Lavras Gold’s Third Quarter Marked by Discovery

The news release should be read in conjunction with our unaudited interim consolidated financial statements and management’s discussion and analysis for the period ended September 30, 2022. Both are available under our profile at www.sedar.com.

All monetary amounts are in Canadian dollars unless stated otherwise.

TORONTO, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Lavras Gold Corp. (TSXV: LGC) highlighted drill results confirming the discovery of two new mineral systems at its property in Brazil as it reported on its third quarter today. Matilde and Zeca Souza, both part of the Company’s LDS Project, have broad zones of moderate grade gold mineralization that begin at surface and are accentuated by narrower higher grade intervals. Assay results also included bonanza gold grades associated with visible gold.

“Each metre of drilling brings us one step closer to understanding the system or systems underpinning the historic gold workings at LDS,” said Michael Durose, Lavras Gold’s President and Chief Executive Officer. “We’re building more and more evidence to support our thesis that we are uncovering a large complex primarily intrusive-hosted gold system with epithermal and porphyry characteristics likely of alkaline affinity. There are also gold-copper showings on exploration concessions to the east associated with overlying volcanic rocks that we have yet to explore.”

The Company disclosed assay results from its on-going 16,000-metre drill program during the quarter. There are two drills turning at the LDS Project, where at least 23 gold targets have been identified centered on historic gold workings. The current focus is on six targets: Caneleira, Matilde, Matilde Extension, Mato Feio, Vila Marieta, and Zeca Souza. In addition to the drilling program, the regional aeromagnetic drone survey was completed and a regional soil sampling program is underway.

When the Company launched in April, LDS was anchored by the Butiá Gold Deposit, which has gold resources of approximately 500,000 gold ounces, as detailed in the NI 43-101 Technical Report Mineral Resource for Butiá Gold Prospect dated and effective January 25, 2022. It was prepared by VMG Consultoria e Soluções Ltda. For Lavras Gold Corp. and is available on www.sedar.com under Lavras Gold’s issuer profile.

Shortly after launch, the total mineral endowment was doubled from 500,000 ounces to 1 million ounces of gold when an NI 43-101 compliant mineral resource estimate was completed for the Cerrito Gold Deposit, also on LDS. That report, NI 43-101 Technical Report for the Cerrito Gold Prospect, Rio Grande do Sul, Brasil, is dated and effective May 31, 2022, and authored by Volodymyr Myadzel, MAIG, and Frank Richard Baker, MIMMM, MAusIMM. It is also available on www.sedar.com under Lavras Gold’s issuer profile.