TIDMSRB
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://www.globenewswire.com/Tracker?data=FKzm0oC-GE1wWLHJ1c0xXptGFZWR5lQGUl6TuWHAfzPBXio4GP2BZeFwG1C1pLtgjN0TJKIaWFRZrSi2f3A4Zu3AaQlfHgAYFPVRRz_7gpM=
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://www.globenewswire.com/Tracker?data=FKzm0oC-GE1wWLHJ1c0xXh0zbWbgsFWtVxJoPYagx1loaLtUSaxdtNI9_eBlU787w3NOYoz2tKoSub9QQmb87GqTCJR5ESR98Yyni99Py1k=
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://www.globenewswire.com/Tracker?data=FKzm0oC-GE1wWLHJ1c0xXrk8af-8lqfUqTVRtFAlrmTBolrXv-B0m4R5uZk6dShvT57ECaJXVGYjj8mkQ_nE7TB8hzKghJT_xw2iR781L4Q=
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://www.globenewswire.com/Tracker?data=FKzm0oC-GE1wWLHJ1c0xXoz4YG7H_YwTtnH4KSpqTTwqCUi49IZ5kMs124XESabkW_uXc1PkrRtGf6FoHyp8GVef0MU4vYVCY35BUrVydXA=
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:
Depth Width Gold
Hole East West RL (m) Dip/Azm From To (m) Grade
---------- ------ ------ -----
(WGS84) (WGS84) (deg/degUTM) (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://www.globenewswire.com/Tracker?data=FKzm0oC-GE1wWLHJ1c0xXlT-S8YqE6ExEQJSgF7XHs4GwHnpefkDREGJgutE7Zv-3DWD9qtpTtED0IG6xrcfc-hxWOsGTWPbTeVXl3sXc0M=
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 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
"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.
------------------ ----------------------------------------------------------------
"Indicated Mineral is that part of a Mineral Resource for which quantity,
Resource 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 is that part of a Mineral Resource for which quantity
Resource" 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 " is that part of a Mineral Resource for which quantity
Resource" 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 is the economically mineable part of an Indicated
Reserve" 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 is the economically mineable part of a Measured Mineral
Reserve" 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 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
(END) Dow Jones Newswires
April 07, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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