TIDMSRB
Matilda Copper Project - Exploration Update
Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold
mining and development company, is pleased to provide an
exploration update from its activities on the Matilda Copper
Project in the Tapajos region of Para State, Northern Brazil. The
Matilda Copper Project is being developed as part of the
Exploration Alliance between the Company and Vale SA.
A full PDF version of this news release can be accessed using
the following link -
https://www.globenewswire.com/Tracker?data=st8IV-p19P5y-3zTQ-nqUd4jWMvjMP4EXtDQwrox0Ml4J5gkfN8FV7cKo1WE5JwlZrs2J3SSo4KZmh2MYqYhTw==
https://bit.ly/
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5Viw1Q
Highlights
-- Significant intercepts from the 2023 first phase drilling lie within a
broad zone of pervasive Cu-Au mineralisation and include.
-- Hole 23-MT-004 (partial results) -- 59.45m @ 0.49% Cu and 0.13 ppm
Au from 29.85m (including 6.93m @ 0.95% Cu and 0.28 ppm Au from
78m)
-- Hole 23-MT-006 (full results) -- 13.81m @ 0.47% Cu and
0.10 ppm Au from 200,95m
-- 3,204 meters of diamond drilling have been completed in 9 holes at
Matilda.
-- The copper mineralisation and hosting rocks have many characteristics
that typify alkalic porphyry deposits found in Australia and Canada.
-- Reprocessing of data from the airborne geophysical survey completed in
2022 indicates that the positive drill results may lie within a 1.2
kilometre by 800 metre demagnetized structural zone. The zone remains
untested both laterally and at depth.
-- A further 3,200 metre Phase 2 drill programme commenced in August 2023 to
test the geochemical / geophysical trend along strike, and secondary
targets generated from the interpretation of the drilling to date.
-- In addition, deep penetrating Induced Polarisation ("IP") and
Audio-Magnetotelluric ("AMT") geophysical programmes have been designed
to complement the drilling. The IP survey will begin in September 2023.
Mike Hodgson CEO commented
"We are very excited about these results and therefore the
potential of Matilda. The new drilling results confirm the presence
of good grades of copper mineralisation and opens new perspectives
for the future of the Company. The results demonstrate that the
Serabi tenement portfolio is located in a very fertile area of the
Tapajós and the limited historic exploration activity provides a
significant first mover advantage for the Company.
"We are still in the process of understanding the copper system
at Matilda and while younger porphyry systems provide some
reference, the Matilda system is Proterozoic in age and formed
under considerably different conditions. This fact brings
challenges but at the same time opens new perspectives in terms of
the potential of our exploration ground."
"The Exploration Alliance with Vale is working extremely well
and both teams continue to collaborate closely, to improve the
understanding and definition of the copper system. These initial
results are exceptionally positive, and bodes well for further
encouraging results from the next phase of drilling".
To access Figure 1 please use the following link -
https://www.globenewswire.com/Tracker?data=st8IV-p19P5y-3zTQ-nqUSJ0Vg7LWDfm7WMph4QNKLfGLcmiO-PJlX8_Y2EDeyR7NYWjTBkwFjtzC6svjCe170BHS_9tPc7CqWdCMgpGi6U=
https://bit.ly/3RbsLeh
Detailed Results and Technical Discussion
The 2023 first phase drill programme has confirmed the discovery
of the copper system, first announced in July 2022 (see news
release dated 5 July 2022 - Drilling confirms new Porphyry
discovery at Matilda). This Proterozoic aged copper system has
geological, mineralogical, and genetic features found in modern
alkalic porphyry systems such as those found in Australia and
Canada. The geochemical footprint from soil sampling suggests a
target area measuring 4,000 metres by 2,500 metres which remains
open to the west and southwest.
The Phase 1 drilling programme has focussed on the strongest
part of the Matilda coincident copper / gold / silver soil anomaly
with six drill holes along two drill sections spaced 400 metres
apart. (see Figure 1). This initial focus area is also a
semi-coincident magnetic susceptibility high, (see Figures 2 and
3), potentially associated with potassic (magnetite)
alteration.
Mineralisation in hole 23-MT-001 occurs close to the top of the
hole in an alteration assemblage associated with secondary biotite
and magnetite replacement by chalcopyrite. The magnetic anomaly
reflects an unmineralised magnetic, monzodiorite. Holes 23-MT-004
and 23-MT-006, (same drill section) both intersected mineralised
zones. Partial results from the section are listed below and shown
graphically in Figure 2.
23-MT-001
6.06m @ 0.36% Cu and 0.07 ppm Au from 30.00m
3.25m @ 0.44% Cu and 0.12 ppm Au from 102.00m
9.14m @ 0.36% Cu and 0.11 ppm Au from 122.60m
4.11m @ 0.27% Cu and 0.09 ppm Au from 187.40m
23-MT-004
72.88m @ 0.44% Cu and 0.12 ppm Au from 29.85m
5.37m @ 0.39% Cu and 0.09 ppm Au from 138.80m
48.49m @ 0.42% Cu and 0.11 ppm Au from 220.00m **
23-MT-006
12.99m @ 0.22% Cu and 0.05 ppm Au from 28.00m
23.77m @ 0.24% Cu and 0.06 ppm Au from 50.00m
12.12m @ 0.20% Cu and 0.04 ppm Au from 106.00m
6.97m @ 0.24% Cu and 0.02 ppm Au from 161.20m
29.19m @ 0.32% Cu and 0.07 ppm Au from 183.20m
Including 13.81m @ 0.47% Cu and 0.10 ppm from 200.95m
12.12m @ 0.20% Cu and 0.05 ppm Au from 305.00m
** Final Certified analyses awaited. These preliminary results
are from analyses carried out at the Palito Mine Laboratory and are
used for quick response in the further planning of the drill
programme.
On the section, the overall mineralised package is approximately
600 metres wide and still potentially open to the north.
Figure 2: Drill section with 23-MT-001, 004 & 006 and copper
results plotted over the magnetic susceptibility model.
To access Figure 2 please use the following link -
https://www.globenewswire.com/Tracker?data=st8IV-p19P5y-3zTQ-nqUeDuZZr10BGi2Qtld7n8Qa8KvWBqyeFao8GCMqiSNVrP1vdY7nDWdr7NTTYcey3n9LCvvm0PqN2adScq9kqcNwY=
https://bit.ly/3OZNxuM
Figure 3: Drill hole locations over magnetic image showing 1200
metres long, northwest orientated demagnetization trend.
To access Figure 3 please use the following link -
https://www.globenewswire.com/Tracker?data=st8IV-p19P5y-3zTQ-nqUVqQKvNVsdF6sjnADS6tr3olHAQO2AvT2ytjrMLC3BaINklTGySe6kgkKBdVIQ8b0zzAxi9pfuiUvvA5Z_YxfyA=
https://bit.ly/44G04JM
Figure 4: Simplified model of an alkalic porphyry system based
on preliminary core logging at Matilda.
To access Figure 4 please use the following link -
https://www.globenewswire.com/Tracker?data=st8IV-p19P5y-3zTQ-nqUYpBBwVHcNGgsH3F4jvL1kAbOuLCk-yeGwT6R-F8Jxn4R2lBYqH_1e4uJUUh2k1wzHEgbddTu8waqN1-OMceHKc=
https://bit.ly/481qTLg
Hole 23-MT-007 was drilled 200 metres south of drill hole
22-MT-001 that was completed in early 2022. Hole 23-MT-07 has
extended the low-grade zone intersected in 22-MT-001. The upper
part of 23-MT-007 has 39.84 metres of weak mineralisation from 22
metres to 68 metres at 0.20% Cu followed by isolated intervals of
high-grade mineralisation including 3.46 metres @ 0.67% Cu from 160
metres, 5.20 metres @ 0.58% Cu from 201 metres (see drill hole
intercepts below).
All the current holes test a small part of a northwest-southeast
trending magnetic structure which extends over 1,200 metres, (see
Figure 3 above) associated with high copper, gold and silver values
in soils. To date, only 400 metres of this trend has been tested by
the two drill sections.
Holes 23-MT-002 and 23-MT-005 (figure 3) aimed to test a
different northeast trending structure approximately 400 metres to
the south. These holes returned no significant mineralisation but
the mineralogical interpretation at the top of 23-MT-002 indicates
similarities with the positive drill holes in the other section. A
new drill hole will be programmed to be located 200 metres south of
23-MT-002.
Hole 23-MT-003 was a shallow exploratory drill hole into the
central part of the molybdenum anomaly and had no significant
intersections. Holes 23-MT-008 and 23-MT-009 are situated on the
South Matilda soil anomaly that need a better understanding of
their position in the system.
At Matilda the main mineralised zone is interpreted as being at
least 1.2 kilometres long by 800 metres wide and is related to
magnetite brecciation associated with potassium feldspar with
actinolite/apatite/biotite alteration and chalcopyrite. Copper
grades vary from 0.2% to 1.8% with grade, thickness and shallow
depth to the mineralisation suggesting good potential for the
discovery of an economically viable deposit.
The mineralisation occurs as disseminated and veinlet hosted
chalcopyrite and lesser pyrite replacing magnetite within locally
brecciated magnetite rich zones. The observed alteration is both
potassic (red haematite-potassium-feldspar with secondary biotite)
and sodic-calcic (carbonate veinlets and epidote) with a vein
paragenesis similar to alkalic porphyry copper systems.
Interpretation of the core indicates that mineralisation occurs
in sub-vertical corridors, open along strike and at depth.
Mineralisation in 23-MT-004 and 23-MT006, starts just below the
weathering profile, indicating near-surface potential.
Serabi is continuing its drilling at Matilda and also over other
regional exploration tenements and has now completed 8,435 metres
of drilling in 2023. The initial first phase programme at Matilda
comprised 3,204 metres with the remaining 5,231 metres being
drilled on other regional targets including Cinderella, Ganso,
Highway and Isla.
The Phase 2 drilling programme at Matilda commenced in August
and will comprise a further 3,200 meters of diamond drilling. The
programme will evaluate the mineralisation intercepted along strike
with 400m deep drill holes and also test new targets based on
ongoing geologic, geophysical and geochemical interpretations.
In September a 43 kilometre pole-dipole IP programme will be
initiated and is expected to take two months. The programme will
focus on mapping zones of increased sulphide content and structures
and generate new drill targets. An AMT survey is also programmed on
the same lines to identify deep controlling structures. It is
expected that these surveys will help prioritise other soil
geochemical targets within the Matilda zone.
Figure 5 showing the planned IP programme
To access Figure 5 please use the following link -
https://www.globenewswire.com/Tracker?data=st8IV-p19P5y-3zTQ-nqUSL4h8uZug3pC6FKTEPdNq7fCS86Y-eFAGX9NTD46rAfrLKZNad-uRsxvCYQjmSS_yF5lG9DoC07YuEOqmymaYw=
https://bit.ly/3P7ErvZ
Examples of Alteration and Mineralisation from Matilda drill
core.
Alteration
To access images of the alteration please use the following link
-
https://www.globenewswire.com/Tracker?data=st8IV-p19P5y-3zTQ-nqUdMcoaoPTKgznMJQkdN_31PB3zzZDQu407Oh48FPNiUc1jTwnuQlifWC6-h5Vl5Iaj4XdDz4jaZ12fOnUkn2FXw=
https://bit.ly/3Lej6jv
Mineralisation
To access images of the mineralisation please use the following
link -
https://www.globenewswire.com/Tracker?data=st8IV-p19P5y-3zTQ-nqUUZ8L2EpbmjU06ALISPVpecOARg7xwcJqEw-PP0XMdv-zGDEOF_0gZdv9evldR4183ItsTCx8_cfpF2KiEgOC3o=
https://bit.ly/460KcCx
Multi-element geochemistry data from the 3,204 metres completed,
is being processed to aid in the definition of lithologies,
alteration and mineralization and better understand the potential
of the copper system.
Drillhole Intercepts
True
Intersect Copper Gold
EAST NORTH (UTM DEPTH DIP/Azm length Grade Grade
HOLE ID (UTM SAD69) SAD69) RL (m) (deg/degUTM) Obs From To (m) (Cu %)) (Au g/t)
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
60 / 180
23-MT-001 609314 9291988 292 548.80 incl. 30.0 37.0 6.06 0.36 0.07
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 102.0 105.75 3.25 0.44 0.12
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 122.6 133.15 9.14 0.36 0.11
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 187.4 192.15 4.11 0.27 0.09
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
23-MT-002 609004 9291497 265 359.37 60 / 0 incl. NSI NSI
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
23 MT-003 608289 9291882 237 149.44 60 / 0 incl. NSI NSI
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
60 / 180
23-MT-004 609332 9292162 237 398.58 incl. 29.85 114.0 72.88 0.44 0.12
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
including 29.85 98.0 59.45 0.49 0.13
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
including 78.0 86.0 6.93 0.95 0.28
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 138.8 145.0 5.37 0.39 0.09
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and* 220.0 276.0 48.49 0.42* 0.11*
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
23-MT-005 609002 9291696 299 404.69 60 / 0 incl. 43.0 54.0 9.53 0.24 0.08
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
23-MT-006 609332 9292162 261 443.49 60 / 0 incl. 28.0 43.0 12.99 0.22 0.05
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 50.0 77.45 23.77 0.24 0.06
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 106.0 120.0 12.12 0.20 0.04
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 161.2 169.25 6.97 0.24 0.02
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 183.2 216.9 29.19 0.32 0.07
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
including 200.95 216.9 13.81 0.47 0.10
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 305.0 319 12.12 0.20 0.05
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
60 / 180
23-MT-007 608978 9292372 283 350.91 incl. 22.0 68.0 39.84 0.20 0.06
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 160.0 164.0 3.46 0.67 0.04
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
and 201.0 207.0 5.20 0.58 0.07
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
23-MT-008 608626 9289542 267 298.62 60 / 0 incl. NSI NSI
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
60 / 180
23-MT-009 608598 9289763 249 150.46 incl. 36.55 46.0 8.18 0.20 0.11
---------- ------------ ----------- --- ------ ------------- --------- ------ ------ --------- -------- ---------
Reported intercepts calculated based on a minimum
weighted average grade and lower cut of 0.20% Cu and
a maximum internal waste interval of 6.0m based on
analysis by ALS Laboratories. *Exception for 23-MT-004
from 218.6m to 353m depth which had only Serabi's
on-site lab reported analyses with the analysis from
ALS still pending. Based on the past analysis of 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, wherever practical, use
independent assay results and also verify the correlation
with Serabi's internal laboratory analysis.
NSI -- No Significant Intersection.
----------------------------------------------------------------------------------------------------------------------------
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018.
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 t +44 (0)20 7246 6830
Chief Executive m +44 (0)7799 473621
Clive Line t +44 (0)20 7246 6830
Finance Director m +44 (0)7710 151692
e contact@serabigold.com
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www.serabigold.com
BEAUMONT CORNISH Limited
Nominated Adviser & Financial Adviser
Roland Cornish / Michael Cornish t +44 (0)20 7628 3396
PEEL HUNT LLP
Joint UK Broker
Ross Allister t +44 (0)20 7418 9000
TAMESIS PARTNERS LLP
Joint UK Broker
Charlie Bendon/ Richard Greenfield t +44 (0)20 3882 2868
CAMARCO
Financial PR
Gordon Poole / Emily Hall t +44 (0)20 3757 4980
Copies of this announcement are available from the Company's
website at www.serabigold.com.
See
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www.serabigold.com for more information and follow us on twitter
@Serabi_Gold
GLOSSARY OF TERMS
The following is a glossary of technical terms:
"actinolite" amphibole silicate mineral commonly found in metamorphic
rocks, including those surrounding cooled intrusive
igneous rocks
------------------ -----------------------------------------------------------------
"Ag" means silver.
------------------ -----------------------------------------------------------------
"alkalic porphyry" A class of copper-porphyry mineral deposits characterised
by disseminated mineralisation within and immediately
adjacent to silica-saturated to silica-undersaturated
alkalic intrusive centres and being copper/gold/molybdenum-rich.
------------------ -----------------------------------------------------------------
"apatite" A mineral consisting of calcium phosphate with some
fluorine, chlorine, and other elements
------------------ -----------------------------------------------------------------
"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.
------------------ -----------------------------------------------------------------
"biotite" A phyllosilicate mineral composed of a silicate of
iron, magnesium, potassium, and aluminum found in
crystalline rocks and as an alteration mineral.
------------------ -----------------------------------------------------------------
"brecciation" Describes the process where large angular broken fragments
of minerals or rocks become cemented together by a
fine-grained matrix.
------------------ -----------------------------------------------------------------
"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 matrixi
------------------ -----------------------------------------------------------------
"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
------------------ -----------------------------------------------------------------
"magnetite" Magnetic mineral composed of iron oxide found in intrusive
rocks and as an alteration mineral.
------------------ -----------------------------------------------------------------
"monzodiorite" Is an intrusive rock formed by slow cooling of underground
magma.
------------------ -----------------------------------------------------------------
"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.
------------------ -----------------------------------------------------------------
"paragenesis" Is a term used to describe the sequence on relative
phases of origination of igneous and metamorphic rocks
and the deposition of ore minerals and rock alteration.
------------------ -----------------------------------------------------------------
"phyllosilicate are a group of minerals that are fundamentally composed
minerals" of extended flat sheets of linked silicon-oxygen tetrahedra
------------------ -----------------------------------------------------------------
"ppm" means parts per million.
------------------ -----------------------------------------------------------------
"proterozoic" means the geological eon (period) 2.5 billion years
ago to 541 million years ago
------------------ -----------------------------------------------------------------
"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
Assay results reported within this release include 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.
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.
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, recognizing 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.
Neither the Toronto Stock Exchange, nor any other securities
regulatory authority, has approved or disapproved of the contents
of this news release
Attachment
-- Matilda exploration update - Sept 2023
https://ml-eu.globenewswire.com/Resource/Download/6f703d27-4569-47b6-a46a-14a5063072fb
(END) Dow Jones Newswires
September 07, 2023 02:00 ET (06:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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