4	n/c	-	-	-	0.49	2.05	0.49	2.05
5	10	2	4.3%	19%	1.33	2.56	1.07	2.16
6	20	2	0.3%	3%	0.87	2.42	0.84	2.15
7	10	1	1.3%	39%	0.97	4.69	0.60	2.67
8	n/c	-	-	-	0.27	2.13	0.27	2.13
9	10	7	1.3%	19%	0.98	3.08	0.80	2.01
10	n/c	-	-	-	0.40	1.65	0.40	1.65
11	n/c	-	-	-	0.52	0.38	0.52	0.38
15	3	5	0.2%	6%	0.11	3.42	0.10	2.42
21	n/c	-	-	-	0.26	1.37	0.26	1.37
22	n/c	-	-	-	0.61	1.50	0.61	1.50
23	n/c	-	-	-	0.35	1.56	0.35	1.56
24	n/c	-	-	-	0.24	0.86	0.24	0.86
25	n/c	-	-	-	0.06	2.52	0.06	2.52

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Table 14.12 Moreira Gomes - Au (g/t) Capping Summary

Min Zone	Threshold	Data Capped	Data Capped	Metal	Uncapped	Uncapped	Capped	Capped
		Num	%	Loss	Mean	CV	Mean	CV
1	11.5	2	1.0%	19%	1.42	2.86	1.15	1.57
2	10	1	3.8%	52%	2.90	3.29	1.40	1.69
3	20	1	1.1%	49%	2.00	5.58	1.03	2.17
4	n/c	-	-	-	0.71	0.86	0.71	0.86
5	n/c	-	-	-	0.66	0.84	0.66	0.84
6	n/c	-	-	-	0.91	1.02	0.91	1.02
7	n/c	-	-	-	0.71	1.42	0.71	1.42
8	n/c	-	-	-	0.57	1.21	0.57	1.21
9	n/c	-	-	-	0.72	0.57	0.72	0.57
15	2	4	0.3%	34%	0.15	9.84	0.10	1.85

14.6 GRADE ESTIMATION

The Central, Moreira Gomes and Central North deposit mineral resources was estimated using Ordinary Kriging (OK). The data at Jerimum de Baixo are too sparse to allow the calculation of useable semi-variograms. The Jerimum de Baixo mineral resources was estimated using inversed-distance squared (ID[2] ).

14.6.1 Variography

The Central deposit semi-variograms are shown in Table 14.13 below. Due to the sparseness of the data in many of the mineral zones, it was not always possible to calculate useable semivariograms. In those situations, the semi-variogram from a nearby, better drilled zone was used to estimate the grade. At Central, the semi-variogram from mineral zone 2 was used in zones 1, 3, 4 and 5 and the zone 6 semi-variogram was used in zones 7, 8 and 11.

Table 14.13 Central Deposit Semi-Variograms

Mineral Zone 2	Mineral Zone 2	X (S-Maj)	Y (Maj)	Z (Min)	Proportion of Sill	Proportion of Sill
					%	Cumulative
C0	0.452				46%	46%
C1	0.301	9.9	9.9	9.9	31%	77%
C2	0.224	45.3	45.3	45.3	23%	100%
Sill	0.977

Also used for Zones: 1, 3, 4 and 5

Mineral Zone 6	Mineral Zone 6	X (S-Maj)	Y (Maj)	Z (Min)	Proportion of Sill	Proportion of Sill
					%	Cumulative
C0	0.422				39%	39%
C1	0.341	19.3	19.3	19.3	32%	71%
C2	0.317	50.7	50.7	50.7	29%	100%
Sill	1.080

Also used for Zones: 7, 8 and 11

178

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Mineral Zone 9	Mineral Zone 9	X (S-Maj)	Y (Maj)	Z (Min)	Proportion of Sill	Proportion of Sill
					%	Cumulative
C0	0.394				41%	41%
C1	0.219	19.7	19.7	19.7	23%	63%
C2	0.354	53.8	53.8	53.8	37%	100%
Sill	0.967

Mineral Zone 10	Mineral Zone 10	X (S-Maj)	Y (Maj)	Z (Min)	Proportion of Sill	Proportion of Sill
					%	Cumulative
C0	0.401				42%	42%
C1	0.363	17	17	17	38%	80%
C2	0.192	66.8	66.8	66.8	20%	100%
Sill	0.956

Mineral Zone 15	Mineral Zone 15	X (S-Maj)	Y (Maj)	Z (Min)	Proportion of Sill	Proportion of Sill
					%	Cumulative
C0	0.391				41%	41%
C1	0.311	13	13	13	33%	73%
C2	0.254	95.1	95.1	95.1	27%	100%
Sill	0.956

The Central North deposit semi-variograms are shown in Table 14.14 below. Due to the sparseness of the data in the higher grade mineral zones (21 to 24), the semi-variogram is a composite of the data in all four zones. This semi-variogram was used to estimate the grade in each of these zones.

Table 14.14 Central North Semi-Variogram Parameters

Mineral Zones 21-24	Mineral Zones 21-24	X (S-Maj)	Y (Maj)	Z (Min)	Proportion of Sill	Proportion of Sill
					%	Cumulative
C0	0.267				26%	26%
C1	0.511	13.9	13.9	13.9	49%	75%
C2	0.266	40.8	40.8	40.8	25%	100%
Sill	1.044

Mineral Zone 25		X (S-Maj)	Y (Maj)	Z (Min)	Proportion of Sill
					%	Cumulative
C0	0.381				41%	41%
C1	0.412	22.4	22.4	22.4	44%	85%
C2	0.143	56.1	56.1	56.1	15%	100%
Sill	0.936

The Moreira Gomes deposit semi-variograms are shown in Table 14.15 below. As discussed above, it was not always possible to calculate useable semi-variograms in all of the higher grade mineral zones. At Moreira Gomes, the semi-variogram from mineral zone 2 was used to estimate the grades in zones 3, 4, 5, 6, 7, 8 and 9.

179

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Table 14.15 Moreira Gomes Semi-Variogram Parameters

Mineral Zone 1	Mineral Zone 1	X (S-Maj)	Y (Maj)	Z (Min)	Proportion of Sill	Proportion of Sill
					%	Cumulative
C0	0.3				27%	27%
C1	0.324	4.6	4.6	4.6	29%	57%
C2	0.174	18.6	18.6	18.6	16%	72%
C3	0.303	40.8	40.8	40.8	28%	100%
Sill	1.101				100%

Mineral Zone 2	Mineral Zone 2	X (S-Maj)	Y (Maj)	Z (Min)	Proportion of Sill	Proportion of Sill
					%	Cumulative
C0	0.3				28%	28%
C1	0.666	9.3	9.3	9.3	63%	91%
C2	0.091	21.2	21.2	21.2	9%	100%
Sill	1.057				100%

Also used for Zones: 3, 4, 5, 6, 7, 8 and 9.

Mineral Zone 15	Mineral Zone 15	X (S-Maj)	Y (Maj)	Z (Min)	Proportion of Sill	Proportion of Sill
					%	Cumulative
C0	0.3				30%	30%
C1	0.351	11.9	11.9	11.9	35%	65%
C2	0.241	29.2	29.2	29.2	24%	89%
C3	0.108	140.7	140.7	140.7	11%	100%
Sill	1.000				100%

14.6.2 Estimation Parameters

Ordinary Kriging (OK) was used to estimate the gold grade of the Central deposit within the 11 higher-grade domains and lower grade domain 15. The contacts between the domains were hard boundaries in that only data from a particular domain were used to estimate a block in that domain.

The estimate was generated in three passes, using the search volumes and data requirements summarized in Table 14.16 and capped composite data. After careful examination of the grade estimates in each mineral zone, final decisions were made on the minimum and maximum data requirements as well as whether to limit the number of data from a single hole.

180

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Table 14.16 Central Deposit Search Parameters

Mineral Zone	Search Volume	X (S-Maj)	Y (Maj)	Z (Min)	Samples	Samples	Samples
					MIN	MAX	Max/DH
1	Azo/Dipo	130/0	40/85	220/5
	1	50m	50m	40m	6	20	-
	2	200	200	160	8	15	-
	3	300	300	240	3	8	-
2	Azo/Dipo	135/0	45/90	225/0
	1	100	100	40	10	20	4
	2	200	200	80	8	15	4
	3	300	300	120	3	8	4
3	Azo/Dipo	125/0	35/90	215/0
	1	50	50	40	6	20	-
	2	200	200	160	8	15	-
	3	300	300	240	3	8	-
4	Azo/Dipo	135/0	45/90	225/0
	1	100	100	40	10	20	4
	2	200	200	80	8	15	4
	3	300	300	120	3	8	4
5	Azo/Dipo	130/0	40/90	220/0
	1	100	100	40	10	20	-
	2	200	200	80	8	15	-
	3	300	300	120	3	8	-
6	Azo/Dipo	120/0	210/85	30/5
	1	100	100	40	10	20	4
	2	200	200	80	8	15	4
	3	300	300	120	3	8	4
7	Azo/Dipo	115/0	25/90	205/0
	1	50	50	40	6	20	-
	2	200	200	160	8	15	-
	3	300	300	240	3	8	-
8	Azo/Dipo	130/0	220/70	40/20
	1	50	50	40	6	20	-
	2	200	200	160	8	15	-
	3	300	300	240	3	8	-
9	Azo/Dipo	130/0	220/85	40/5
	1	50	50	40	6	20	-
	2	200	200	160	8	15	-
	3	300	300	240	3	8	-
10	Azo/Dipo	125/0	35/90	215/0
	1	50	50	40	6	20	-
	2	200	200	160	8	15	-
	3	300	300	240	3	8	-
11	Azo/Dipo	125/0	215/85	35/5
	1	100	100	40	10	20	4
	2	200	200	80	8	15	4
	3	300	300	120	3	8	4
15	Azo/Dipo	135/0	45/90	225/0
	1	150	150	40	8	20	4
	2	300	300	80	5	15	4
	3	450	450	120	3	8	4

181

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Ordinary Kriging (OK) was used to estimate the gold grade of the Central North deposit within the four higher grade domains (21-24) and lower grade domain 25. The contacts between the domains were hard boundaries in that only data from a particular domain were used to estimate a block in that domain.

The estimate was generated in three passes, using the search volumes and data requirements summarized in Table 14.17. After careful examination of the grade estimates in each mineral zone, final decisions were made on the minimum and maximum data requirements as well as whether to limit the number of data from a single hole.

Table 14.17 Central North Search Parameters

Mineral Zone	Search Volume	X (S-Maj)	Y (Maj)	Z (Min)	Samples	Samples	Samples
					MIN	MAX	Max/DH
21	Azo/Dipo	130/0	40/90	220/0
	1	50	50	40	6	20	-
	2	200	200	160	4	15	-
	3	300	300	240	3	8	-
22	Azo/Dipo	135/0	45/80	225/10
	1	50	50	40	6	20	-
	2	200	200	160	4	15	-
	3	300	300	240	3	8	-
23	Azo/Dipo	140/0	50/90	230/0
	1	100	100	40	10	20	-
	2	200	200	80	4	15	-
	3	300	300	120	3	8	-
24	Azo/Dipo	140/0	50/90	230/0
	1	50	50	40	6	20	-
	2	200	200	160	4	15	-
	3	300	300	240	3	8	-
25	Azo/Dipo	135/0	45/90	225/0
	1	125	125	40	8	20	4
	2	250	250	80	4	15	4
	3	375	375	120	3	8	4

Ordinary Kriging (OK) was used to estimate the gold grade of the Moreira Gomes deposit within the nine higher grade domains and lower grade domain 15. The contacts between the domains were hard boundaries in that only data from a particular domain were used to estimate a block in that domain.

The estimate was generated in three passes, using the search volumes and data requirements summarized in Table 14.18 and capped composite data. After careful examination of the grade estimates in each mineral zone, final decisions were made on the minimum and maximum data requirements as well as whether to limit the number of data from a single hole.

182

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Table 14.18 Moreira Gomes Search Parameters

Mineral Zone	Search Volume	X (S-Maj)	Y (Maj)	Z (Min)	Samples	Samples	Samples
					MIN	MAX	Max/DH
1	Azo/Dipo	95/0	5/80	185/10
	1	50	50	60	6	20	4
	2	200	200	240	6	15	4
	3	300	300	360	3	8	4
2	Azo/Dipo	110/0	20/80	200/10
	1	40	40	60	6	20	-
	2	160	160	240	6	15	-
	3	240	240	360	3	8	-
3	Azo/Dipo	90/0	0/80	180/10
	1	40	40	60	6	20	4
	2	160	160	240	6	15	4
	3	240	240	360	3	8	4
4	Azo/Dipo	90/0	0/70	180/20
	1	40	40	60	6	20	4
	2	160	160	240	6	15	4
	3	240	240	360	3	8	4
5	Azo/Dipo	100/0	10/80	190/10
	1	40	40	60	6	20	4
	2	160	160	240	6	15	4
	3	240	240	360	3	8	4
6	Azo/Dipo	100/0	10/70	190/20
	1	40	40	60	6	20	-
	2	160	160	240	6	15	-
	3	240	240	360	3	8	-
7	Azo/Dipo	100/0	10/85	190/5
	1	40	40	60	6	20	4
	2	160	160	240	6	15	4
	3	240	240	360	3	8	4
8	Azo/Dipo	95/0	5/80	185/10
	1	40	40	60	6	20	4
	2	160	160	240	6	15	4
	3	240	240	360	3	8	4
9	Azo/Dipo	100/0	10/90	190/0
	1	40	40	60	6	20	4
	2	160	160	240	6	15	4
	3	240	240	360	3	8	4
15	Azo/Dipo	95/0	5/85	185/5
	1	50	50	60	6	20	4
	2	200	200	240	6	15	4
	3	300	300	360	3	8	4

The Jerimum de Baixo mineral resources was estimated using inversed-distance squared (ID[2] ). The search parameters employed in each of the zones are summarized in Table 14.19, below.

183

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Table 14.19 Jerimum de Baixo Search Parameters

Mineral Zone	Search Volume	X (S-Maj)	Y (Maj)	Z (Min)	Samples	Samples	Samples
					MIN	MAX	Max/DH
1	Azo/Dipo	130/0	220/75	40/15
	1	100	100	40	10	20	4
	2	200	200	80	6	15	4
	3	300	300	120	4	10	4
2	Azo/Dipo	130/0	220/75	40/15
	1	100	100	40	10	20	4
	2	200	200	80	6	15	4
	3	300	300	120	4	10	4
3	Azo/Dipo	130/0	220/75	40/15
	1	100	100	40	10	20	4
	2	200	200	80	6	15	4
	3	300	300	120	4	10	4
15	Azo/Dipo	120/0	210/80	30/10
	1	150	150	40	6	20	4
	2	300	300	80	5	15	4
	3	450	450	120	3	10	4

14.6.3 Validation

The Cuiú Cuiú mineral resource estimates were exhaustively reviewed by the QP and Cabral personnel to ensure that the models fairly represent the data used in their generation. Numerous iterations were generated and inspected visually and statistically before deciding on the final capping thresholds and search parameters used in the estimates summarized in this report.

14.7 MINERAL RESOURCE CLASSIFICATION

The majority of the Cuiú Cuiú mineral resources have been classified as Inferred primarily due to the amount of diamond drill data that has been collected to date and its relatively wide spacing. However, in the Central deposit, there are areas in several of the domains where there are sufficient data to classify Indicated mineral resources.

14.8 MINERAL RESOURCE ESTIMATE

To demonstrate the reasonable likelihood that the Cuiú Cuiú resources could be extracted economically, the mineral resource estimates were constrained by an ultimate open-pit shell optimized using the economic assumptions shown in Table 14.20 below. The gold price of 1,400 USD/oz was selected after benchmarking the long-term gold price assumed in the annual reports and mineral resource statements of several mining companies, including the owners of the nearby Tocantinzinho Project. The remaining parameters reflect the operating costs reported by Tocantinzinho.

184

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Table 14.20 Assumptions Used for Open-Pit Optimization

Parameter		Unit
Gold Price	1,400	USD/oz
Mill Recovery	90	%
MiningCost: Saprolite	1.50	USD/t mined
MiningCost: Fresh Rock	2.50	USD/t mined
ProcessingCost	8.30	USD/t milled
G&A Cost	3.00	USD/t milled
Pit Slope Saprolite	30	degrees
Pit Slope Fresh Rock	50	degrees

14.8.1 Near Surface Mineral Resources

The mineral resources within ultimate open-pit shells optimized at each deposit are summarized in the Table 14.21 to Table 14.24 below, by mineral zone at a cut-off of 0.35 g/t Au. The Central pit reaches a maximum depth of 260 m below surface with a stripping ratio of approximately 4:1.

The choice of a 0.35 g/t cut-off was made after comparison to the nearby Tocantinzinho mine (0.30 g/t cut-off). The Tocantinzinho deposit is very similar to Cuiú Cuiú in that it is hosted in sheared granite within the broad Tapajos deformation zone. Its grade and geometry are very similar to the deposits at Cuiú Cuiú. The QPs have therefore used the Tocantinzinho operating cost assumptions in the evaluation of Cuiú Cuiú and in the calculation of the open pit cut-off grade.

185

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Table 14.21 Central - Mineral Resource Summary Pit Constrained (0.35 g/t Au Cut-off)

Resource Class	Mineral Zone	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Indicated	1	-	-	-
	2	972	0.91	28
	3	-	-	-
	4	164	0.55	3
	5	40	1.17	2
	6	1,857	0.93	56
	7	-	-	-
	8	87	0.57	2
	9	1,128	1.30	47
	10	1,244	0.71	28
	11	-	-	-
	15	394	0.44	6
	Total	5,886	0.90	171
Inferred	1	3	0.35	0
	2	1,759	1.03	58
	3	111	0.75	3
	4	313	0.49	5
	5	130	1.80	8
	6	3,057	0.84	83
	7	566	1.70	31
	8	131	0.48	2
	9	891	1.16	33
	10	127	0.77	3
	11	118	0.54	2
	15	-	-	-
	Total	7,206	0.98	228

Figure 14.4 shows the Central and Central North optimized open pit shell within which can be seen the pit constrained mineral resource blocks above a 0.35 g/t Au cut-off. Below the pit shell are shown the mineral resource blocks above a 1.3 g/t Au cut-off which could potentially be mined by underground methods.

186

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Figure 14.4 3D Isometric View of the Central and Central North Open Pit Design and Mineral Resource Blocks

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Source Micon, 2018

The Moreira Gomes pit reaches a maximum depth of 230 m below surface with a stripping ratio of approximately 5:1.

Table 14.22 Moreira Gomes - Mineral Resource Summary Pit Constrained (0.35 g/t Au Cut-off)

Resource Class	Mineral Zone	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Inferred	1	3,615	1.55	180
	2	533	2.11	36
	3	1,413	0.92	42
	4	19	0.69	0
	5	392	0.68	9
	6	289	1.26	12
	7	338	1.04	11
	8	27	0.81	1
	9	1	0.61	0
	15	85	0.47	1
	Total	6,713	1.36	293

Figure 14.5 shows the Moreira Gomes optimized open-pit shell within which can be seen the pit-constrained mineral resource blocks above a 0.35 g/t Au cut-off. Below the pit shell are shown the mineral resource blocks above a 1.3 g/t Au cut-off which could potentially be mined by underground methods.

187

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Figure 14.5 3D Isometric View of the Moreira Gomes Open Pit Design and Mineral Resource Blocks

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Source Micon, 2018

The Central North pit reaches a maximum depth of 60 m below surface.

Table 14.23 Central North - Mineral Resource Summary Pit Constrained (0.35 g/t Au Cut-off)

Resource Class	Mineral Zone	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Inferred	21	32	0.47	0.5
	22	128	0.71	3
	23	0.2	0.43	0
	24	-	-	-
	25	-	-	-
	Total	160	0.66	3

The Jerimum de Baixo pit reaches a maximum depth of 100 m below surface with a stripping ratio of approximately 2:1.

Table 14.24 Pit Constrained (0.35 g/t Au Cut-off)

Jerimum de Baixo - Mineral Resource Summary

Resource Class	Mineral Zone	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Inferred	1	1,002	0.77	25
	2	554	0.71	13
	3	301	1.33	13
	15	136	0.43	2
	Total	1,993	0.81	52

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Figure 14.6 shows the Jerimum de Baixo optimized open-pit shell within which can be seen the pit constrained mineral resource blocks above a 0.35 g/t Au cut-off. Below the pit shell are shown the mineral resource blocks above a 1.3 g/t Au cut-off which could potentially be mined by underground methods.

Figure 14.6 3D Isometric View of the Jerimum de Baixo Open Pit Design and Mineral Resource Blocks

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Source Micon, 2018

14.8.2 Underground Resources

Mineral resources below the open-pit shells described in Section 14.8.1, above and deemed to be mineable by underground methods are reported in Table 14.25 to Table 14.28 by mineral zone at a cut-off of 1.3 g/t Au.

The choice of a 1.3 g/t cut-off was made after comparison to the nearby Jacobina mine of Yamana Gold Inc. (1.2 g/t cut-off). Jacobina is a ramp access gold deposit in Bahia State mining quartz pebble conglomerates which are usually steeply dipping. The mining is performed mostly using long-hole methods. The rock is estimated to be of similar competency to the unweathered (underground) granite at Cuiú Cuiú.

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Table 14.25 Central - Mineral Resource Summary Underground (1.3 g/t Au Cut-off)

Resource Class	Mineral Zone	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Inferred	1	-	-	-
	2	559	2.17	39
	3	3	1.59	0
	4	27	1.41	1
	5	59	1.75	3
	6	243	1.76	14
	7	344	1.48	16
	8	5	1.45	0
	9	211	1.78	12
	10	6	1.45	0
	11	-	-	-
	15	3	1.44	0
	Total	1,460	1.84	86

Table 14.26 Moreira Gomes - Mineral Resource Summary Underground (1.3 g/t Au Cut-off)

Resource Class	Mineral Zone	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Inferred	1	1,644	1.72	91
	2	12	2.14	1
	3	15	1.89	1
	4	-	-	-
	5	-	-	-
	6	204	2.14	14
	7	-	-	-
	8	-	-	-
	9	-	-	-
	15	-	-	-
	Total	1,876	1.77	107

Table 14.27 Central North - Mineral Resource Summary Underground (1.3 g/t Au Cut-off)

Resource Class	Mineral Zone	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Inferred	21	-	-	-
	22	11	1.45	1
	23	-	-	-
	24	-	-	-
	25	-	-	-
	Total	11	1.45	1

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Table 14.28 Jerimum de Baixo - Mineral Resource Summary Underground (1.3 g/t Au Cut-off)

Resource Class	Mineral Zone	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Inferred	1	90	1.93	6
	2	0.2	1.74	0.01
	3	11	1.67	1
	15	-	-	-
	Total	100	1.90	6

14.8.3 Reconciliation to Previous Estimate

The most recent historical mineral resource estimate was generated in 2011 by Pincock, Alan and Holt (PAH) and is described briefly in Section 6.6 of this report. Making a direct comparison between the 2018 Mineral resource estimate described above and the 2011 estimate is difficult and misleading. The main reason is that PAH did not apply capping when generating the 2011 estimate. Furthermore, the 2011 Technical Report contains few details about the assumptions PAH used for open-pit optimization.

14.9 INTERPRETATION, CONCLUSIONS AND RECOMMENDATIONS

The new Cuiú Cuiú Mineral Resource estimate is summarized below in Table 14.29. The near surface resources are constrained by optimized ultimate open-pit shells and reported at a cutoff grade of 0.35 g/t Au. Resources below the pit shells and deemed potentially mineable by underground methods, are reported at a cut-off grade of 1.3 g/t Au.

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Table 14.29 Cuiú Cuiú Mineral Resource Estimate

	Resource Class	Cut-off Au(g/t)	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Open-Pit Deposit
Central	Indicated	0.35	5,886	0.90	171
Total	Indicated	0.35	5,886	0.90	171
Central	Inferred	0.35	7,206	0.98	228
Moreira Gomes	Inferred	0.35	6,713	1.36	293
Central North	Inferred	0.35	160	0.66	3
Jerimum de Baixo	Inferred	0.35	1,993	0.81	52
Total	Inferred	0.35	16,072	1.11	576
Underground Deposit
Central	Inferred	1.30	1,460	1.84	86
Moreira Gomes	Inferred	1.30	1,876	1.77	107
Central North	Inferred	1.30	11	1.45	1
Jerimum de Baixo	Inferred	1.30	100	1.90	6
Total	Inferred	1.30	3,448	1.80	200
Total Deposit
Total	Indicated	-	5,886	0.90	171
Total	Inferred	-	19,520	1.24	776

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15.0 ADJACENT PROPERTIES

The Cuiú Cuiú project is located in the western part of the state of Para in northern Brazil. The area has been the focal point for mainly alluvial gold mining during the 1980s and 1990s and exploration claims cover large parts of the area. Figure 15.1 shows the Cuiú Cuiú property held by Cabral and the adjoining exploration permits and projects.

The most advanced gold project in the Tapajós is the nearby Tocantinzinho Project, which is owned by Eldorado and is located 25 km to the southeast, along trend/strike to Cuiú Cuiú (Figure 15.1). According to an Eldorado press release dated May 3, 2011, the positive completion of a prefeasibility study was announced. (http://www.eldoradogold.com/news-andmedia/news-releases/default.aspx#2011).

In the second quarter of 2019, an updated technical report was completed for Tocantinzinho with an effective date of June 21, 2019 and filed on SEDAR on August 1, 2019. For resources, the threshold grade used was 0.30 g/t Au. A top-end cut of 25.0 g/t Au was applied, which reduced the global mean grade by 3.9%. The pit design for reserves was determined using a gold price of US$1,200, and blocks above a cut-off grade of 0.365 g/t Au were considered mineral reserves. Highlights of the study at an estimated gold price of US$1,300 include an after-tax IRR of 13.4% and an NPV of US$216 million at a 5% discount rate. At an estimated gold price of US$1400, IRR is 16.6% with an NPV of US$313 million at a 5% discount rate.

Other gold projects in the region include Serabi Gold plc’s Palito Project and Coringa Project (formerly Anfield Gold), and Gold Mining Inc.’s São Jorge Project (Figure 15.1)

193

Figure 15.1 Regional Location Map

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Source: Cabral, 2021.
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16.0 OTHER RELEVANT DATA AND INFORMATION

All information or explanation necessary to make this Technical Report understandable and not misleading are included in the other Sections.

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17.0 INTERPRETATION AND CONCLUSIONS

The Cuiú Cuiú property has been the site of significant artisanal gold production, mainly from alluvial-fluvial placer and mineralized saprolitic rocks near surface. Artisanal miners continue to operate on the property, but at a significantly reduced scale and are not considered to be an obstruction to Cabral’s activities.

Magellan’s historic exploration work defined a large semi-coherent gold-in-soil anomaly at Cuiú Cuiú over a 10 km in length with an average value above 55 ppb Au. It contains half a dozen highly anomalous zones averaging over 100 ppb Au which coincide with the main artisanal workings and areas drilled by Magellan. Over 50% of the anomaly has yet to be tested with drilling. Much of the eastern and northern part of the property was outside the coverage of this historic soil sampling program, and additional sampling in these areas has been carried out by Cabral.

Historic diamond drilling by Magellan demonstrated the presence of deeper gold mineralization of potential economic importance in several zones on the property. A mineral resource was estimated by Micon in 2017 supported by an amended technical report dated December 19, 2018. The mineral resource estimate is repeated here in order to keep it current and reportable by Cabral.

A major magnetic-low lineament extends northwest through the property and is interpreted to be a significant structural zone. Subsidiary narrower structures to the northeast and southwest have been shown to host gold mineralization. This lineament can be traced for several hundred kilometres and trends close to Tocantinzinho, located to the southeast of Cuiú Cuiú.

Some of Magellan’s historic soil-survey results could be misleading as much of the property was covered by a Miocene lake, which deposited a thin succession of unconsolidated sedimentary cover rocks over the basement in lower lying areas. It is estimated that as much as 70% of the property may be covered by these younger sediments. Areas with weak surface gold geochemical anomalies were not followed up, but the underlying basement rocks may still be mineralized. As a result, Cabral is also assessing more subtle gold-in-soil anomalies, and has utilized auger and shallow RC drilling to examine the saprolitic basement beneath the cover.

Cabral has completed regional exploration work using an integrated multi-faceted program. The company has successfully identified numerous new gold targets and made several new gold discoveries. Cabral’s drill program has been designed to quickly test new regional grassroots gold geochemical and gold-in-boulder targets using a small RC rig, while more established targets with surface gold mineralization or follow-up drill programs are conducted with a larger RC rig and diamond drilling.

Cabral is focussed on finding new areas with higher grade mineralization, and defining highgrade zones within existing deposits. It has been initially successful on both fronts, but additional drilling is required.

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Adequate work has been completed to justify further exploration of the property. The QP is not aware of any significant risks or uncertainties that could reasonably be expected to affect the reliability of or confidence in the exploration information.

17.1 GEOLOGY AND DATABASE

The QP identified a number of issues with the historic Cuiú Cuiú diamond-drill hole database, consisting mainly of logical and data-entry errors. A great majority of the issues pertain to holes drilled in 2011 and 2012 which postdate the mineral resource estimate generated by PAH in 2011. These issues were all corrected.

The 2018 Cuiú Cuiú Mineral Resource estimate is summarized below in Table 17.1. The near surface resources are constrained by optimized ultimate open-pit shells and reported at a cutoff grade of 0.35 g/t Au. Resources below the pit shells and deemed potentially mineable by underground methods, are reported at a cut-off grade of 1.3 g/t Au.

An update of the mineral resource estimate is not planned until significantly more drilling is completed.

Table 17.1 Cuiú Cuiú Mineral Resource Estimate

	Resource Class	Cut-off Au(g/t)	Tonnes (kt)	Au (g/t)	Au Metal (koz)
Open-Pit Deposit
Central	Indicated	0.35	5,886	0.90	171
Total	Indicated	0.35	5,886	0.90	171
Central	Inferred	0.35	7,206	0.98	228
Moreira Gomes	Inferred	0.35	6,713	1.36	293
Central North	Inferred	0.35	160	0.66	3
Jerimum de Baixo	Inferred	0.35	1,993	0.81	52
Total	Inferred	0.35	16,072	1.11	576
Underground Deposit
Central	Inferred	1.30	1,460	1.84	86
Moreira Gomes	Inferred	1.30	1,876	1.77	107
Central North	Inferred	1.30	11	1.45	1
Jerimum de Baixo	Inferred	1.30	100	1.90	6
Total	Inferred	1.30	3,448	1.80	200
Total Deposit
Total	Indicated	-	5,886	0.90	171
Total	Inferred	-	19,520	1.24	776

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17.2 METALLURGY

Preliminary gravity separation test results suggest that some of the gold in all composites was liberated and could potentially be recovered using a standard gravity circuit.

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18.0 RECOMMENDATIONS

18.1 GEOLOGY AND DATABASE

The QP identified a number of issues with the historic Cuiú Cuiú diamond-drill hole database, consisting mainly of logical and data entry errors. A great majority of the issues pertain to holes drilled in 2011 and 2012. These issues have all been corrected, and recommendations were adopted in the Cabral drill programs.

It was recommended that the density data be sorted by weathering horizon since, in tropical environments; weathering has a great effect on density. This practice commenced in 2019 and 2020 for the Cabral core holes, but further drilling and sampling is required to provide an adequate database for density. It was not possible to sample weathered cover sequences within historic core, as that material has severely degraded and no longer provides a representative density sample.

The QP used the historic Magellan database to prepare the 2018 mineral resource estimate described in Section 14 of this report.

While Cabral has begun to drill off higher grade portions of existing deposits and has identified a number of new discoveries, drilling has not advanced sufficiently to warrant an updated mineral resource estimate at this time.

18.2 METALLURGY

Additional metallurgical test work is recommended to optimize the process flowsheet and to test samples from other areas within the Cuiú Cuiú property. Test work to be considered includes:

Mineralogical investigations.
Gold and silver deportment studies.
Multi-element chemical analyses of representative samples.
Comminution and hardness testing.
Additional gravity testing.
Flotation amenability testing.
Cyanide-leach optimization testing.
Preliminary geochemical analyses of test-work tailings samples.

18.3 RECOMMENDED PROGRAM OF WORK

Cabral plans to continue its on-going regional exploration and drilling programs at the Cuiú Cuiú project. The budget for the next phase is presented in Table 18.1.

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The proposed 2021 reconnaissance field program comprises geological mapping, trenching, auger drilling, stream sediments, and expansion of the soil sampling grid, as well as minor inhouse ground geophysics for target definition in order to assist in the generation of new drill targets.

The underlying budget includes funds to complete environmental and other required programs required to upgrade the permitting status, along with ongoing community programs, including operating a clinic in the community of Cuiú Cuiú.

The proposed drill program comprises 5,600 m of reconnaissance RC drilling using Cabral’s small rig, as well as 14,000 m of definition drilling using a contracted larger RC rig, and 5,000 m of infill drilling using a contracted diamond-drill rig.

This integrated program is designed to identify new gold targets for reconnaissance drilling, advance recent gold discoveries, and infill high-grade portions of known gold deposits.

Table 18.1 Cabral Exploration Budget

Activity	CAD Unit Cost	Units	Total (CAD, 000)
Geologists and field workers			510
Support staff			280
Campcosts			250
Food			80
Travel and freight			120
Fuel			70
Heavyequipment rental			120
In-house RC drillingand assay	$43 / metre	5,600	240
Contract RC drillingand assay	$60 / metre	14,000	840
Contract diamond drillingand assay	$220 / metre	5,000	1,100
Contract trenching	$30,000 / month	3	90
Permittingstudies			36
Claim maintenance and access agreements			120
Communityrelations	$4,500 / month	12	54
Logistical Support	$4,500 / month	12	54
VP Exploration			250
Contingency		10%	400
Total			4,614

The QP has reviewed the proposed program of work and budget and finds them to be reasonable and justified in light of the observations made in this report. The QP recommends that Cabral conduct the planned activities subject to availability of funding and any other matters which may cause the objectives to be altered in the normal course of business activities.

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19.0 DATE AND SIGNATURE PAGE

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MICON INTERNATIONAL LIMITED

“B. Terrence Hennessey” {signed, sealed and dated}

B. Terrence Hennessey, P.Geo. Senior Associate Geologist Micon International Limited March 25, 2021

“Thomas C. Stubens” {signed, sealed and dated}

Thomas C. Stubens, P.Eng. Senior Associate Geologist Micon International Limited March 25, 2021

“Richard M. Gowans” {signed, sealed and dated}

Richard M. Gowans, P.Eng. President and Principal Metallurgist Micon International Limited March 25, 2021

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20.0 REFERENCES

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Baker, M. 2009. Remote Sensing Interpretation Cuiú Cuiú area, Tapajós, Brazil. Undertaken for Magellan Minerals Ltd by Michael Baker Geological Consultant, December, 2009.

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Cabral, 2017. Magellan_Claims_06_Sept_2017.xls. Excel spreadsheet describing the current status of all exploration licenses, license applications and mining applications at Cuiú Cuiú.

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CBR Market release (December 19, 2017): Cabral Gold initiates review of historic data regarding Cuiú Cuiú project, Brazil

CBR Market release (February 15, 2018): Cabral Gold commences trenching program at the Cuiú Cuiú project, Brazil

CBR Market release (March 21, 2018): Cabral identifies several new high-grade gold vein targets at the Cuiú Cuiú Project, Brazil with values up to 264 g/t gold from surface sampling

CBR Market release (July 5, 2018) Cabral Gold Announces Auger Drilling Results from Cuiú Cuiú suggesting Central Mineralized Corridor may extend over 4km

202

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CBR Market release (July 19, 2018) New Discovery of High-grade Vein Mineralization at Machichie Returns Grades up to 336g/t (10.8 oz/t) Gold at Cabral’s Cuiú Cuiú Project in Brazil

CBR Market release (August 9, 2018) Cabral Identifies Stockwork-style Mineralization Under Post-mineral Cover at the Vila Rica Discovery, Cuiú Cuiú Project, Brazil

CBR Market release (August 27, 2018) Cabral Identifies Strong Gold-in-Saprolite Anomaly SE of Central Deposit at Cuiú Cuiú Project, Brazil

CBR Market release (November 19, 2018) New zone of gold mineralization revealed in initial trenches on the eastern edge of 5km-long Central-Pau de Merenda target corridor at Cabral's Cuiú Cuiú

CBR Market release (January 21, 2019) Cabral Gold Announces Commencement of Initial Diamond Drilling at the Cuiú Cuiú Project, Brazil

CBR Market release (January 29, 2019) Diamond drilling advances at the Machichie Target, Cuiú Cuiú Project. Channel sampling returns 52.5 g/t Au over 0.9m and 23.8 g/t Au over 1.35m

CBR Market release (February 12, 2019) Cabral provides update on drilling at Machichie target at Cuiú Cuiú and extends Quebra Bunda target to 365m strike length

CBR Market release (March 26, 2019) Cabral intersects more high-grade gold in initial reconnaissance drilling at the Machichie East Target, Cuiú Cuiú Project, Brazil

CBR Market release (April 29, 2019) Cabral Reports New High-grade Drill Results at Seis Irmaos and Targets Historic High-grade Results at MG and Central

CBR Market release (May 6, 2019) Ssamples 9.5m @ 5.3 g/t gold including 1.5m @ 30.8 g/t gold, extending the new Machichie discovery 180m to the east. Drill program expanded

CBR Market release (May 16, 2019) Cabral Reports Drill Results of 2.8m @ 19.5 g/t gold including 0.7m @ 70.3g/t from Morro da Lua at Cuiú Cuiú

CBR Market release (September 12, 2019) Cabral Provides Update on Exploration Program and Drilling Plans at Cuiú Cuiú

CBR Market release (November 7, 2019) Cabral Drills 7.6m @ 18.5 g/t gold at Cuiú Cuiú

CBR Market release (January 20, 2020) Cabral Drills 5.6m @ 13.0 g/t gold at Cuiú Cuiú and Confirms Continuity of High-grade Zones at MG

CBR Market release (February 5, 2020) Cabral Drills more High-grade Gold at the Central zone at Cuiú Cuiú

203

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CBR Market release (February, 2020) Cabral Identifies a New High-grade Target at Cuiú Cuiú; 23 Surface Samples Range from 11.6 to 200.3 g/t gold

CBR Market release (February, 27, 2020) Cabral provides further results from Alonso target at Cuiú Cuiú; Acquires RC drill rig

CBR Market release (April 1, 2020) Cabral Identifies In-situ Vein Mineralization at Alonso Target, Cuiú Cuiú, and Expands Size of Gold Anomaly

CBR Market release (April 22, 2020) Cabral Identifies New Target in Eastern Cuiú Cuiú with gold values up to 82.1 g/t on surface

CBR Market release (July 23, 2020) Cabral Gold Zeroes in on Source of Gold Nuggets at Cilmar Target and Provides Exploration Update at Cuiú Cuiú

CBR Market release (August 20, 2020) Cabral Gold Mobilizes Drill Rig to Test High-Grade Targets at the Cuiú Cuiú Gold Project

CBR Market release (September 24, 2020) Cabral Gold Identifies New High-Grade Veins and Adds Second Drill Rig at Cuiú Cuiú Gold District

CBR Market release (September 30, 2020) Cabral Gold Reports Channel Sample Results of 5.3m @ 24.0 g/t gold at Jerimum North Target, Cuiú Cuiú Gold District

CBR Market release (October 20, 2020) Cabral Gold Identifies New High-Grade Target and Provides Results on the First Three RC Holes from the Alonso Target, Cuiú Cuiú Gold District

CBR Market release (December 3, 2020) Cabral Gold Identifies New High-Grade Target and Provides Update on Drilling at the Cuiú Cuiú Gold District

CBR Market release (January 7, 2021) Cabral Gold Drills 34m @ 5.4 g/t gold Including 13m @ 13.4 g/t gold at the Machichie target, Cuiú Cuiú District, Brazil

CBR Market release (January 27, 2021) Cabral Gold Samples 0.9m @ 35.3 g/t gold at the JM target, Cuiú Cuiú District, Brazil

CBR Market release (January 20, 2021) Cabral Gold Identifies a New Mineralized Structure at Indio Target and Provides Tracaja Drill Update, Cuiú Cuiú District, Brazil

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Santos, J. O. S. et al., 2001. Gold deposits of the Tapajós and Alta Floresta Domains, TapajósParima orogenic belt, Amazon Craton, Brazil. Miner. Dep. v36, p278 - 299.

Serabi web site, 2007. Palito Gold Mine.

Silva, H. G. P., 2007. Suite Nova Canaã no Garimpo do Medeiros em Nova Canaã do NorteMT (Monografia Graduação UFMT - 2007).

Telluris Consulting, 2011. Field Structural Review of the Cuiu-Cuiu and Coringa Districts, Para, Brazil.

Wikipedia, (2011). https://en.wikipedia.org/wiki/Itaituba. Population statistics for Itaituba, Pará State, Brazil.

206

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21.0 CERTIFICATES

CERTIFICATE OF QUALIFIED PERSON B. TERRENCE HENNESSEY

As an author of this “Technical Report On The Cuiú Cuiú Project, Recent Exploration And A Mineral Resource Estimate, Pará State, North-Central Brazil” dated March 25, 2021, with an effective date of December 31, 2020 and a mineral resource effective date of December 31, 2017 (the “Technical Report”), I, B. Terrence Hennessey, P.Geo., do hereby certify that:

I am associated with, and carried out this assignment for:

Micon International Limited 900 - 390 Bay Street Toronto, Ontario M5H 2Y2 Tel.: (416) 362-5135; Fax: (416) 362-5763

e-mail: [email protected]

I hold the following academic qualifications:
B.Sc. (Geology) McMaster University 1978
I am a registered Professional Geoscientist with the Association of Professional Geoscientists of Ontario (membership # 0038); as well, I am a member in good standing of several other technical associations and societies, including:

The Canadian Institute of Mining, Metallurgy and Petroleum (Member).

I have worked as a geologist in the minerals industry for over 40 years.
I have read the definition of “Qualified Person” set out in National Instrument 43-101 (NI 43-101) and, by reason of my education, past relevant work experience and affiliation with a professional association, fulfill the requirements to be a Qualified Person for the purposes of NI 43-101. My work experience includes 7 years as an exploration geologist looking for iron ore, gold, base metal and tin deposits, more than 10 years as a mine geologist in both open-pit and underground mines and 20 years as a consulting geologist working in precious, ferrous and base metals as well as industrial minerals.
I have not visited the Cuiú Cuiú Project in Pará State, North-Central Brazil.
I am responsible for Sections 2 to 12, 15 and 16 and summaries therefrom in Sections 1, 17 and 18, of the technical report titled “Technical Report on the Cuiú Cuiú Project, Mineral Resource Estimate, Pará State, North-Central Brazil” with an mineral resource effective date of December 31, 2017 and an effective date of December 31, 2020.
I am independent of Cabral Gold Inc., as defined in Section 1.5 of NI 43-101.
I have had no prior involvement with the property that is the subject of the Technical Report.
I have read NI 43-101 and Form 43-101F1 and the portions of this report for which I am responsible have been prepared in compliance with that instrument and form.
As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make this report not be misleading.

Signing Date: March 25, 2021 Effective Date: December 31, 2020 Mineral Resource Effective Date: December 31, 2017

“B. Terrence Hennessey” {signed and sealed}
B. Terrence Hennessey, P.Geo.

207

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CERTIFICATE OF QUALIFIED PERSON THOMAS C. STUBENS, P.ENG.

I, Thomas C. Stubens, of Vancouver, British Columbia, do hereby certify that as the author of this amended “Technical Report On The Cuiú Cuiú Project, Recent Exploration And A Mineral Resource Estimate, Pará State, North-Central Brazil” dated March 25, 2021, with an effective date of December 31, 2020 and a mineral resource effective date of December 31, 2017 (the “Technical Report”), I hereby make the following statements:

I am employed as a Senior Associate Geologist by and carried out this assignment for Micon International Limited with a business address at 205-700 West Pender Street, Vancouver, British Columbia, V6C 1G8 .
I am a graduate of the Universities of Toronto and British Columbia, (B.A.Sc, 1978 and M.A.Sc., 1989 respectively).
I am a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia (License #28367).
I have practiced my profession continuously since graduation.
I have read the definition of “qualified person” set out in National Instrument 43-101 (NI 43-101) and certify that, by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purpose of NI 43-101.
My relevant experience with respect to Cuiú Cuiú project includes over 35 years of post-graduate experience, 25 years of which are in the fields of geological modeling and geostatistical resource estimation.
I visited Para State and the Cuiú Cuiú property on February 7 to 9, 2017.
I am responsible for Sections 9, 10, 11, 12, 14 and summaries therefrom in Sections 1, 17 and 18 of this technical report titled “Technical Report on the Cuiú Cuiú Project, Mineral Resource Estimate, Para State, North-Central Brazil” dated July 23, 2018, with an effective date of December 31, 2017.
I have no prior involvement with the Cuiú Cuiú property that is the subject of the Technical Report.
As of the date of this Certificate, to the best of my knowledge, information, and belief, this Technical Report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading.
I am independent of Cabral Gold Inc. as defined by Section 1.5 of the Instrument.
I have read National Instrument 43-101 and the Technical Report has been prepared in compliance with National Instrument 43-101 and Form 43-101F1.

Signing Date: March 25, 2021 Effective Date: December 31, 2020 Mineral Resource Effective Date: December 31, 2017

“Thomas C. Stubens” {signed and sealed}

Thomas C. Stubens, P.Eng.

208

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CERTIFICATE OF QUALIFIED PERSON RICHARD GOWANS, P.ENG.

As the author of this amended “Technical Report On The Cuiú Cuiú Project, Recent Exploration And A Mineral Resource Estimate, Pará State, North-Central Brazil” dated March 25, 2021, with an effective date of December 31, 2020 and a mineral resource effective date of December 31, 2017 (the “Technical Report”), I, Richard Gowans do hereby certify that:

I am employed by, and carried out this assignment for, Micon International Limited, 900 - 390 Bay -

Street, Toronto, Ontario M5H 2Y2, tel. (416) 362-5135, fax (416) 362-5763, e-mail rgowans@micon international.com.

I hold the following academic qualifications:

B.Sc. (Hons) Minerals Engineering, The University of Birmingham, U.K. 1980.

I am a registered Professional Engineer of Ontario (membership number 90529389); as well, I am a member in good standing of the Canadian Institute of Mining, Metallurgy and Petroleum.
I am familiar with NI 43-101 and by reason of education, experience and professional registration and fulfill the requirements of a Qualified Person as defined in NI 43-101. I have been continuously employed in the mining industry since graduation and my work experience includes over 30 years of the management of technical studies and design of numerous metallurgical testwork programs and metallurgical processing plants.
I have not visited the site.
I am responsible for Section 13, and summaries therefrom, in Section 1, 17 and 18 of this technical report titled “Technical Report on the Cuiú Cuiú Project, Mineral Resource Estimate, Para State, North-Central Brazil” dated July 23, 2018, with an effective date of December 31, 2017.
I have no prior involvement with the Cuiú Cuiú property that is the subject of the Technical Report.
As of the date of this Certificate, to the best of my knowledge, information, and belief, this Technical Report contains all scientific and technical information that is required to be disclosed to make the technical report not misleading.
I am independent of Cabral Gold Inc. as defined by Section 1.5 of the Instrument.
I have read National Instrument 43-101 and the Technical Report has been prepared in compliance with National Instrument 43-101 and Form 43-101F1.

Signing Date: March 25, 2021 Effective Date: December 31, 2020 Mineral Resource Effective Date: December 31, 2017

“Richard Gowans” {signed and sealed as of the report date}

Richard Gowans P.Eng.

209

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APPENDIX I

DIAMOND DRILL HOLE COLLAR COORDINATES, HISTORIC DRILLING

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Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates
BHID	Easting	Northing	Elev.	Az.	Dip	TD	Zone
CC_01_06	548,097.01	9,344,726.37	129.60	60	55	275.80	Central
CC_02_06	548,122.02	9,344,836.07	131.00	135	50	378.00	Central
CC_03_06	548,253.00	9,344,816.00	129.00	225	55	310.90	Central
CC_04_06	548,124.28	9,344,603.29	130.51	45	50	316.70	Central
CC_05_06	547,610.00	9,345,250.00	199.00	45	50	274.30	Central
CC_06_06	547,720.00	9,345,370.00	182.40	225	50	275.80	Central
CC_07_06	547,650.00	9,345,440.00	175.60	225	50	251.46	Central
CC_08_06	547,810.00	9,345,260.00	181.40	225	50	284.98	Central
CC_09_06	547,721.00	9,345,371.00	182.30	45	55	236.22	Central
CC_10_06	551,370.00	9,343,900.00	128.10	45	55	149.35	Jerimum de Baixo
CC_11_07	548,172.13	9,344,846.71	126.60	135	51	124.66	Central
CC_12_07	548,242.43	9,344,708.79	126.50	315	51	100.58	Central
CC_13_07	548,186.41	9,344,838.84	125.70	225	55	227.07	Central
CC_14_07	548,216.81	9,344,734.23	126.50	315	67	286.51	Central
CC_15_07	548,246.47	9,344,742.68	126.00	225	65	260.60	Central
CC_16_07	548,097.53	9,344,798.96	136.42	136	60	345.33	Central
CC_17_07	548,068.14	9,344,904.51	128.60	137	55	210.45	Central
CC_18_07	547,741.00	9,345,251.00	188.10	135	55	199.60	Central
CC_19_07	546,180.00	9,346,850.00	180.50	240	60	220.98	Pau da Merenda
CC_20_07	546,160.00	9,346,768.00	183.10	330	60	185.30	Pau da Merenda
CC_21_07	546,490.00	9,347,010.00	137.70	325	60	184.44	Pau da Merenda
CC_22_07	546,051.00	9,346,993.00	179.00	150	51	268.22	Pau da Merenda
CC_23_07	546,497.00	9,347,128.00	133.80	235	60	204.21	Pau da Merenda
CC_24_07	550,843.00	9,345,972.00	142.00	130	50	287.91	Jerimum de Cima
CC_25_07	550,980.00	9,345,980.00	159.90	220	65	216.40	Jerimum de Cima
CC_26_07	551,030.00	9,345,849.00	164.40	315	55	274.32	Jerimum de Cima
CC_27_07	551,004.00	9,345,935.00	155.30	220	50	161.50	Jerimum de Cima
CC_28_07	551,071.00	9,345,897.00	168.20	315	55	178.30	Jerimum de Cima
CC_29_07	551,350.00	9,346,000.00	174.40	310	51	62.50	Jerimum de Cima
CC_30_07	551,339.00	9,346,012.00	175.00	310	60	210.30	Jerimum de Cima
CC_31_08	548,284.24	9,344,702.21	126.41	225	55	219.46	Central
CC_32_08	548,164.23	9,344,716.84	127.52	135	71	330.71	Central
CC_33_08	548,502.51	9,344,713.80	125.87	315	51	205.74	Central
CC_34_08	548,104.18	9,344,716.56	128.22	135	60	251.46	Central
CC_35_08	548,334.44	9,344,670.57	127.65	225	55	277.36	Central
CC_36_08	550,985.00	9,345,802.00	150.00	315	55	243.84	Jerimum de Cima
CC_37_08	548,369.61	9,344,635.63	128.52	225	60	216.41	Central
CC_38_08	548,280.06	9,344,596.72	127.57	315	51	332.70	Central
CC_39_08	548,323.87	9,344,661.45	129.10	135	55	247.56	Central
CC_40_08	548,183.62	9,344,602.42	128.44	45	55	272.86	Central
CC_41_08	548,301.41	9,344,638.35	127.96	45	51	210.31	Central
CC_42_08	548,147.00	9,344,592.00	130.00	315	55	283.46	Central
CC_43_08	548,347.00	9,344,692.00	131.00	310	63	34.00	Central
CC_44_08	548,347.00	9,344,691.00	131.00	315	55	227.07	Central
CC_45_08	548,292.00	9,344,488.00	129.00	320	63	412.20	Central
CC_46_09	553,312.20	9,342,909.17	171.00	360	50	224.20	Moreira Gomes
CC_47_09	553,203.90	9,342,863.93	176.40	360	50	239.22	Moreira Gomes
CC_48_09	553,211.61	9,343,043.82	142.40	180	50	171.29	Moreira Gomes

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Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates
BHID	Easting	Northing	Elev.	Az.	Dip	TD	Zone
CC_49_09	552,893.10	9,342,909.00	164.00	360	50	166.11	Moreira Gomes
CC_50_09	553,601.85	9,342,888.15	174.30	360	50	204.21	Moreira Gomes
CC_51_09	553,503.55	9,342,887.56	175.80	360	50	192.02	Moreira Gomes
CC_52_09	552,657.00	9,343,390.00	118.00	145	50	216.72	Moreira Gomes
CC_53_09	552,982.00	9,342,932.00	142.00	360	60	160.02	Moreira Gomes
CC_54_09	548,148.00	9,344,867.00	124.00	220	60	169.16	Central
CC_55_10	548,108.00	9,344,954.00	130.00	220	50	284.98	Central
CC_56_10	548,012.00	9,345,063.00	147.00	220	50	234.69	Central
CC_57_10	548,086.58	9,344,798.90	135.40	40	50	179.00	Central
CC_58_10	552,977.50	9,342,895.80	153.90	0	60	213.36	Moreira Gomes
CC_59_10	553,081.80	9,342,885.60	160.50	0	50	207.26	Moreira Gomes
CC_60_10	548,086.58	9,344,798.90	135.40	40	60	298.70	Central
CC_61_10	548,012.30	9,344,971.71	156.10	220	50	193.54	Central
CC_62_10	552,752.40	9,342,910.70	145.70	0	50	201.16	Moreira Gomes
CC_63_10	547,945.86	9,345,103.77	170.00	220	50	269.74	Central
CC_64_10	552,885.00	9,343,034.00	132.30	20	50	210.37	Moreira Gomes
CC_65_10	547,911.75	9,345,168.94	170.20	220	50	269.74	Central
CC_66_10	553,429.70	9,342,906.53	172.60	0	50	213.36	Moreira Gomes
CC_67_10	548,234.60	9,344,951.54	149.30	220	50	292.60	Central
CC_68_10	548,394.00	9,344,849.94	140.60	220	50	318.52	Central
CC_69_10	553,689.67	9,342,883.54	171.20	0	50	220.98	Moreira Gomes
CC_70_10	553,788.54	9,342,883.54	166.00	0	50	161.54	Moreira Gomes
CC_71_10	553,066.10	9,343,038.57	133.60	0	50	230.12	Moreira Gomes
CC_72_10	546,208.25	9,347,056.07	139.30	235	50	239.26	Pau da Merenda
CC_73_10	553,222.01	9,343,031.85	148.80	0	50	242.31	Moreira Gomes
CC_74_10	553,883.18	9,342,823.40	161.70	0	50	249.93	Moreira Gomes
CC_75_10	546,358.00	9,346,976.00	178.00	217	50	263.65	Pau da Merenda
CC_76_10	554,181.16	9,342,787.85	157.30	25	50	277.36	Moreira Gomes
CC_77_10	553,994.20	9,342,826.10	159.80	360	50	251.76	Moreira Gomes
CC_78_10	546,286.64	9,346,880.84	158.20	217	50	300.22	Pau da Merenda
CC_79_10	554,068.80	9,342,825.70	157.20	0	60	268.22	Moreira Gomes
CC_80_10	546,175.50	9,346,656.40	163.30	217	50	244.14	Pau da Merenda
CC_81_10	554,356.10	9,342,731.60	141.30	0	50	335.28	Moreira Gomes
CC_82_10	546,068.60	9,347,205.10	152.40	217	50	281.94	Pau da Merenda
CC_83_10	547,875.21	9,345,220.77	166.60	220	50	358.14	Central
CC_84_10	546,522.00	9,346,809.23	195.70	217	50	201.16	Pau da Merenda
CC_85_10	548,679.00	9,345,434.00	129.00	35	50	219.45	Babi
CC_86_10	547,967.00	9,345,191.00	162.50	220	50	377.85	Central
CC_87_10	548,701.07	9,345,599.61	128.10	35	50	248.41	Babi
CC_88_10	548,005.28	9,345,124.41	163.50	220	50	356.61	Central
CC_89_10	548,405.61	9,345,682.88	138.60	28	50	199.64	Babi
CC_90_10	548,389.29	9,344,572.98	128.50	220	50	249.93	Central
CC_91_10	551,446.17	9,343,768.15	107.30	45	50	218.14	Jerimum de Baixo
CC_92_10	551,270.00	9,343,967.00	117.00	40	50	196.59	Jerimum de Baixo
CC_93_10	547,916.74	9,344,887.13	137.80	40	50	320.04	Central
CC_94_10	551,436.85	9,343,972.14	127.30	40	50	225.45	Jerimum de Baixo
CC_95_10	551,574.39	9,343,809.29	119.30	40	50	208.78	Jerimum de Baixo
CC_96_10	548,075.94	9,344,986.74	135.40	220	60	485.27	Central

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Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates
BHID	Easting	Northing	Elev.	Az.	Dip	TD	Zone
CC_97_10	551,285.94	9,343,874.32	116.80	40	50	260.60	Jerimum de Baixo
CC_98_10	551,188.57	9,344,019.73	114.40	45	60	233.17	Jerimum de Baixo
CC_99_10	548,170.05	9,344,948.79	134.40	220	50	352.04	Central
CC_100_10	551,134.60	9,344,066.60	119.30	45	60	269.74	Jerimum de Baixo
CC_101_10	553,737.90	9,342,804.30	170.10	0	60	425.19	Moreira Gomes
CC_102_10	547,984.12	9,345,240.11	159.30	220	55	359.66	Central
CC_103_10	548,005.93	9,345,164.53	155.60	220	55	356.61	Central
CC_104_10	553,642.36	9,342,801.75	174.20	0	50	410.35	Moreira Gomes
CC_105_11	548,081.00	9,345,144.70	170.00	220	60	502.92	Central
CC_106_11	553,374.00	9,342,869.00	169.00	0	50	353.56	Moreira Gomes
CC_107_11	547,811.33	9,344,789.90	140.00	30	60	434.34	Central
CC_108_11	553,560.90	9,342,776.20	177.30	0	50	419.10	Moreira Gomes
CC_109_11	547,947.60	9,344,749.20	137.40	30	60	483.10	Central
CC_110_11	554,101.00	9,342,782.10	156.40	0	50	252.98	Moreira Gomes
CC_111_11	554,174.30	9,343,026.75	169.20	180	50	280.58	Moreira Gomes
CC_112_11	554,239.65	9,343,024.40	169.02	180	50	271.27	Moreira Gomes
CC_113_11	548,561.50	9,344,819.90	127.62	40	50	362.71	Central
CC_114_11	552,683.73	9,342,891.59	164.00	0	50	306.32	Moreira Gomes
CC_115_11	548,458.30	9,344,795.40	125.62	40	50	374.90	Central
CC_116_11	553,411.10	9,342,382.30	114.00	345	60	144.78	Guarim
CC_117_11	548,037.85	9,344,518.50	136.40	30	50	509.01	Central
CC_118_11	547,455.00	9,345,389.00	162.40	60	50	368.80	Central
CC_119_11	553,298.60	9,342,432.40	109.80	165	60	185.92	Guarim
CC_120_11	554,326.40	9,342,994.10	164.80	180	50	227.07	Moreira Gomes
CC_121_11	548,581.35	9,344,691.45	128.90	40	50	388.62	Central
CC_122_11	554,501.32	9,342,987.55	163.18	180	50	297.18	Moreira Gomes
CC_123_11	547,247.48	9,345,431.20	147.06	60	50	492.25	Central North
CC_124_11	547,790.90	9,344,616.00	126.24	30	50	509.01	Central
CC_125_11	554,485.00	9,342,890.80	138.10	180	50	312.42	Moreira Gomes
CC_126_11	552,589.29	9,342,828.46	154.00	0	50	385.57	Moreira Gomes
CC_127_11	547,412.08	9,345,622.00	126.00	70	50	426.72	Central North
CC_128_11	549,205.10	9,344,463.30	138.00	25	50	432.10	Central SE
CC_129_11	552,498.29	9,342,903.57	156.70	0	50	274.32	Moreira Gomes
CC_130_11	552,605.93	9,342,954.18	150.20	0	60	242.31	Moreira Gomes
CC_131_11	547,468.30	9,345,852.40	161.44	105	50	321.56	Central North
CC_132_11	548,679.43	9,344,611.78	144.20	50	50	376.42	Central SE
CC_133_11	552,393.00	9,342,880.80	157.40	14	50	382.52	Moreira Gomes
CC_134_11	548,343.59	9,344,273.11	166.43	50	50	348.99	Central
CC_135_11	551,385.40	9,343,932.77	140.00	20	50	217.93	Jerimum de Baixo
CC_136_11	552,331.50	9,342,971.90	154.40	14	50	341.37	Moreira Gomes
CC_137_11	551,338.20	9,343,954.80	133.60	20	50	170.68	Jerimum de Baixo
CC_138_11	548,843.00	9,344,357.00	163.50	50	50	303.27	Central SE
CC_139_11	551,229.40	9,343,983.00	120.30	222	50	208.78	Jerimum de Baixo
CC_140_11	552,826.90	9,342,915.90	159.70	0	50	214.88	Moreira Gomes
CC_141_11	551,476.56	9,343,907.40	120.00	20	50	144.78	Jerimum de Baixo
CC_142_11	548,583.78	9,344,409.79	147.70	50	50	368.80	Central SE
CC_143_11	552,725.00	9,342,933.21	139.76	0	50	138.68	Moreira Gomes
CC_144_11	551,672.18	9,343,986.54	128.47	345	50	260.90	Jerimum de Baixo

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Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates	Cuiú Cuiú Project - Diamond Drill Hole Collar Coordinates
BHID	Easting	Northing	Elev.	Az.	Dip	TD	Zone
CC_145_11	552,652.63	9,343,103.20	131.84	35	50	310.89	Moreira Gomes
CC_146_11	551,683.00	9,343,978.90	131.90	200	50	436.70	Jerimum de Baixo
CC_147_11	547,782.00	9,345,536.00	175.00	240	50	50.29	Central
CC_148_11	547,735.43	9,345,748.79	170.00	285	50	428.24	Central North
CC_149_11	554,601.80	9,342,619.00	141.00	0	50	492.25	Moreira Gomes
CC_150_11	547,468.30	9,345,852.40	161.44	40	65	307.84	Central North
CC_151_11	551,278.00	9,344,038.00	136.00	40	50	367.28	Jerimum de Baixo
CC_152_11	548,873.80	9,344,425.10	164.76	195	50	204.21	Central SE
CC_153_11	547,403.00	9,345,885.00	169.80	40	60	323.08	Central North
CC_154_11	549,020.00	9,345,615.00	119.00	35	50	458.72	Babi
CC_155_11	551,425.00	9,343,770.00	107.00	0	50	230.60	Jerimum de Baixo
CC_156_11	547,399.60	9,346,006.40	165.70	220	50	234.69	Central North
CC_157_11	551,563.00	9,343,840.00	116.00	50	50	202.69	Jerimum de Baixo
CC_158_11	551,179.90	9,345,853.60	158.70	340	50	272.79	Jerimum de Cima
CC_159_11	547,457.77	9,345,898.60	166.00	105	50	352.04	Central North
CC_160_11	548,953.17	9,345,826.55	122.35	35	50	400.81	Babi
CC_161_11	551,334.00	9,345,811.60	162.33	350	50	371.85	Jerimum de Cima
CC_162_11	551,469.00	9,345,878.00	173.40	350	50	323.08	Jerimum de Cima
CC_163_11	547,483.60	9,345,984.30	163.70	105	50	274.55	Central North
CC_164_11	549,205.21	9,345,426.98	145.47	35	50	458.72	Babi
CC_165_11	547,778.62	9,345,653.75	170.35	38.7	51	309.37	Central North
CC_166_11	551,754.87	9,345,961.40	164.20	50	50	272.94	Jerimum de Cima
CC_167_11	551,461.34	9,345,867.92	173.36	225	50	320.04	Jerimum de Cima
CC_168_11	549,208.15	9,345,761.91	124.72	0	50	408.43	Babi
CC_169_12	552,379.00	9,343,870.50	129.00	345	50	126.00	Ivo
CC_170_12	552,299.00	9,343,900.80	138.00	345	50	115.50	Ivo
CC_171_12	552,483.83	9,343,844.16	121.00	350	50	113.65	Ivo
CC_172_12	552,803.10	9,343,828.20	159.60	350	50	123.00	Ivo
CC_173_12	541,857.00	9,350,331.00	217.00	45	50	195.00	Ratinho
CC_174_12	542,024.70	9,350,397.30	211.70	225	50	205.00	Ratinho
CC_175_12	543,507.60	9,352,139.00	169.50	351	50	187.38	Ratinho
CC_176_12	543,651.00	9,352,148.00	194.00	350	50	153.00	Ratinho

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APPENDIX II

HISTOGRAMS AND CUMULATIVE PROBABILITY PLOTS

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AI assistant

Sona Nanotech Inc. — Audit Report / Information 2020

45810_rns_2021-04-12_feb8d575-6be0-4d84-a029-7a2b487349e6.pdf

CABRAL GOLD INC.

Table of Contents

Page

Page

APPENDIX II - HISTOGRAMS AND CUMULATIVE PROBABILITY PLOTS

List of Tables

List of Figures

Page

Table of Abbreviations

Units of Measure

1.0 SUMMARY

1.1 SCOPE

1.2

GENERAL

1.3 GEOLOGY AND MINERALIZATION

1.4 EXPLORATION

1.5 MINERAL RESOURCES

1.6 METALLURGY

1.7 INTERPRETATION AND CONCLUSIONS

1.7.1 Geology and Database

1.7.2 Metallurgy

1.8 RECOMMENDATIONS

1.8.1 Geology and Database

1.8.2 Metallurgy

1.8.3 Recommended Program of Work

Table 1.8 Cabral Exploration Budget

2.1 TERMS OF REFERENCE

2.2

INFORMATION SOURCES

2.3 QUALIFIED PERSONS, SITE VISITS AND AREAS OF RESPONSIBILITY

2.4 UNITS AND ABBREVIATIONS

2.5

ACKNOWLEDGMENT

3.0 RELIANCE ON OTHER EXPERTS

4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 LOCATION

4.2 MINERAL CLAIMS

4.2.1 Exploration Rights and Obligations

Rights:

4.3

AGREEMENTS

4.3.1 Previous Agreements

4.3.2 Cabral Agreements

4.3.2.1 Project Acquisition

4.3.2.2.1 Condominium Agreement

Garimpo Nova Aliança

4.3.2.3 Royalty Agreements

Sandstorm NSR

Equinox NSR

4.4 SURFACE RIGHTS

4.5

GENERAL DESCRIPTION OF THE PROPERTY

4.6 ENVIRONMENTAL REGULATIONS

4.7 ENVIRONMENTAL LIABILITIES

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 ACCESSIBILITY

5.2 CLIMATE

5.3 LOCAL RESOURCES AND INFRASTRUCTURE

5.4 PHYSIOGRAPHY AND FLORA

6.1 REGIONAL MINING HISTORY

6.2 LOCAL MINING HISTORY

6.3 HISTORIC EXPLORATION

6.3.1 Introduction

6.3.2 January, 2005 to December, 2005

6.3.3 January, 2006 to December, 2006

6.3.4 January, 2007 to December, 2007

6.3.5

January, 2008 to December, 2008

6.3.6 January, 2009 to December, 2009

6.3.7 January, 2010 to December, 2010

6.3.8 2011 Exploration Program

6.3.9 2012 Exploration Program

6.3.10 Soil Sampling Procedure

6.3.11 Rock-Sampling Procedure

6.3.12 Interpretation and Conclusions

6.4 HISTORIC MAGELLAN DRILLING

6.4.1 Introduction

Sona Nanotech Inc. Audit Report / Information 2020