TIDMSRB
For immediate release
22 January 2021
Serabi Gold plc
("Serabi" or the "Company")
Exploration Update
Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining
and development company, is pleased to announce first exploration
drilling results at the recently acquired Sao Domingos project (see news
release issued 19 October 2020) and continued success with ore body
extension drilling at the Sao Chico deposit.
A PDF version of this release including all images can be accessed using
the following link -
https://www.globenewswire.com/Tracker?data=MGi5rx6dTHjesvTK6RO2HGtN6JLJbGFnNTKLnulMtPzNYp6ZvEjB1kyCg8mdUeKBSIKmMyGiWR4FpjU0ATI7Ouv8Owj5dTItwPwCbFc13-I=
https://bit.ly/392ke76
Highlights
Sao Domingos
-- Following encouraging regional reconnaissance work within the Sao
Domingos property, the Company elected to focus on the 600 metre long,
high-grade gold prospect, Toucano, located eight kilometres west of the
Company's Sao Chico operation. The first three diamond drill holes have
been completed and the following strong set of intersections recorded:
-- 5.00m @ 24.09g/t Au including 1.5m @ 67.69g/t (Hole 20-SD-003)
-- 0.55m @ 11.3g/t Au (Hole 20-SD-001)
-- 1.4m @ 5.01g/t Au (Hole 20-SD-002)
-- The exploration drillholes have been supplemented by the first partial
surface channel samples including:
-- 2.9m @ 5.99g/t Au (CHRLR-001)
-- 5.0m @ 7.11g/t Au (CHTOU-002)
-- 1.0m @ 5.84g/t Au (CHSCO-003)
-- 4.0m @ 1.05g/t Au (CHSCO-005)
-- 8.0m @ 3.02g/t Au (CHSCO-012)
-- Thirteen in-situ surface rock chip samples were also taken over the
Toucano zone and returned promising results including gold values
of 2.36g/t to 513.01g/t gold, averaging 95g/t gold.
Sao Chico
-- Surface and underground exploration diamond drill holes have targeted a
new ore zone, the Julia Vein, which lies to the north of the main orebody
currently being mined. Significant intersections include:
-- 0.55m @ 12.79g/t Au (Hole 20-SC-177)
-- 1.50m @ 7.23g/t Au (Hole 20-SC-179)
-- 0.40m @ 7.45g/t Au (Hole 20-SC-183)
-- 0.65m @ 12.31g/t Au (Hole 20-SC-187)
-- 1.85m @ 8.62g/t Au (Hole 20-SCUD-370)
-- 5.90m @ 60.09g/t Au (Hole 20-SCUD-377)
-- 1.92m @ 38.89g/t Au (Hole 20-SCUD-381)
-- 4.20m @ 27.12g/t Au (Hole 20-SCUD-386)
Mike Hodgson, CEO of Serabi, commented:
"The pandemic interrupted our exploration activities in 2020, but by
November we had drill rigs back on site, at Sao Chico and Sao Domingos.
Sao Domingos has been a property that we have wanted to acquire for
considerable time, so we wasted little time getting exploration up and
running there. The Toucano prospect at Sao Domingos is a walk up and
drill target. We only secured access in late November and have worked
as quickly as possible to complete some initial drilling. To obtain
such encouraging results so quickly into the programme is really
pleasing and supports our initial hopes for this area. The Toucano
prospect has had three artisanal open pits, each of which have been
mining a south west to north east trending mineralised zone, which at
surface is 20 metres wide. The mineralised zone has been traced over
600 metres, and we are investigating this mineralisation at depth. All
three holes intersected payable grades, and the stand-out intersection
of 24.09 g/t gold over five metres width at a vertical depth of 70
metres is very encouraging.
"In parallel to the drilling we are undertaking multiple trenching and
rock chip programmes to test the surface grades, and although this
sampling is far from complete, the initial showings are also very
exciting.
"Drilling at Toucano has restarted following the Christmas break and we
will continue to test with drilling the near surface potential along the
entire 600 metres zone, as well as infill the channel and rock chip
sampling programmes on surface, to build up a good three-dimensional
understanding of the prospect.
"In addition to Toucano, Sao Domingos hosts many prospects where the
artisanal miners have successfully mined oxide ore and we have started
an initial reconnaissance programme of rock chip sampling over the
property. The results have been equally encouraging and we will be
following up on the best of these in the coming months.
"At Sao Chico, we have also enjoyed a successful restart to the
exploration programme, focused on the western extension of the Sao Chico
orebody and in particular a new zone discovered to the north of the main
orebody being mined, called Julia. The Julia Zone was identified when
the mine initially opened in 2015, but only in the central part of the
mine, and at that time, did not yield particularly encouraging results.
As a consequence, the mine development continued to focus on the Main
Zone. It is only now while we have been investigating the main orebody
to the west and beyond the current mine limits, that we have intersected
the Julia Zone, but this time demonstrating mineable widths and grades.
To date approximately 30 holes have been drilled from both surface and
underground, with some results still pending, and the drill programme is
on-going. Results so far have been very positive. Eight of the holes
drilled have recorded significant grades ranging from 7.23 g/t gold up
to over 60 g/t gold over mineable widths. This recent success highlights
the possibility that the Julia Zone is a parallel zone to the main
orebody and potentially extending along the current 600 metre strike
length of the Main Zone of the Sao Chico ore body and could well extend
to the east as well. This opens up the potential to develop the mine
northwards. As further results from the Sao Chico programme are
generated, we will continue to provide updates.
RESULTS
Sao Domingos
Significant new drilling and Channel results at the Toucano Prospect
within Sao Domingos are set out in the table below:
Drill
East West Depth Dip/Azm From To width Gold Grade
Hole Target (UTM- WGS84) (UTM- WGS84) RL (m) (deg/degUTM) (m) (m) (m) (Au g/t)
---------- -------- ------------- ------------- ------ ------ ------------- ----- ----- ----- ----------
SÃO DOMINGOS SURFACE DIAMOND DRILLING
--------------------------------------------------------------------------------------------------------------------
20-SD-001 Toucano 604,030.93 9,290,733.05 227.76 100.23 -55/145 40.30 47.50 7.20 1.03
Incl. 43.70 46.80 3.10 1.83
78.30 78.85 0.55 11.30
------------------- ------------- ------------- ------ ------ ------------- ----- ----- ----- ----------
20-SD-002 Toucano 604,161.46 9,290,882.52 219.82 135.25 -45/150 72.00 73.00 1.00 0.36
94.40 95.80 1.40 5.01
Incl. 94.40 94.85 0.45 11.41
------------------- ------------- ------------- ------ ------ ------------- ----- ----- ----- ----------
20-SD-003 Toucano 604,081.05 9,290,681.74 244.16 151.00 -65/290 74.00 79.00 5.00 24.09
Incl. 75.00 76.50 1.50 67.69
------------------- ------------- ------------- ------ ------ ------------- ----- ----- ----- ----------
Reported intercepts calculated based on a minimum weighted average grade
of 0.3g/t Au using a 0.3g/t Au weighted average lower cut and a maximum
internal waste interval of 1.2m based on ALS and Serabi's on-site Palito
lab reported analyses.
Sampled
Depth width Gold
Hole Target East West RL (m) Dip/Azm From To (m) Grade
---------- -------- ------ ----- -------
(UTM- WGS84) (UTM- WGS84) (deg/degUTM) (m) (m) (Au g/t)
---------- -------- ------------- ------------ ------ ----- ------------ ----- ----- ------- --------
SURFACE CHANNEL SAMPLING
---------------------------------------------------------------------------------------------------------------
CHRLR-001 Toucano 604,194.00 9,290,839.00 188.00 2.90 0/130 0.00 2.90 2.90 5.99
Incl. 1.20 2.30 1.10 14.89
--------- ------------ ------------ ------ ----- ------------ ----- ----- ------- --------
CHSCO-003 Toucano 604,202.00 9,290,808.00 234.00 3.00 0/175 0.00 3.00 3.00 2.01
Incl. 0.00 1.00 1.00 5.84
--------- ------------ ------------ ------ ----- ------------ ----- ----- ------- --------
CHSCO-012 Toucano 604,186.00 9,290,822.00 213.00 18.00 0/250 8.00 16.00 8.00 3.02
Incl. 12.00 14.00 2.00 10.94
--------- ------------ ------------ ------ ----- ------------ ----- ----- ------- --------
CHTOU-002 Toucano 604,016.00 9,290,715.00 228.00 16.00 0/20 7.00 10.00 3.00 11.71
Incl. 7.00 8.00 1.00 34.74
--------- ------------ ------------ ------ ----- ------------ ----- ----- ------- --------
CHTOU-005 Toucano 604,092.00 9,290,759.00 226.00 38.00 0/310 27.00 31.00 4.00 1.05
Incl. 30.00 31.00 1.00 2.44
--------- ------------ ------------ ------ ----- ------------ ----- ----- ------- --------
Reported intercepts calculated based on a minimum weighted average grade
of 0.3g/t Au using a 0.3g/t Au weighted average lower cut and a maximum
internal waste interval of 1.2m based on ALS and Serabi's on-site Palito
lab reported analyses. Palito Assays are not certified analyses (please
refer to the footnote at the end of this release for further details).
Figure 1 - A detailed image of the Toucano Prospect, with samples and
locations to date --
To access this image please use the following link
https://www.globenewswire.com/Tracker?data=MGi5rx6dTHjesvTK6RO2HNdjyM6-OqaklAZf9wN4BEykvqtV0cKiGYrggt7A1wlPO1LEWCJFlqsTgPEZ1grP57Pwq0divZ_nStlLwQg5XGc=
https://bit.ly/35YYGX9
In-situ rock chip samples were also taken over the Toucano prospect and
are set out in the table below:
ROCK SAMPLE
---------------------------------
Target Sample ID Gold (g/t)
-------- ----------- ----------
Toucano RKSR000468 116.00
----------- ----------
Toucano RKSR000683 513.01
----------- ----------
Toucano RKSR000697 12.37
----------- ----------
Toucano RKSR000698 51.16
----------- ----------
Toucano RKSR000737 23.47
----------- ----------
Toucano RKSR000739 23.33
----------- ----------
Toucano RKSR000745 2.36
Toucano RKSR000746 6.05
----------- ----------
Toucano RKSR000747 12.10
----------- ----------
Toucano RKSR000748 15.49
----------- ----------
Toucano RKSR000856 12.51
----------- ----------
Toucano RKSR000861 274.19
----------- ----------
Toucano RKSR000863 173.03
-------- ----------- ----------
AVERAGE 95.01
-------------------- ----------
Figure 2 - The Sao Domingos Project, showing the Toucano prospect as
well as multiple gold occurrences with sampling to date
To access this image please use the following link
https://www.globenewswire.com/Tracker?data=MGi5rx6dTHjesvTK6RO2HNp53HS4ZzaHdhGSXlFcXj9UkigA6go9bLYErWdfv1wQCkdRISft5svHqEB9ibwnh3dQZYRPQHw-VDocQ4kBT14=
https://bit.ly/3sS4k7l
As well as the more detailed work ongoing at Toucano, more regional
reconnaissance work over the rest of the Sao Domingos property has
identified high grade gold occurrences over multiple locations. Whilst
this programme is in the earliest stages, work will continue to identify
the next drill targets. Initial rock chip sample results from this
regional mapping and sampling are set out below:
ROCK SAMPLE
-------------------------------------------------
Target Sample ID Gold (g/t)
------------------------ ----------- ----------
Filão do Pedro RKSR000116 4.90
------------------------ ----------- ----------
Filão do Pedro RKSR000118 1.36
------------------------ ----------- ----------
Filão do João RKSR000452 3.00
------------------------ ----------- ----------
Filão do João RKSR000453 2.42
------------------------ ----------- ----------
Maria Dio RKSR000464 2.16
------------------------ ----------- ----------
Atacadão RKSR000684 204.77
------------------------ ----------- ----------
Messias RKSR000691 1.70
------------------------ ----------- ----------
Messias RKSR000693 2.85
------------------------ ----------- ----------
Maria Dio RKSR000463 6.05
------------------------ ----------- ----------
AVERAGE 25.47
------------------------------------ ----------
Sao Chico
Recent surface and underground exploration drilling at Sao Chico has
identified significant results on the Julia ore zone. Significant
intersections are set out in the table below:
Drill
East West Depth Dip/Azm From To width Gold Grade
Hole Target (UTM- WGS84) (UTM- WGS84) RL (m) (deg/degUTM) (m) (m) (m) (Au g/t)
------------ ------- ------ ------ -----
SC UNDERGROUND DIAMOND DRILLING
---------------------------------------------------------------------------------------------------------------------
20-SCUD-370 Julia 613,620.01 9,290,440.45 131.08 101.00 -43.54/014.48 44.85 47.15 2.30 7.10
20-SCUD-377 Julia 613,669.27 9,290,491.10 144.28 220.10 -63.3/242.18 118.30 122.13 3.83 91.25
20-SCUD-381 Julia 613,670.45 9,290,489.16 143.95 185.55 -58.8/171.88 68.07 69.99 1.92 38.89
------------ ------- ------------- ------------- ------ ------ ------------- ------ ------ ----- ----------
20-SCUD-384 Julia 613,521.56 9,290,478.13 192.64 70.05 -11.44/17.55 47.47 50.81 3.34 3.01
------------ ------- ------------- ------------- ------ ------ ------------- ------ ------ ----- ----------
20-SCUD-386 Julia 613,520.44 9,290,477.88 192.69 66.50 -10.29/000.32 45.20 45.75 0.55 206.37
SC SURFACE DIAMOND DRILLING
---------------------------------------------------------------------------------------------------------------------
18-SC-121 Julia 613,488.66 9,290,486.47 244.44 205.80 -59.09/018 86.57 86.97 0.40 10.80
------------ ------- ------------- ------------- ------ ------ ------------- ------ ------ ----- ----------
18-SC-124 Julia 613,422.49 9,290,547.09 233.28 170.15 -55.13/018 42.32 43.08 0.76 16.50
------------ ------- ------------- ------------- ------ ------ ------------- ------ ------ ----- ----------
19-SC-160 Julia 613,506.34 9,290,304.64 277.09 410.26 -45/021.2 280.00 281.00 1.00 3.18
------------ ------- ------------- ------------- ------ ------ ------------- ------ ------ ----- ----------
20-SC-164 Julia 613,506.21 9,290,304.31 277.10 310.51 -53.2/022.15 299.50 299.90 0.40 2.88
20-SC-177 Julia 613,471.84 9,290,416.15 257.84 240.10 -49.1/014 175.95 176.50 0.55 12.79
------------ ------- ------------- ------------- ------ ------ ------ ------ ----- ----------
20-SC-179 Julia 613,471.66 9,290,415.67 257.84 233.30 -58.6/015 188.00 193.50 5.50 2.45
Incl. 191.00 192.50 1.50 7.23
-------------------- ------------- ------------- ------ ------ ------ ------ ----- ----------
20-SC-183 Julia 613,423.49 9,290,448.13 251.06 268.25 -69.6/024 225.85 226.25 0.40 7.45
------------ ------- ------------- ------------- ------ ------ ------------- ------ ------ ----- ----------
20-SC-187 Julia 613,187.60 9,290,462.73 242.08 327.93 -45/025 269.35 270.00 0.65 12.31
------------ ------- ------------- ------------- ------ ------ ------------- ------ ------ ----- ----------
Reported intercepts calculated based on a minimum weighted average grade
of 0.3g/t Au using a 0.3g/t Au weighted average lower cut and a maximum
internal waste interval of 1.2m based on ALS and Serabi's on-site Palito
lab reported analyses. Palito Assays are not certified analyses (please
refer to the footnote at the end of this release for further details).
Figure 3 - A long section of the Julia Vein, with intercepts to date-
To access this image please use the following link
https://www.globenewswire.com/Tracker?data=MGi5rx6dTHjesvTK6RO2HHIgahJhNLq-vt3cFIUyJews2xJpx7mBBAFdpnmdgIqdaNaqkkpQ2S_DEuQod6KonUG43Bj2pdIKIVZBoDNqWd0=
https://bit.ly/3qET4Jw
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: mailto:contact@serabigold.com
contact@serabigold.com
--------------------------------------------------
Website: http://www.serabigold.com
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
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
The following is a glossary of technical 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.
------------------ ------------------------------------------------------------
"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 include the exploration of an area by exploiting differences
techniques" 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 is a unit of measurement equal to 10,000 square metres.
"ha"
------------------ ------------------------------------------------------------
"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.
------------------ ------------------------------------------------------------
"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.
------------------ ------------------------------------------------------------
"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.
------------------ ------------------------------------------------------------
"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 Results
The assay results reported in the table 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 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 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 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.
ENDS
Attachment
-- Exploration Update January 2021
https://ml-eu.globenewswire.com/Resource/Download/004ae88b-0334-4994-bb38-6f56a5b0c269
(END) Dow Jones Newswires
January 22, 2021 02:00 ET (07:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Serabi Gold (LSE:SRB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Serabi Gold (LSE:SRB)
Historical Stock Chart
From Apr 2023 to Apr 2024
