Name of the Project
Monte do Carmo gold project.

Location
Tocantins State, Brazil.

Project Owner/s
Cerrado Gold.

Project Description
The Monte do Carmo property comprises 14 exploration permits totalling 67 785 ha. Cerrado’s primary target at the proposed mine is the Serra Alta deposit – a high-grade, shallow mineralisation with an open pittable mineral resource.

Monte do Carmo is expected to have average gold production of 149 000 oz over the first five years of production and 131 000 oz over the project’s eight-year mine life.

The mine design is based on standard openpit mining techniques of drill, blast and haul using contract mining to reduce upfront capital needs.

Gold will be recovered by concentration and tailings flotation, followed by the carbon-in-pulp leaching of float concentrate.  

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value, at a 5% discount rate of, $617-million and an internal rate of return of 94.8%, with a payback of 1.3 years.

Capital Expenditure
Initial capital is estimated at $126-million.

Planned Start/End Date
Not stated.

Latest Developments
Cerrado Gold reported positive drill results from its initial satellite exploration programme at the Monte do Carmo project in December 2021, confirming the district-scale potential of the project.

The exploration programme, initiated in the second quarter of 2021, was designed to better define the district potential by targeting satellite
deposits adjacent to the Sierra Alta deposit and extensions to Serra Alta itself.

Based on the success of the programme, additional work is being planned to follow up on these results.

Key Contracts, Suppliers and Consultants
GE21 (mine plan).

Contact Details for Project Information
Cerrado Gold director corporate development Nicholas Campbell tel +1 905 630 0148 or email ncampbell@cerradogold.com.