11:18 AM EDT, 06/25/2024 (MT Newswires) -- Lavras Gold ( LGCFF ) was last seen down 8.3% after the company on Tuesday released results from seven new drill holes testing the Butia Gold Deposit, located at the western edge of its LDS Project in southern Brazil.

The company intersected gold mineralization in all seven holes at the Butia Gold Deposit. The deposit hosts a NI43-101-compliant measured, indicated, and inferred gold resource of about 0.5 million ounces.

Three of these seven new holes returned more than 200 meters of continuous gold mineralization characterized by higher-grade subintervals.

Among the highlights, Hole 23BT019 returned 236.0 meters grading 1.4 g/t gold from the surface; and Hole 24BT023 intersected 228 meters grading 1 g/t gold from the surface.

The company's shares were last seen down $0.14 to $1.55 on the TSX Venture Exchange.

Price: 1.55, Change: -0.14, Percent Change: -8.28