TIDMSRB
Positive results from regional exploration activity around the
Palito tenement
Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold
mining and development company, is pleased to provide a Greenfield
Exploration update from its activities in its Palito Complex
regional tenements in the Tapajos region of Para State, Northern
Brazil. The exploration activity is being undertaken as part of the
Exploration Alliance funded by Vale SA.
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Highlights
-- Interpretation of regional airborne geophysics and soil geochemistry have
identified a large scale (crustal) dilational feature which hosts at
least four new gold and copper prospects.
-- At Calico North, preliminary results have defined anomalous and
consistent gold trends following a NW-SE structural trend, similar to the
Palito deposit, located 1.5km to the north. The results suggest the
continuity of the Palito mineralised corridor to the southwest.
-- At Isla, NW-SE trending 3.5 kilometre geochemical copper anomaly of more
than 300ppm has been defined, very similar in size and copper values with
the Matilda copper prospect. The copper anomaly also has a coincidental
airborne EM conductivity anomaly.
-- Systematic soil sampling demonstrates the prospectivity of the ground
holding, and will continue until the end of 2023, which will generate
multiple new targets for a 2024 drilling programme.
-- The full programme to collect 5,500 soil samples will increase coverage
by first pass surface geochemistry, to over 70% of Serabi's Palito
Complex tenement.
-- Re-interpretation of existing targets have refined understanding and
identified potential for epithermal and porphyry style mineralisation at
Ganso, Forquilha and Calico targets.
Mike Hodgson CEO commented,
"Geochemistry from soil sampling around the Palito complex has
been successful over the years, and the latest results to date
continue to generate some highly promising prospects. This
Greenfield exploration has been undertaken under the Alliance with
Vale announced last year, focused on copper prospects. At the end
of this year, we will be in a strong position to define the next
phase of our exploration programme that may include geophysical
follow-up and further drilling of the priority targets.
"The development of the Calico North anomaly has been very
encouraging, and the geochemical signature is very comparable with
the Palito deposit, which lies just 1.5km to the north.
"Ganso and Isla were less known to us at the beginning of this
campaign, but both targets demonstrate similar geochemical
signatures to Matilda, suggesting additional porphyry
possibilities. Forquilha is also an exciting target, exhibiting
geochemistry consistent with eptithermal vein gold potential.
"The development of these opportunities demonstrates how fertile
and prospective our ground is, as we target growth of both high
grade gold and scale bulk base metal prospects."
Please use the following link to access an image of "Location of
the main targets and discoveries made to date by the exploration
programme" - https://bit.ly/3T1vLLc
Figure 1: Location of the main targets and discoveries made to
date by the exploration programme
Detailed Results and Technical Discussion
In 2023, Serabi set up a comprehensive exploration programme
that includes approximately 13,000 meters of diamond drilling and
5,500 soil samples for multi-element analysis (figure 2).
A significant proportion of the drilling will target the
definition of an inferred Cu-Au-Mo resource for the Matilda
prospect, along with the improved geological understanding of the
Matilda system to help better understand the additional porphyry
targets that undoubtedly exist in the Palito complex.
The remainder of the exploration drilling has been aimed at
testing high priority targets, some of which have been developed
recently and some over a longer period advancing them sufficiently
to justify extension of Serabi's tenure of these areas,
The soil sampling campaign has been distributed in grids of 400m
and 800m x 100m, to provide effective coverage of the most
prospective areas and will be followed up as anomalies are
identified, through closer spaced sampling.
The data generated will significantly enhance Serabi's
understanding of the wider package and assist in future exploration
for new prospects.
Please use the following link to access an image of "Status of
the soil sample programmes in Serabi permits" -
https://bit.ly/3N2D6pZ
Figure 2: Status of the soil sample programmes in Serabi
permits.
Preliminary Soil Results
-- The Calico North target is an anomalous and continuous gold trend,
exhibiting very similar geochemical signatures to the Palito deposit just
1.5km to the north. Just like Palito, the Calico gold anomalies are
hosted in NE-SW structures. The similarities are compelling.
-- The Isla target is a 3.5km sized, copper anomaly, some 6.3km from the Sao
Chico Mine.
-- The Forquilha target defined as the upper portion of epithermal
mineralisation close (1km) to Calico North vein and the Palito mine
-- Results have helped define weathering regimes, regional lithologic
variations and alteration zones as well as directly delineating high
priority Cu and Au targets.
Calico North / Forquilha Targets
Soil sampling identified a new 5km by 2km gold in soils anomaly
at the Calico North target. The anomaly suggests the same NW-SE
structural control of the nearby Palito Mine. The target also
suggests potential for gold mineralisation over a 7km NE-SW trend,
from the Palito Mine to the greenfield Calico prospect which is
interpreted as an epithermal gold system.
The Calico North gold anomalies are located just 1.5km from the
Palito plant and subject to future exploration success are being
targeted as a potential additional ore source for the Palito
plant.
The Forquilha target is a quartz vein with structures of an
upper part of epithermal vein with stockwork and calcedonic and
hydrothermal breccia textures.
Please use the following link to access an image "Showing the
gold anomalous trend along the Palito main structure and the Palito
ore bodies" - https://bit.ly/47QaB6T
Figure 3: Showing the gold anomalous trend along the Palito main
structure and the Palito ore bodies.
Isla / Ganso Targets
Soil sampling has identified a new 3.5km long copper in soils
anomaly at the Isla target. The copper anomaly of more than 300 ppm
Cu, trends NW-SE and is correlated with a strong magnetic feature,
EM conductor anomalies and an intersection of major regional
structures. Field mapping identified gossan-like rock samples with
elevated copper grades.
To the south, a new 3km x 1km gold in soils anomaly was
identified. Field mapping identified a series of quartz-sulphide
veins returning grades of up to 159.84 g/t Au and 1,200 ppm Cu. The
newly discovered veins are located approximately 2.5km north of the
São Chico Mine.
The Ganso target identified within the soil campaign, has now
been classified as a high sulphidation epithermal target with
potential to be the upper part of another porphyry system. Data
interpretation and geological investigation is ongoing to have a
detail exploration program implemented.
Please use the following link to access an image "Presenting the
anomalous Cu zones at Isla / Ganso and the geochemistry and
geophysics interpretations made in the region" -
https://bit.ly/40SOQBn
Figure 4: Presenting the anomalous Cu zones at Isla / Ganso and
the geochemistry and geophysics interpretations made in the
region.
Next steps and final results
Serabi will continue with its soil sampling programme as well as
the ongoing drilling and IP survey at the Matilda prospect, data
interpretation and further regional work. This phase of the field
programmes will be completed by the end of the year. As the results
become available, the exploration team carries out treatment,
integration, and interpretation of the multi-element data and the
final results of the programme are expected to be announced in the
beginning of 2024.
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/Bhavesh Patel 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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@Serabi_Gold
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
-- Exploration Program - Nov 2023.
https://ml-eu.globenewswire.com/Resource/Download/1dc837e3-604f-409e-9f56-0a95b481167e
(END) Dow Jones Newswires
November 28, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Serabi Gold (LSE:SRB)
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