TIDMSRB
Serabi significantly extends mine life at the Palito Complex as
new 43-101 is published.
Serabi Gold (AIM:SRB, TSX:SBI), the Brazilian focused gold
mining and development company, is pleased to announce updated
Mineral Reserve estimates for its Palito Complex (being the Palito
deposit and the Sao Chico satellite deposit), and the publication
of a new Technical Report prepared in accordance with the standard
of CIM and Canadian National Instrument 43-101, with an effective
date of 31 July, 2023 as outlined below.
HIGHLIGHTS
-- Proven and Probable Reserves totalling 206,400 ounces (824,800 tonnes @
7.78 g/t Au), a threefold increase on the previously disclosed total of
67,344 ounces as at 31 December 2021.
-- The average grade of 7.78 g/t Au, is an improvement of 11% over the mean
grade of the December 2021 estimation.
-- Mineral Reserves at Palito are equivalent to over six years of operations
at current production levels, without considering conversion of the
additional Mineral Resources and more than 3 times the previous estimate
of reserve life.
-- NCL Ingeniería y Construcción SpA of Santiago de Chile ("NCL")
have prepared this Mineral Resource and Mineral Reserve estimation
together with a new 43-101 Technical Report which is available on the
Company's website and on SEDAR.
These Mineral Reserves are included in the Mineral Resources
disclosed on 6 October 2023 which comprised:
-- Measured and Indicated ("M&I") Resource of 377,800 ounces of contained
gold (1,166,300 tonnes at an average in-situ grade of 10.08 g/t Au), an
increase of 50% compared to December 2021.
-- Further Inferred Resource of 153,900 ounces (682,400 tonnes at an average
in-situ grade of 7.01 g.t Au)
The new NI 43-101 compliant Technical Report can be accessed
using the following link - https://bit.ly/3QLI5MP
Mike Hodgson CEO commented,
"This new Mineral Reserve of 206,400 ounces represents three
times the previous estimation of December 2021. This is an
outstanding outcome achieved through a lot of hard work at site,
and a significant reward for an aggressive 18 month underground
drilling campaign, which has clearly been very successful.
"Palito, like many small vein mines, faces challenges
demonstrating longevity. Serabi has nonetheless established a track
record of resource replenishment, as well as a strong history of
converting resources to reserves. Palito is a generational deposit,
its production having started in 2005 albeit often exhibiting only
a two to three year reserve life. This latest reserve and resource
estimate confirms that it remains a long-life asset capable of
supporting current production levels for many years."
The Mineral Reserve estimate was prepared by Mr Carlos Guzman of
NCL Ingeniería y Construcción SpA, who is a Qualified Person under
the Canadian National Instrument 43-101.
The Mineral Resource estimate was prepared by Mr Nicolas Fuster
of NCL Ingeniería y Construcción SpA, who is a Qualified Person
under the Canadian National Instrument 43-101.
Mineral Reserve Estimates
The updated Mineral Reserve estimates for the Palito Mine and
the Sao Chico Mine are based on data as at 31 July 2023.
Table 1 - Total Mineral Reserves Statement for the
Palito Complex (Palito and Sao Chico Mines), Para,
Brazil (effective 31 July 2023)
------------------------------------------------------------------------------------------------------------------------------
Palito Sao Chico Combined
--------- ------------------------------------- ------------------------------------- -------------------------------------
Tonnes Grade Contained ounces Tonnes Grade Contained ounces Tonnes Grade Contained ounces
(000's) (g/t Au) (000's oz) (000's) (g/t Au) (000's oz) (000's) (g/t Au) (000's oz)
--------- -------- --------- ---------------- -------- --------- ---------------- -------- --------- ----------------
Reserves
Proven 567.8 8.08 147.5 46.1 8.20 12.2 614.0 8.09 159.7
Probable 196.8 6.83 43.2 14.1 7.68 3.5 210.8 6.89 46.7
--------- -------- --------- ---------------- -------- --------- ---------------- -------- --------- ----------------
Total
Proven
and
Probable 764.6 7.76 190.8 60.2 8.08 15.6 824.8 7.78 206.4
--------- -------- --------- ---------------- -------- --------- ---------------- -------- --------- ----------------
Notes to Table 1
1) Mineral Reserves have been rounded to reflect the relative accuracy of the estimates. Proven Mineral Reserves are reported within the Measured classification domain, and Probable Mineral Reserves are reported within the Indicated classification domain.
2) Proven and Probable Mineral Reserves are inclusive of external mining dilution and mining loss and are reported at a COG of 4.0 g/t gold assuming an underground shrinkage mining scenario, a gold price of US$1,800/oz, a 5.0:1 Brazilian Real to U.S. Dollar exchange rate, and metallurgical recoveries of 93.2% for Palito and 93.8% for São Chico.
3) Serabi is the operator and owns 100% of the Palito Complex such that gross and net attributable mineral reserves are the same.
4) The mineral reserve estimate was prepared by the NCL in accordance with the standard of CIM and NI 43-101, with an effective date of July 31 2023, and audited and approved by Mr. Carlos Guzmán of NCL, who is a Qualified Person under NI 43-101.
Mineral Resource Estimates -- (previously disclosed on 6 October
2023)
The updated Mineral Resource estimates for the Palito Mine and
the Sao Chico Mine are based on data as at 31 July 2023.
Table 2 - Total Mineral Resources Statement for the
Palito Complex (Palito and Sao Chico Mines), Para,
Brazil (effective 31 July 2023)
-------------------------------------------------------------------------------------------------------------------------------
Palito Sao Chico Combined
---------- ------------------------------------- ------------------------------------- -------------------------------------
Tonnes Grade Contained ounces Tonnes Grade Contained ounces Tonnes Grade Contained ounces
(000's) (g/t Au) (000's oz) (000's) (g/t Au) (000's oz) (000's) (g/t Au) (000's oz)
---------- -------- --------- ---------------- -------- --------- ---------------- -------- --------- ----------------
Resources
Measured
Resources 772.3 11.03 273.8 122.5 8.10 31.9 894.8 10.63 305.7
Indicated
Resources 243.0 8.39 65.6 28.5 7.07 6.5 271.5 8.26 72.1
---------- -------- --------- ---------------- -------- --------- ---------------- -------- --------- ----------------
Measured &
Indicated
Resources 1,015.3 10.40 339.3 150.9 7.91 38.4 1166.3 10.08 377.8
---------- -------- --------- ---------------- -------- --------- ---------------- -------- --------- ----------------
Inferred
Resources 674.2 7.02 152.2 8.2 7.84 1.7 682.4 7.01 153.9
---------- -------- --------- ---------------- -------- --------- ---------------- -------- --------- ----------------
Notes to Table 2:
(1) Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. Mineral Resources are reported inclusive of Mineral Reserves. All figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are reported within classification domains inclusive of in-situ dilution at a cut-off grade of 3.32/t gold assuming an underground extraction scenario, a gold price of US$1,950/troy oz, an operating cost of $198/t, and metallurgical recovery of 95%.
(2) Serabi is the operator and owns 100% of the Palito Complex such that gross and net attributable mineral resources are the same. The mineral resource estimate was prepared by NCL Consultoria en Ingenieria en Minas in accordance with the standard of CIM and Canadian National Instrument 43-101, with an effective date of 31 July 2023 by Mr Nicolas Fuster, who is a Qualified Person under the Canadian National Instrument 43-101.
(3) A three dimensional block model was used for Resources estimates.
Qualified Persons and Quality Control
The scientific and technical information contained in this news
release pertaining to the Palito Complex has been reviewed and
approved by the following Qualified Persons under National
Instrument 43-101 -- Standards of Disclosure for Mineral Projects
("NI 43-101"):
-- Carlos Guzman,RM CMC, FAusIMM, NCL Ingeniería y Construcción
SpA
-- Gustavo Tapia, RM CMC, Metallurgical and Process Consultant, GT
Metallurgy
-- Nicolas Fuster, RM CMC, MAusIMM, NCL Ingeniería y Construcción
SpA
The Qualified Persons have verified the information disclosed
herein, including the sampling, preparation, security and
analytical procedures underlying the information or opinions
contained in this announcement in accordance with standards
appropriate to their qualifications.
Technical Report
A Technical Report prepared by NCL Ingeniería y Construcción
SpA. In accordance with NI 43-101 has been filed on SEDAR (
https://www.globenewswire.com/Tracker?data=2C5aIzn6PpUldHAFM8HMynUgERKnmKAAhH-8QjwX4jdGjAOOXmR-M9olay-b0XCqaHNkDVYaSMpNcvBw7a_Ehw==
www.sedar.com) and on the Company's website
Historical Estimates
Historical resource estimates for the Palito and Sao Chico
ore-bodies are documented in the technical reports entitled
-- NI 43-101 Technical Report, Palito Mining Complex, dated 25 January 2018,
-- Mineral Resource Estimate on the Sao Chico Gold Project, Brazil, dated 15
October 2012,
-- Preliminary Economic Assessment for the Jardim Do Ouro Project, Para
State, Brazil, dated 28 June 2012,
-- NI 43.101 Technical Report for the Jardim Do Ouro Project, Pará
State, Brazil, dated 9 December 2010 and,
-- Mineral Resource and Mineral Reserve Estimate for the Palito Mine,
Pará State, Brazil, as at 31 March, 2008, dated September 2008,
all of which are filed on the Company's website at
www.serabigold.com and SEDAR at
https://www.globenewswire.com/Tracker?data=2C5aIzn6PpUldHAFM8HMyvFpOr3hjt8tc_dgE6YgpODPH9fIufkjw-8oNVC_EI--O-LM6zuDUFmHoEaJdJi3VQ==
www.sedar.com.
Historical resource estimates for the Coringa ore-body are
documented in the technical reports entitled, NI 43-101 Technical
Report, Coringa Project, Preliminary Economic Assessment, dated 21
October 2019, NI 43-101 Technical Report, Coringa Project, Mineral
Resource Estimate , dated 18 April 2019, Coringa Gold Project,
Brazil NI 43-101 Technical Report, dated June 15, 2017 and Coringa
Gold Project, Brazil Feasibility Study NI 43-101 Technical Report,
dated September 8, 2017.
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
Fínance Director m +44 (0)7710 151692
e contact@serabigold.com
https://www.globenewswire.com/Tracker?data=2C5aIzn6PpUldHAFM8HMyp6IMGNvEnOmKdOoF1Bs-eajB1u9cyP0Y1rELxdynlSWGRfxPbsUmuVVHS4JFQvASJlfjWtV0aASp2TN-vODTGQ=
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.
Neither the Toronto Stock Exchange, nor any other securities
regulatory authority, has approved or disapproved of the contents
of this news release.
APPIX
Mineral Reserves and Resources
The Company estimates and discloses mineral reserves and
resources using the definitions adopted by the Canadian Institute
of Mining, Metallurgy and Petroleum, and in accordance with NI
43-101. Further details are available at www.cim.org. See the
"Glossary of Geological and Mining Terms" for complete definitions
of mineral reserves and mineral resources.
About Mineral Resources
Mineral resources are not mineral reserves and do not have
demonstrated economic viability but do have reasonable prospect for
economic extraction. They fall into three categories: measured,
indicated, and inferred. The reported mineral resources are stated
inclusive of mineral reserves. Measured and indicated mineral
resources are sufficiently well-defined to allow geological and
grade continuity to be reasonably assumed and permit the
application of technical and economic parameters in assessing the
economic viability of the mineral resource. Inferred mineral
resources are estimated on limited information not sufficient to
verify geological and grade continuity or to allow technical and
economic parameters to be applied. Inferred mineral resources are
too speculative geologically to have economic considerations
applied to them. There is no certainty that mineral resources of
any category will be upgraded to mineral reserves.
Important Information about Mineral Reserve and Resource
Estimates
Whilst the Company takes all reasonable care in the preparation
and verification of the mineral reserve and resource figures, the
figures are estimates based in part on forward-looking information.
Estimates are based on management's knowledge, mining experience,
analysis of drilling results, the quality of available data and
management's best judgment. They are, however, imprecise by nature,
may change over time, and include many variables and assumptions
including geological interpretation, commodity prices and currency
exchange rates, recovery rates, and operating and capital costs.
There is no assurance that the indicated levels of metal will be
produced, and the Company may have to re-estimate the mineral
reserves based on actual production experience. Changes in the
metal price, production costs or recovery rates could make it
unprofitable to operate or develop a particular deposit for a
period of time.
A comparison of the updated Mineral Reserve Estimates ("MRsvE")
as at 31 July 2023 with the previously reported Mineral Reserve
Estimates as at 31 December 2021 published on 7 March 2022 is set
out below.
Comparison of Mineral Reserves for the Palito Mine,
Para, Brazil (effective 31 July 2023)
July 2023 MRrvE December 2021 MRsvE
Contained
Tonnes Grade ounces Tonnes Grade
000's (g/t Au) 000's 000's (g/t Au) Contained ounces 000's
Reserves
Proven
Reserves 567.8 8.08 147.5 43.1 6.03 8.4
Probable
Reserves 196.8 6.83 43.2 208.4 7.43 49.8
--------- ------ --------- --------- ------ --------- ----------------------
Total
Proven
and
Probable
Reserves 764.6 7.76 190.8 251.5 7.19 58.2
--------- ------ --------- --------- ------ --------- ----------------------
Comparison of Mineral Reserves for the Sao Chico Mine,
Para, Brazil (effective 31 July 2023)
July 2023 MRrvE December 2021 MRsvE
Contained
Tonnes Grade ounces Tonnes Grade
000's (g/t Au) 000's 000's (g/t Au) Contained ounces 000's
Reserves
Proven
Reserves 46.1 8.20 12.2 12.5 6.44 2.6
Probable
Reserves 14.1 7.68 3.5 35.2 5.83 6.6
--------- ------ --------- --------- ------ --------- ----------------------
Total
Proven
and
Probable
Reserves 60.2 8.08 15.6 47.7 5.99 9.2
--------- ------ --------- --------- ------ --------- ----------------------
Comparison of Combined Mineral Reserves for the Palito
Complex, Para, Brazil (effective 31 July 2023)
July 2023 MRrvE December 2021 MRsvE
Contained
Tonnes Grade ounces Tonnes Grade
000's (g/t Au) 000's 000's (g/t Au) Contained ounces 000's
Reserves
Proven
Reserves 614.0 8.09 159.7 55.6 6.12 10.9
Probable
Reserves 210.8 6.89 46.7 243.6 7.20 56.4
--------- ------ --------- --------- ------ --------- ----------------------
Total
Proven
and
Probable
Reserves 824.8 7.78 206.4 299.2 7.00 67.3
--------- ------ --------- --------- ------ --------- ----------------------
A comparison of the updated Mineral Resource Estimates ("MRE")
as at 31 July 2023 with the previously reported Mineral Resource
Estimates as at 31 December 2021 published on 7 March 2022 is set
out below. -- as previously disclosed on 6 October 2023
Comparison of Mineral Resources for the Palito Mine,
Para, Brazil (effective 31 July 2023)
July 2023 MRE December 2021 MRE
Contained
Tonnes Grade ounces Tonnes Grade
000's (g/t Au) 000's 000's (g/t Au) Contained ounces 000's
Resources
Measured
Resources 772.3 11.03 273.8 39.2 6.63 8
Indicated
Resources 243.0 8.39 65.6 1,093.2 5.22 184
---------- ------- --------- --------- ------- --------- ----------------------
Measured &
Indicated
Resources 1,015.3 10.40 339.3 1,132.4 5.27 192
---------- ------- --------- --------- ------- --------- ----------------------
Inferred
Resources 674.2 7.02 152.2 882.1 5.00 142
---------- ------- --------- --------- ------- --------- ----------------------
Comparison of Mineral Resources for the Sao Chico
Mine, Para, Brazil (effective 31 July 2023)
July 2023 MRE December 2021 MRE
Contained
Tonnes Grade ounces Tonnes Grade
000's (g/t Au) 000's 000's (g/t Au) Contained ounces 000's
Resources
Measured
Resources 122.5 8.10 31.9 9.6 8.38 3
Indicated
Resources 28.5 7.07 6.5 360.5 5.00 58
---------- ------ --------- --------- ------ --------- ----------------------
Measured &
Indicated
Resources 150.9 7.91 38.4 370.1 5.09 61
---------- ------ --------- --------- ------ --------- ----------------------
Inferred
Resources 8.2 7.84 1.7 547.6 4.55 80
---------- ------ --------- --------- ------ --------- ----------------------
Comparison of Combined Mineral Resources for the Palito
Complex, Para, Brazil (effective 31 July 2023)
July 2023 MRE December 2021 MRE
Contained
Tonnes Grade ounces Tonnes Grade
000's (g/t Au) 000's 000's (g/t Au) Contained ounces 000's
Resources
Measured
Resources 894.8 10.63 305.7 48.8 6.98 11.0
Indicated
Resources 271.5 8.26 72.1 1,453.7 5.17 241.5
---------- ------- --------- --------- ------- --------- ----------------------
Measured &
Indicated
Resources 1,166.3 10.08 377.8 1,502.5 5.23 252.5
---------- ------- --------- --------- ------- --------- ----------------------
Inferred
Resources 682.4 7.01 153.9 1,429.7 4.83 221.9
---------- ------- --------- --------- ------- --------- ----------------------
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 intrusive" a silica-rich igneous rock with larger phenocrysts
(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 techniques" include the exploration of an area by exploiting differences
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 "ha" is a unit of measurement equal to 10,000 square metres.
--------------------------- ------------------------------------------------------------
"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 Resource An Indicated Mineral Resource is that part of a Mineral
Resource for which quantity, grade or quality, densities,
shape and physical characteristics are estimated with
sufficient confidence to allow the application of
Modifying Factors in sufficient detail to support
mine planning and evaluation of the economic viability
of the deposit. Geological evidence is derived from
adequately detailed and reliable exploration, sampling
and testing and is sufficient to assume geological
and grade or quality continuity between points of
observation. An Indicated Mineral Resource has a lower
level of confidence than that applying to a Measured
Mineral Resource and may only be converted to a Probable
Mineral Reserve.
--------------------------- ------------------------------------------------------------
"Inferred Mineral Resource" An Inferred Mineral Resource is that part of a Mineral
Resource for which quantity and grade or quality are
estimated on the basis of limited geological evidence
and sampling. Geological evidence is sufficient to
imply but not verify geological and grade or quality
continuity. An Inferred Mineral Resource has a lower
level of confidence than that applying to an Indicated
Mineral Resource and must not be converted to a Mineral
Reserve. It is reasonably expected that the majority
of Inferred Mineral Resources could be upgraded to
Indicated Mineral Resources with continued exploration.
--------------------------- ------------------------------------------------------------
"Measured Mineral Resource" A Measured Mineral Resource is that part of a Mineral
Resource for which quantity, grade or quality, densities,
shape, and physical characteristics are estimated
with confidence sufficient to allow the application
of Modifying Factors to support detailed mine planning
and final evaluation of the economic viability of
the deposit. Geological evidence is derived from detailed
and reliable exploration, sampling and testing and
is sufficient to confirm geological and grade or quality
continuity between points of observation. A Measured
Mineral Resource has a higher level of confidence
than that applying to either an Indicated Mineral
Resource or an Inferred Mineral Resource. It may be
converted to a Proven Mineral Reserve or to a Probable
Mineral Reserve.
--------------------------- ------------------------------------------------------------
"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" A Mineral Resource is a concentration or occurrence
of solid material of economic interest in or on the
Earth's crust in such form, grade or quality and quantity
that there are reasonable prospects for eventual economic
extraction. The location, quantity, grade or quality,
continuity and other geological characteristics of
a Mineral Resource are known, estimated or interpreted
from specific geological evidence and knowledge, including
sampling.
--------------------------- ------------------------------------------------------------
"Mineral Reserve" A Mineral Reserve is the economically mineable part
of a Measured and/or Indicated Mineral Resource. It
includes diluting materials and allowances for losses,
which may occur when the material is mined or extracted
and is defined by studies at Pre-Feasibility or Feasibility
level as appropriate that include application of Modifying
Factors. Such studies demonstrate that, at the time
of reporting, extraction could reasonably be justified.
--------------------------- ------------------------------------------------------------
"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 Reserve" is the economically mineable part of an Indicated
and, in some circumstances, a Measured Mineral Resource
demonstrated by at least a Preliminary Feasibility
Study. This Study must include adequate information
on mining, processing, metallurgical, economic, and
other relevant factors that demonstrate, at the time
of reporting, that economic extraction can be justified.
--------------------------- ------------------------------------------------------------
"Proven Mineral Reserve" is the economically mineable part of a Measured Mineral
Resource. A Proven Mineral Reserve implies a high
degree of confidence in the Modifying Factors.
--------------------------- ------------------------------------------------------------
"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.
--------------------------- ------------------------------------------------------------
"XRF" X-ray Fluorescence (XRF) is a spectrometric technique
used to perform elemental analysis non-destructively
on samples
--------------------------- ------------------------------------------------------------
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
-- Palito Reserves and 43-101 Report Nov 23
https://ml-eu.globenewswire.com/Resource/Download/90a38ab2-0ec0-4a38-b055-2f9fc0c9e911
(END) Dow Jones Newswires
November 21, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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