Cabral Gold (TSXV: CBR; OTCQB: CBGZF) is positioning its Cuiú Cuiú project in Brazil’s Tapajós region to be the next chapter in the world’s largest recorded gold rush: Between 1978 and 1995, around 30 million ounces of placer gold were recovered from the area, though most of the primary hard-rock deposits remain undiscovered.
Cabral’s July pre-feasibility study outlined a starter heap leach operation producing 18,500 ounces annually for 6.2 years at an initial capital cost of $37.7 million. The project carries an after-tax IRR of 78% at $2,500 per ounce of gold with a 10-month payback.
Alan Carter, CEO of Cabral Gold, said in a recent interview with Kitco Mining, that the numbers stand out in a sector where returns are typically lower. “I’m used to seeing internal rates of return, 20-25%,” he said. “78% is off the chart. And if you run the numbers at the current gold price, $3,400 or so, the internal rate of return is about 140%.”
The first phase focuses on 300,000 ounces of near-surface oxide material. According to Carter, this approach offers a low-cost entry into production. “We should be making post-tax in the first couple of years, at least at the current gold prices, about US$50 million a year.” Cash flow would support exploration across a district where Cabral has identified 50 separate targets.
Current resources stand at around 1.2 million ounces across multiple deposits. “We’ve got three rigs turning right now,” Carter said. “We are targeting, in the next 12 to 18 months, a doubling of that resource base.”
The combination of proven resources, new discoveries, and district-scale potential fuels Carter’s conviction. “Those facts plus several other features suggest very strongly to us that Cuiú Cuiú will be a much larger gold deposit,” he said.
Cuiú Cuiú lies next to G Mining’s Tocantinzinho mine, which entered production in 2024 and is expected to produce around 200,000 ounces in 2025. The regional spotlight is brightened by gold’s recent highs exceeding $3,600 an ounce, a run supported by expectations of U.S. rate cuts this fall.
For Carter, the drive to advance Cuiú Cuiú is also personal. “I’ve put in about CA$2 million of my own money, which for me is a lot of money,” he said. Cabral expects to secure project financing this year, make a construction decision before year end, and target first gold by the end of 2026.
For Carter’s full breakdown of the project economics, drill results, and growth strategy, watch the complete interview in the video above.
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