Serabi Gold plc Palito Near-Mine Exploration Success
February 12 2021 - 01:00AM
UK Regulatory
TIDMSRB
For immediate release
12 February 2021
Serabi Gold plc
("Serabi" or the "Company")
Palito Near-Mine Exploration Success
Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining
and development company, is pleased to announce further positive results
from its ongoing regional exploration activity at its Calico target,
which is located just 5km from the Palito Operation and Processing
plant. In addition, initial regional soil geochemistry on the Sao
Chico/Sao Domingos trend has recorded multiple significant gold and
multi-element anomalies within this highly prospective mineralised
corridor.
A PDF version of this release including all images can be accessed using
the following link
https://bit.ly/2Z9WGat
Highlights
-- Identification of significant geochemical gold-in-soil anomalies at
Calico, Juca and Forquilha, of which Calico is now very significant over
a two kilometre by two kilometre area. Values as high as 0.8g/t gold
have been recorded, better than have been seen in any soils over the
Palito orebody.
-- Subsequent terrestrial geophysics survey using Induced Polarisation
("IP") covering the Calico soil anomaly has identified multiple
chargeability anomalies.
-- Both results are very comparable in terms of scale and signature to the
Palito orebody, a 600,000 ounce resource, being mined today.
-- First pass drill-testing of the Calico prospect is planned in the coming
months.
-- Multi-element soil anomalies confirm strike extension of known gold
occurrences at the Fofoca prospect on the Sao Chico/ Sao Domingos trend.
Mike Hodgson CEO commented:
"These positive results from the regional programmes at Calico and
Fofoca are very encouraging. After the interruptions to the exploration
campaign of 2020 due to the pandemic, this year we are embarking on the
most substantial exploration effort seen by Serabi to date. Whilst a
key focus will be targeting resource growth at the existing Palito and
Sao Chico orebodies, a significant part of the exploration programme is
more regionally focussed whilst still within 20 kilometres of these
producing orebodies. Both Calico and Fofoca fall into this category.
"At Calico the results to date are very compelling and, even at this
early stage, lead us to start drawing positive comparisons with the
Palito orebody. The Calico location was first observed as a significant
electromagnetic anomaly from the airborne survey completed in 2018. In
the Tapajos, such electromagnetic highs are typically indicators of
sulphide bodies, which, as we see at Palito and Sao Chico and elsewhere,
can often be gold-bearing.
"Calico is located just five kilometres from Palito, and in the past
months we have completed follow-up terrestrial geophysical and
geochemical surveys. The soil geochemistry programme defined several
highly interesting anomalies, namely Calico, Juca and Forquilha, of
which Calico is the most significant. Measuring two kilometres by two
kilometres and with soil assays as high as 0.8g/t, this anomaly is
comparable to the geochemical anomaly over the Palito orebody. This
geochemical survey has now been complemented by IP which has proven to
be very effective at Palito. The IP has highlighted a series of NW-SE
anomalies, some sited within the bounding gold soil anomaly at depth and
some adjacent to the soil anomalies. The orientation of these IP
anomalies is consistent with broader regional structural fabric and the
trend of the veins at Palito, just five kilometres away. Given its
proximity to Palito and the fact that it shares many similar
characteristics including what seems to be a similar geochemical and
geophysical signature, we plan to conduct some initial first pass
drilling during the coming months.
"The geochemical survey at Fofoca, located in the eastern part of the
Sao Domingos tenement acquired by the Company in late 2020, is still in
progress. The initial results have defined a number of new geochemical
anomalies outside the multiple past and present artisanal mining areas.
The survey will continue with a follow-up drill programme to be
undertaken once this is completed."
Figure 1 -- Regional Exploration at Palito Complex, showing Palito and
Sao Chico, and the Calico and Fofoca prospects.
To access this image please use the following link
https://www.globenewswire.com/Tracker?data=_J1MEJSDqNz3HgW_o54CQ9s6KUIpjb2qv1cxaDLvAiRq2_NkedUscMXrvXbuGPtno38bogUr2YbXJZ1UZAG0O4e9hMXC0fXUzbrB03iWMKM=
https://bit.ly/3rMAlvR
Figure 2 -- Detailed Image of the Calico/Forquilha/Juca area showing
local geology as well as multiple gold and copper geochemical anomalies
To access this image please use the following link
https://www.globenewswire.com/Tracker?data=_J1MEJSDqNz3HgW_o54CQ80hLN6ddAVE6al-SyxhZoAQWwp7mr2xhLa1blUTSuylpoEpWX86sipf76dhdX0JpNQ07aAQOvTe-9xQn5T59Fc=
https://bit.ly/3rFWbkQ
Figure 3 -- Detailed image of Calico showing local Geology, Gold and
Copper Geochemistry as well as terrestrial geophysics -- IP anomalies
To access this image please use the following link
https://www.globenewswire.com/Tracker?data=_J1MEJSDqNz3HgW_o54CQwHPidUxZaPNQQspElad9WYWWMgGa2RCj-fZ5eBv2pt93S24kXfOCvPo73kKxt4N8xRReLnK5nz-FdQQVwrz8WA=
https://bit.ly/2Z6eu6r
RESULTS
The Calico prospect and neighbouring Forquila and Juca prospects were
initially identified from the interpretation of an airborne
electromagnetic survey completed in 2018. These areas were initially
selected where multiple electromagnetic anomalies (typically indicators
of massive sulphides in the Tapajos), coincided with an ESE-WNW trending
regional structure, known as Mato Cobra, a structure displaying strong
magnetic and radiometric anomalism.
Reconnaissance field mapping identified alteration (potassic, haematitic
and silicic) and evidence of weathered and primary sulphides in limited
outcrop associated with felsic intrusive and volcanic rocks.
Systematic grid soil sampling subsequently identified a number of
cohesive multi-element geochemical anomalies of which the most
significant was the Calico prospect.
The Calico prospect is highlighted by a central potassically altered
dacite porphyry intrusive with coincident higher temperature soil
geochemistry multi-element signature of Mo-Bi-As-Te-W-Sn. This dacite
porphyry intruding into a monzogranite was bounded by a broad 2km by 2km
high gold/low antimony halo to the NW and anomalous copper wrapping
around the southern part of the intrusive core.
The 50 metre by 200 metre grid soil sampling defined a broadly arcuate
shaped two kilometre by two kilometre gold in soil anomaly defined by
1,532 soil samples, with a maximum of 0.8g/t Au, with 260 samples
reporting analytical results between 0.03g/t and 0.8g/t Au. This gold
anomaly is supported by a suite of multi-elements suggesting an
intrusion related mineralising system (porphyry or intrusion related
gold system model).
In 2020 Serabi completed a 44.5 line kilometre IP survey covering the
gold in soil anomaly at Calico. The survey was completed on 200 metre
spaced, north south orientated traverses, with an array designed to
penetrate to at least 250 metres vertical depth.
The result of this survey has further refined the interpretation of the
Calico prospect. The IP highlighted a series of NW-SE anomalies, as
seen at Palito. These IP anomalies bound the gold soil anomaly and are
adjacent to the dacite porphyry intrusive. Between these structures a
series of transverse (NE-SW) and NNW-SSE structures (second and third
order faults) have been identified which correlate with the peaks of the
gold in soil assays.
With favourable geological mapping, coincidental IP anomalies and gold
geochemical anomalies, the Company will be focussing on first pass drill
testing of these targets in the coming months.
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.
------------------ ------------------------------------------------------------
"dacite porphyry a silica-rich igneous rock with larger phenocrysts
intrusive" (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 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.
------------------ ------------------------------------------------------------
"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.
------------------ ------------------------------------------------------------
"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 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
-- Palito Near-Mine Exploration Success
https://ml-eu.globenewswire.com/Resource/Download/db3954e1-dce5-4326-8a99-e84736b21e23
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