For immediate release
7
April 2021
Serabi Gold plc(“Serabi”
or the “Company”)
Visible gold with intersection of 7.2m at
258g/t gold underpins further exploration success at São
Domingos.
Serabi Gold plc (AIM:SRB, TSX:SBI), the
Brazilian-focused gold mining and development company, is pleased
to announce highly encouraging exploration drilling results from
the Toucano trend at its São Domingos project, as well as very
encouraging results from its regional geochemical survey also at
São Domingos.
A PDF version of this announcement,
including all images, can be accessed using the following link -
https://bit.ly/31UTcdv
Highlights
- Visible
gold was identified in hole 21-SD-010 which returned a number of
intersections including 7.15 metres at 258.24 grammes per tonne
(“g/t”) of gold.
- Drilling
on the Toucano trend at São Domingos has intersected three
mineralised structures, all hosted within a mineralised alteration
zone with a true width of 50 metres.
-
Mineralisation is confirmed along at least a 400 metre strike
length and remains open at depth and along strike.
-
Significant new results received include.
- 21-SD-010 – 7.40m @ 1.95/t Au from 141.00m, including 1.90m @
5.12g/t Au
- 21-SD-010 – 7.00m @ 9.68g/t Au from 151.55m,
including 1.40m @ 26.24g/t Au
- 21-SD-010 – 7.15m @ 258.24g/t Au from 172.85m,
including 3.55m @ 519.45g/t Au
- 21-SD-005 – 0.80m @ 89.03g/t Au from
140.00m
- 21-SD-005 – 4.70m @ 1.42g/t Au from 76.00m
- 21-SD-003 – 0.50m @ 6.22g/t Au from
42.00m
- 21-SD-003 – 1.80m @ 3.77/t Au from 67.25m
- A Soil
Sample geochemical survey, undertaken in the eastern area of the
São Domingos tenement that runs into the western part of the Sao
Chico Mining License, has defined multiple areas of anomalous gold
in soils. These gold in soil anomalies are coincidental with
and supported by other multi-element anomalies.
Mike Hodgson, CEO of Serabi,
commented:
“These are an excellent set of further results
and follow up on the maiden press release for exploration at São
Domingos issued on 22 January 2021. Holes 21-SD-003 and
21-SD-010, together with the previously reported hole 21-SD-001,
have all been drilled on the same drill cross section and the
collective results are building a very encouraging picture.
We have identified multiple high-grade veins, of which at least 3
are significant, in a 50 metre wide, sub-vertical, mineralised
alteration zone. Hole 010 is the current highlight, where a
drilled width totalling 70 metres of alteration was cut, within
which multiple high-grade intersections including
9.68 g/t Au over 7.0 metres,
26.24 g/t Au over 1.40 metres and
258.24 g/t Au over 7.15 metres including
519.45 g/t Au over 3.55 metres were
recorded. Visible gold was recorded in this last intersection
(see Figure 1).
“With holes 21-SD-005 and 21-SD-002, drilled on
the next step out section, 200 metres to the north east along
strike, returning further encouraging intersections including gold
grades of up to 89 g/t, we are very encouraged with how Toucano is
evolving. The plan is to complete the drilling along section
1 (see Figure 2) over the Toucano pit area to establish the full
strike width of the mineralised zone, before moving along strike to
the north east and south west, and repeating the drilling on a
series of parallel sections. With artisanal activity and
initial drilling already in place, we have a potential strike of
600 metres, and the plan is to replicate the drill coverage
undertaken on the central section over that entire strike
length.
To view the image of visible gold from hole
21-SD-010, please click on this link - https://bit.ly/2OplxW4
Figure 1 - Visible Gold from 21-SD-010 @
175.40m down hole depth.
To view the image of the São Domingos drill plan,
please click on this link - https://bit.ly/2RgVoKp
Figure 2 - São Domingos drill plan and
results for the Toucano trend.
To view the image of the São Domingos drill section 1, please
click on this link -https://bit.ly/3utPqnu
Figure 3 – São Domingos drill section 1
on the Toucano trend.
DRILLING RESULTS
Drilling in the São Domingos prospect has
focussed on the Toucano trend, with assay results received from 10
of the holes completed. The Toucano trend is defined by a broad 50
metre true width hydrothermal alteration zone with anomalous gold
mineralisation in which Serabi geologists have interpreted a series
of quartz veined fault structures containing higher grade
zones.
Significant new drilling results are set out in the table
below:
Hole |
East |
West |
RL |
Depth (m) |
Dip/Azm |
From |
To |
Width (m) |
Gold Grade |
|
|
(WGS84) |
(WGS84) |
(°/°UTM) |
(m) |
(m) |
(Au g/t) |
|
|
20-SD-002 |
604161 |
9290883 |
219.82 |
135.25 |
-45/150 |
106.00 |
107.00 |
1.00 |
1.36 |
|
|
|
|
|
|
|
|
109.80 |
110.10 |
0.30 |
2.28 |
|
|
20-SD-003 |
604081 |
9290682 |
244.16 |
151.00 |
-65/290 |
42.00 |
42.50 |
0.50 |
6.22 |
|
|
|
|
|
|
|
|
47.55 |
49.50 |
1.95 |
1.84 |
|
|
|
|
|
|
|
|
57.50 |
62.80 |
5.30 |
0.72 |
|
|
|
|
|
|
|
|
59.00 |
60.70 |
1.70 |
1.08 |
|
|
|
|
|
|
|
|
64.50 |
65.00 |
0.50 |
0.51 |
|
|
|
|
|
|
|
|
67.25 |
69.05 |
1.80 |
3.77 |
|
|
|
|
|
|
|
|
71.50 |
72.00 |
0.50 |
0.56 |
|
|
|
|
|
|
|
|
133.00 |
134.00 |
1.00 |
0.91 |
|
|
|
|
|
|
|
Incl. |
133.65 |
134.00 |
0.35 |
1.15 |
|
|
|
|
|
|
|
|
137.00 |
137.50 |
0.50 |
0.84 |
|
|
|
|
|
|
|
|
143.00 |
144.00 |
1.00 |
0.56 |
|
|
|
|
|
|
|
|
145.50 |
146.50 |
1.00 |
2.83 |
|
|
21-SD-004 |
604108 |
9290799 |
226.00 |
156.01 |
-50/140 |
0.00 |
1.90 |
1.90 |
1.92 |
|
|
|
|
|
|
|
Incl. |
0.00 |
1.00 |
1.00 |
2.84 |
|
|
21-SD-005 |
604169 |
9290876 |
229.00 |
166.57 |
-55/143 |
1.2 |
2.4 |
1.2 |
3.27 |
|
|
|
|
|
|
|
|
51.40 |
52.30 |
0.90 |
2.94 |
|
|
|
|
|
|
|
|
76.00 |
80.70 |
4.70 |
1.42 |
|
|
|
|
|
|
|
Incl. |
76.00 |
77.50 |
1.50 |
2.82 |
|
|
|
|
|
|
|
|
101.00 |
101.50 |
0.50 |
0.56 |
|
|
|
|
|
|
|
|
140.00 |
140.80 |
0.80 |
89.03 |
|
|
21-SD-006 |
604229 |
9290958 |
216.00 |
208.14 |
-45/140 |
173.55 |
175.00 |
1.45 |
1.02 |
|
|
|
|
|
|
|
Incl. |
174.25 |
175.00 |
0.75 |
1.16 |
|
|
21-SD-010 |
603988 |
9290764 |
232.00 |
239.93 |
-50/138 |
133.45 |
134.30 |
0.85 |
0.77 |
|
|
|
|
|
|
|
|
135.75 |
136.25 |
0.50 |
0.79 |
|
|
|
|
|
|
|
|
139.00 |
139.50 |
0.50 |
2.62 |
|
|
|
|
|
|
|
|
141.00 |
148.40 |
7.40 |
1.95 |
|
|
|
|
|
|
|
Incl. |
146.50 |
148.40 |
1.90 |
5.12 |
|
|
|
|
|
|
|
|
151.55 |
158.55 |
7.00 |
9.68 |
|
|
|
|
|
|
|
Incl. |
156.60 |
158.00 |
1.40 |
26.24 |
|
|
|
|
|
|
|
|
161.00 |
164.00 |
3.00 |
1.17 |
|
|
|
|
|
|
|
Incl. |
162.50 |
163.00 |
0.50 |
4.80 |
|
|
|
|
|
|
|
|
172.85 |
180.00 |
7.15 |
258.24 |
|
|
|
|
|
|
|
Incl. |
175.00 |
178.55 |
3.55 |
519.45 |
|
|
|
|
|
|
|
|
181.50 |
185.00 |
3.50 |
0.90 |
|
|
|
|
|
|
|
Incl. |
182.00 |
183.70 |
1.70 |
1.27 |
|
|
|
|
|
|
|
|
191.00 |
191.50 |
0.50 |
0.58 |
|
|
Reported intercepts calculated based on a minimum weighted average
grade of 0.5g/t Au using a 0.5g/t Au weighted average lower cut and
a maximum internal waste interval of 1.2m based on ALS and Serabi´s
on-site lab reported analyses. The majority of the assay results
reported within this release are those provided by the Company's
own on-site laboratory facilities at Palito and have not yet been
independently verified. Serabi closely monitors the
performance of its own facility against results from independent
laboratory analysis for quality control purpose. As a matter
of normal practice, the Company sends duplicate samples derived
from a variety of the Company's activities to accredited laboratory
facilities for independent verification. Since mid-2019, over
10,000 exploration drill core samples have been assayed at both the
Palito laboratory and certified external laboratory, in most cases
the ALS laboratory in Belo Horizonte, Brazil. When comparing
significant assays with grades exceeding 1 g/t gold, comparison
between Palito versus external results record an average
over-estimation by the Palito laboratory of 6.7% over this
period. Based on the results of this work, the
Company's management are satisfied that the Company's own facility
shows sufficiently good correlation with independent laboratory
facilities for exploration drill samples. The Company would expect
that in the preparation of any future independent Reserve/Resource
statement undertaken in compliance with a recognised standard, the
independent authors of such a statement would not use Palito assay
results without sufficient duplicates from an appropriately
certificated laboratory. |
|
|
|
|
SOIL GEOCHEMICAL SAMPLING
Geochemical data from soil sampling in the
Fofoca area was integrated with historical data from the São
Domingos area, and delineated multiple areas of anomalous gold in
soils, supported by multi-element anomalism.
Three significant targets have evolved from this
new soil geochemistry data and integration exercise.
- The three-kilometre-long gold in soil “Pedro Trend” is
interpreted as a strike extension of the Fofoca mineralisation in
the adjacent tenement and is supported by a copper/arsenic/antimony
anomalism. Multiple gold in soil anomalies nearby with
similar orientations, suggest parallel mineralised structures.
- The one-kilometre-long gold in soil “Messias Trend” is
interpreted as a strike extension to the high-grade Messias garimpo
in the south east of the São Domingos area and is supported by
copper/molybdenum/bismuth/antimony anomalism.
- A 1 kilometre by 1.5-kilometre gold in soil anomaly of more
than 30ppb, occurs two kilometres directly west of the Cicada
target. This new target contains a strong
copper/molybdenum/gold/tungsten core, with distal
gold/antimony/tellurium/bismuth, a geochemical signature
characteristic of oxidised Intrusion Related Gold Systems. The
absence of artisanal mining over the target suggests a disseminated
style of mineralisation and this intrusive centre may be
interpreted as a potential source for mineralisation at the nearby
Abelha, Besouro and Cicada targets.
To view and image of the Sao Domingos soil
geochemistry please click on this link - https://bit.ly/3ukG0e6
Figure 4 - Sao Domingos gold and
multi-element soil geochemistry.
This announcement is inside information for the
purposes of Article 7 of Regulation 596/2014.
The person who arranged for the release of this
announcement on behalf of the Company was Clive Line, Director.
Enquiries:
Serabi Gold plc |
|
Michael Hodgson |
Tel: +44 (0)20 7246 6830 |
Chief Executive |
Mobile: +44 (0)7799 473621 |
|
|
Clive Line |
Tel: +44 (0)20 7246 6830 |
Finance Director |
Mobile: +44 (0)7710 151692 |
|
|
Email: contact@serabigold.com |
|
Website: www.serabigold.com |
|
|
|
Beaumont Cornish LimitedNominated Adviser and Financial
Adviser |
|
Roland Cornish |
Tel: +44 (0)20 7628 3396 |
Michael Cornish |
Tel: +44 (0)20 7628 3396 |
|
|
Peel Hunt LLPUK Broker |
|
Ross Allister |
Tel: +44 (0)20 7418 8900 |
Copies of this announcement are available from
the Company's website at www.serabigold.com.
Neither the Toronto Stock Exchange, nor any
other securities regulatory authority, has approved or disapproved
of the contents of this announcement.
GLOSSARY OF TERMS
“Ag” |
means silver. |
“Au” |
means gold. |
“assay” |
in economic geology, means to analyse the proportions of metal in a
rock or overburden sample; to test an ore or mineral for
composition, purity, weight or other properties of commercial
interest. |
“CIM” |
means the Canadian Institute of Mining, Metallurgy and
Petroleum. |
“chalcopyrite” |
is a sulphide of copper and iron. |
“Cu” |
means copper. |
“cut-off grade” |
the lowest grade of mineralised material that qualifies as ore in a
given deposit; rock of the lowest assay included in an ore
estimate. |
“dacite porphyry intrusive” |
a silica-rich igneous rock with larger phenocrysts (crystals)
within a fine-grained matrix |
“deposit” |
is a mineralised body which has been physically delineated by
sufficient drilling, trenching, and/or underground work, and found
to contain a sufficient average grade of metal or metals to warrant
further exploration and/or development expenditures; such a deposit
does not qualify as a commercially mineable ore body or as
containing ore reserves, until final legal, technical, and economic
factors have been resolved. |
“electromagnetics” |
is a geophysical technique tool measuring the magnetic field
generated by subjecting the sub-surface to electrical
currents. |
“garimpo” |
is a local artisanal mining operation |
“garimpeiro” |
is a local artisanal miner. |
“geochemical” |
refers to geological information using measurements derived from
chemical analysis. |
“geophysical” |
refers to geological information using measurements derived from
the use of magnetic and electrical readings. |
“geophysical techniques” |
include the exploration of an area by exploiting differences in
physical properties of different rock types. Geophysical methods
include seismic, magnetic, gravity, induced polarisation and other
techniques; geophysical surveys can be undertaken from the ground
or from the air. |
“gossan” |
is an iron-bearing weathered product that overlies a sulphide
deposit. |
“grade” |
is the concentration of mineral within the host rock typically
quoted as grams per tonne (g/t), parts per million (ppm) or parts
per billion (ppb). |
“g/t” |
means grams per tonne. |
“granodiorite” |
is an igneous intrusive rock similar to granite. |
“hectare” or a “ha” |
is a unit of measurement equal to 10,000 square metres. |
“igneous” |
is a rock that has solidified from molten material or magma. |
“IP” |
refers to induced polarisation, a geophysical technique whereby an
electric current is induced into the sub-surface and the
conductivity of the sub-surface is recorded. |
“intrusive” |
is a body of rock that invades older rocks. |
"Indicated Mineral Resource |
is that part of a Mineral Resource for which quantity, grade or
quality, densities, shape and physical characteristics can be
estimated with a level of confidence sufficient to allow the
appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of
the deposit. The estimate is based on detailed and reliable
exploration and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough for
geological and grade continuity to be reasonably assumed. |
"Inferred Mineral Resource” |
is that part of a Mineral Resource for which quantity and grade or
quality can be estimated on the basis of geological evidence and
limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes. |
“Inferred Mineral Resource” |
‟ is that part of a Mineral Resource for which quantity and grade
or quality can be estimated on the basis of geological evidence and
limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes. |
“mineralisation” |
the concentration of metals and their chemical compounds within a
body of rock. |
“mineralised” |
refers to rock which contains minerals e.g. iron, copper,
gold. |
"Mineral Resource” |
is a concentration or occurrence of diamonds, natural solid
inorganic material, or natural solid fossilized organic material
including base and precious metals, coal, and industrial minerals
in or on the Earth's crust in such form and quantity and of such a
grade or quality that it has reasonable prospects for economic
extraction. The location, quantity, grade, geological
characteristics and continuity of a Mineral Resource are known,
estimated or interpreted from specific geological evidence and
knowledge. |
“Mineral Reserve” |
is the economically mineable part of a Measured or Indicated
Mineral Resource demonstrated by at least a Preliminary Feasibility
Study. This Study must include adequate information on mining,
processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can
be justified. A Mineral Reserve includes diluting materials and
allowances for losses that may occur when the material is mine |
“Mo-Bi-As-Te-W-Sn” |
Molybdenum-Bismuth-Arsenic-Tellurium-Tungsten-Tin |
“monzogranite” |
a biotite rich granite, often part of the later-stage emplacement
of a larger granite body. |
“mt” |
means million tonnes. |
“ore” |
means a metal or mineral or a combination of these of sufficient
value as to quality and quantity to enable it to be mined at a
profit. |
“oxides” |
are near surface bed-rock which has been weathered and oxidised by
long term exposure to the effects of water and air. |
“ppm” |
means parts per million. |
“Probable Mineral Reserve” |
is the economically mineable part of an Indicated and, in some
circumstances, a Measured Mineral Resource demonstrated by at least
a Preliminary Feasibility Study. This Study must include adequate
information on mining, processing, metallurgical, economic, and
other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified. |
“Proven Mineral Reserve” |
is the economically mineable part of a Measured Mineral Resource. A
Proven Mineral Reserve implies a high degree of confidence in the
Modifying Factors |
“saprolite” |
is a weathered or decomposed clay-rich rock. |
“sulphide” |
refers to minerals consisting of a chemical combination of sulphur
with a metal. |
“vein” |
is a generic term to describe an occurrence of mineralised rock
within an area of non-mineralised rock. |
“VTEM” |
refers to versa time domain electromagnetic, a particular variant
of time-domain electromagnetic geophysical survey to prospect for
conductive bodies below surface. |
Assay ResultsThe assay results
reported within this release are those provided by the Company's
own on-site laboratory facilities at Palito and have not been
independently verified. Serabi closely monitors the
performance of its own facility against results from independent
laboratory analysis for quality control purpose. As a matter
of normal practice, the Company sends duplicate samples derived
from a variety of the Company's activities to accredited laboratory
facilities for independent verification. Based on the results of
this work, the Company's management are satisfied that the
Company's own facility shows good correlation with independent
laboratory facilities. The Company would expect that in the
preparation of any future independent Reserve/Resource statement
undertaken in compliance with a recognised standard, the
independent authors of such a statement would not use Palito assay
results but only use assay results reported by an appropriately
certificated laboratory.
Qualified Persons StatementThe
scientific and technical information contained within this
announcement has been reviewed and approved by Michael Hodgson, a
Director of the Company. Mr Hodgson is an Economic Geologist by
training with over 26 years' experience in the mining industry. He
holds a BSc (Hons) Geology, University of London, a MSc Mining
Geology, University of Leicester and is a Fellow of the Institute
of Materials, Minerals and Mining and a Chartered Engineer of the
Engineering Council of UK, recognising him as both a Qualified
Person for the purposes of Canadian National Instrument 43-101 and
by the AIM Guidance Note on Mining and Oil & Gas Companies
dated June 2009.
Forward Looking
StatementsCertain statements in this announcement are, or
may be deemed to be, forward looking statements. Forward looking
statements are identified by their use of terms and phrases such as
‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’,
‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those,
variations, or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors’ current expectations
and assumptions regarding the Company’s future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors’ current beliefs
and assumptions and are based on information currently available to
the Directors. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward-looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements.
ENDS
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