TIDMSRB
For immediate release
4 March 2019
Serabi Gold plc
("Serabi" or the "Company")
37% increase in Mineral Resources for Coringa Gold Project
Updated Mineral Resource Statement
Serabi Gold (AIM:SRB, TSX:SBI), the Brazilian focused gold mining and
development company, is pleased to announce updated Mineral Resource
estimates for its Coringa gold project ("Coringa"), prepared in
accordance with the standard of CIM and Canadian National Instrument
43-101 with an effective date of March 4, 2019 as outlined below.
Highlights
-- An Indicated Resource ("Indicated") for Coringa of 216,000 ounces of
contained gold (845,000 tonnes at an average in-situ grade of 7.95 g/t).
-- An additional Inferred Resource ("Inferred") of 298,000 ounces of
contained gold (1,436,000 tonnes at an average in-situ grade of 6.46
g/t).
-- This new mineral resource estimate represents a 37% increase over the
previously disclosed estimation (as of May 3, 2017) which comprised
195,000 ounces of Indicated and 181,000 ounces of Inferred.
-- The average reported grade of the Indicated has decreased by 5% from 8.36
g/t to 7.95g/t.
-- The average reported grade of the Inferred has increased by 50% from 4.32
g/t to 6.46g/t.
-- The mineral resource estimate incorporates seven of the nine identified
gold hosting zones at Coringa. There is insufficient geological data to
include the Domingo and Pista zones as a mineral resource at this time.
-- Further drilling has been completed and the results from this will be
included in the Preliminary Economic Assessment ("PEA"), which is
underway and the result of which the Company expects to announce before
the end of June 2019.
(Note: All resource figures stated above are both gross and net
attributable to Serabi.)
Mike Hodgson, CEO of Serabi, commented:
"The fourth quarter 2018 resource drilling campaign has resulted in a
very pleasing 37% increase in total geological resource at Coringa.
Total resources now exceed 500,000 ounces at over 7 g/t gold, a
substantial improvement on the previous estimate of 370,000 ounces from
May 2017.
"We see Coringa as a Palito Complex look-a-like, where, as is common
with many narrow vein mines, we have maintained a resource level of
approximately 500,000 ounces whilst producing over 270,000 ounces of
gold since that operation began. I therefore consider a 500,000 ounce
resource as an excellent starting point for Coringa, certainly enough to
support a quality, operation of similar size to the Palito Complex.
"Further drilling is being completed at Coringa which will, hopefully,
further enhance this resource estimate and will be incorporated into the
PEA results that we expect to be published before the end of the second
quarter."
The mineral resource estimate was prepared by Mr Kevin Gunesch, PE and
Dr Hamid Samari, QP-MMSA of Global Resource Engineering, Ltd who are
both Qualified Persons under the Canadian National Instrument 43-101.
Mineral Resource Estimates
The current Mineral Resource estimates for the Coringa Mine (Table 1)
are based on data as at February 11, 2019.
Table 1 - Mineral Resource Statement, Coringa Mine,
Para State, Brazil, as of March 4, 2019
-------------------------------------------------------------
Vein Width Quantity Grade Contained Metal
--------------- ---------- -------- ----- ---------------
Gold Gold
Classification m 000't g/t 000'oz
--------------- ---------- -------- ----- ---------------
Underground
Indicated 0.7 845 7.95 216
--------------- ---------- -------- ----- ---------------
Total Indicated
--------------------------- -------- ----- ---------------
Underground
Inferred 0.7 1,436 6.46 298
--------------- ---------- -------- ----- ---------------
Notes to Table 1:
1. Mineral Resources have been rounded. Mineral Resources are not Mineral
Reserves and have not demonstrated economic viability. Mineral Resources
are reported inclusive of Mineral Reserves. All figures are rounded to
reflect the relative accuracy of the estimates. Underground Mineral
Resources are reported within classification domains inclusive of in-situ
dilution at a cut-off grade of 2.0g/t gold assuming an underground
extraction scenario, a gold price of US$1,500/troy oz, an operating cost
of $100/t, and metallurgical recovery of 95%.
2. Serabi is the operator and owns 100% of the Coringa gold project such
that gross and net attributable mineral resources are the same. The
mineral resource estimate was prepared by Global Resource Engineering in
accordance with the standard of CIM and Canadian National Instrument
43-101, with an effective date of March 4, 2019 by Mr Kevin Gunesch and
Dr Hamid Samari, who are both Qualified Persons under the Canadian
National Instrument 43-101.
Qualified Persons and Quality Control
The scientific and technical information contained in this news release
pertaining to the Coringa gold project has been reviewed and approved by
the following qualified persons under National Instrument 43-101 --
Standards of Disclosure for Mineral Projects ("NI 43-101"):
-- Kevin Gunesch, PE, Global Resource Engineering
-- Hamid Samari, QP-MMSA, Global Resource Engineering
The qualified persons have verified the information disclosed herein,
including the sampling, preparation, security and analytical procedures
underlying the information or opinions contained in this announcement in
accordance with standards appropriate to their qualifications.
Technical Report
A Technical Report is currently being prepared by Global Resource
Engineering. in accordance with NI 43-101 and will be filed on SEDAR
(www.sedar.com) and on the Company's website within 45 days of this news
release.
Historical Estimates
Historical resources estimates for the Coringa ore-body are documented
in the technical reports entitled Coringa Gold Project, Brazil NI 43-101
Technical Report, dated June 15, 2017 and Coringa Gold Project, Brazil
Feasibility Study NI 43-101 Technical Report, dated September 8, 2017
which are filed on the Company's website at
https://www.globenewswire.com/Tracker?data=1AqeU50lh-MVR9348o4qA37NSv-Hyf-s7UyMhvzno7nsv1EBUykxJnIiFJQUeBuItdPRbJ1eRT3XeZi-gpe5x3VMaffd0eqKPZLoTFOQ5e0=
www.serabigold.com and SEDAR at www.sedar.com.
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 Limited
Nominated Adviser and Financial Adviser
Roland Cornish Tel: +44 (0)20 7628 3396
Michael Cornish Tel: +44 (0)20 7628 3396
Peel Hunt LLP
UK Broker
Ross Allister Tel: +44 (0)20 7418 8900
James Bavister 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.
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.
GLOSSARY OF TERMS
The following is a glossary of technical terms:
Note: Mineral resources and reserves were estimated in conformity with
the widely accepted CIM Estimation of Mineral Resource and Mineral
Reserves Best Practices Guidelines (the "Guidelines") and are reported
in accordance with the Canadian Securities Administrators' National
Instrument 43-101" and the definitions applicable to individual
categories of reserves and resources are set out in the Guidelines. The
Glossary below includes only a summary of these definitions and readers
can access the full definitions at
https://www.globenewswire.com/Tracker?data=qEMSuIjY21NdDE7HWTCsv1RvpFv3KDUfdCmOoImFfSVdAdlZ6rt6F2PiCEhbcF6e52ax3BvpglJzs8PDwE82kDbQjO9tDdwurIieTDmiH5t61bByzhajzyyqIGEHJEbbpJY7IiQXTz1oiJQlHsStgU_y0sniZ1zvh5tr9SencSnjm1aPfxLocrxfujoOytN6UmdyxPF2sKJDnNb35h4ixw==
http://web.cim.org/standards/menupage.cfm?sections=177&menu=178
"Au" means gold.
"CIM" means Canadian Institute of Mining, Metallurgy and Petroleum.
"development" - excavations used to establish access to the mineralised
rock and other workings.
"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.
"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.
"Measured Mineral Resource" is that part of a Mineral Resource for which
quantity, grade or quality, densities, shape, and physical
characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical
and economic parameters, to support production planning and evaluation
of the economic viability of the deposit. The estimate is based on
detailed and reliable exploration, sampling and testing information
gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes that are spaced closely enough
to confirm both geological and grade continuity.
"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 mined.
"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.
"t" means tonnes
"Vein" is a generic term to describe an occurrence of mineralised rock
within an area of non-mineralised rock.
AIM Qualified Persons' Statement
The 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 30 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 Statements
Certain statements in this announcement are, or may be deemed to be,
forward looking statements. Forward looking statements are identi ed 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 re ect 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.
Attachment
-- Coringa Mineral Resource Update
https://ml-eu.globenewswire.com/Resource/Download/aac2396e-b9c2-44ea-830d-faf113fc0539
(END) Dow Jones Newswires
March 04, 2019 02:00 ET (07:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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