Copy
Dear Shareholders and Interested Parties,

Red Cloud are kindly hosting Pilar Gold next week on the 23rd of March at 2pm EST, 7pm London and 6am Sydney to update you on our very exciting high-grade drill programme at Sertão.
Pilar Gold Webinar with Red Cloud (Register here)
After a few niggles with the rig and heavy rains that delayed us a couple of weeks, Paulo and the team are getting excited that we have hooked into the same super high-grade Nilsson’s reef which gave Troy Resources so much success between 2003-6. Back then Troy pulled out 260,000 ounces at an average open pit grade of 29 g/t Au and earnt them a $400m market capitalisation when gold was < $600 an ounce. These days a 5 g/t open pit is regarded as world class and we suspect 29 will take some beating going forward.  

A second drill rig has arrived and we have asked Helio to secure a third rig for May. Once drilling is complete at MLSE, we are also debating whether to move those 2 drill rigs to Sertão as this deposit deserves a much bigger programme given the scale of the opportunity for a multi-million ounce high grade target.

As you may recall, Paulo and the team hit 0.5m @ 218 g/t Au just before Christmas. The 40, 80 and 120 metre step-outs to the west appear to suggest a continuation of this super high-grade mineralisation. This supports Pilar Gold’s plan to start underground mining at Sertão by the end of the year at an estimated average diluted grade of 30 g/t Au which could make it one of the highest grading gold mines in the world.

Sertão will be a game changer for our Pilar mill that has been on a staple diet of 1.2 g/t Au feed from our Pilar and MLZ mines for the last couple of years. Blending Sertão's super high-grade lush ore will be just the tonic to double our daily ounces to 260 with just 7 deliveries a day from Sertão. This compares with the 150 deliveries we are making from Pilar and MLZ to the mill at the moment. Once Israel Oliveira and his mining team get their eye in, there is no reason we can't increase that to 10 or 15 trucks from Sertão.  

As a good luck omen we are very proud that Francisco Barbosa joined the team in October last year. Francisco was Ken Nilsson’s right hand man at the Sertão mill when it was operating and will help oversee the introduction of Sertão feed into the Pilar mill.  

Below is a link to a recent video made by Old Gold that will give you a refresher as to why we're so excited about Sertão.
Bonanza Grades at Pilar Gold's Sertão Mine (Youtube video link)

Hope you can join the Webinar next week. Thanks again for your support and for following our story.

Jeremy Gray | CEO
jeremy.gray@pilargold.com 
UK: +44 7769 388376

Charles Chebry | President
charles.chebry@pilargold.com
CA: +1 403 680 8511

Edward Balme | Head of Investor Relations
edward.balme@pilargold.com
BR: +55 65 99354 9387
Previous Pilar Gold emails:
Copyright © 2022 Pilar Gold, All rights reserved.


Our mailing address is:
Pilar Gold
2032 45 Avenue SW
Calgary, AB T2T 2P5
Canada

Add us to your address book


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.