TIDMSRB
Matilda Copper Project - Exploration results confirm project
potential
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
Prospect ("Matilda") in the Tapajos region of Para State, Northern
Brazil. Matilda is being explored as part of the Exploration
Alliance between Serabi and Vale SA
To access a PDF copy of this news release including all images
please use the following link -
https://www.globenewswire.com/Tracker?data=XTpIy6mkDKiKdNxcUNHxrNSGIIecTRgCw6mRPLfNUqqSlkCVIxVJ5DigSQScc1gSrnCiGaZkroEpt4vxAAfrVA3XnV5rbCp8YirrsfzdOsg=
https://bit.ly/47aVgNr
Highlights
-- The 2023 drilling programme in the Matilda district commenced in April
and was completed in November with a total of 7,597.21 meters drilled
from 21 holes and was completed in two phases. The first phase comprised
drill holes 23-MT-001 to 23-MT-010 and the second phase drill holes
23-MT-011 to 23-MT-021(figure 1).
-- Drilling focussed on the main Matilda soil geochemistry anomaly, which
was initially tested in 2022 with three exploration holes.
-- To date the company has received results from 19 of the 21 drill holes
executed at Matilda, 12 of which have returned encouraging grades above
0.2% Copper ("Cu") over downhole intervals greater than 10m.
-- Significant intercepts from the second phase of drilling include.
-- Hole 23-MT-010 -- 21.45m @ 0.40% Cu and 0.11 g/t gold ("Au") from
95.55m
-- Hole 23-MT-015 -- 25.00m @ 0.34% Cu and 0.09 g/t Au from 107.00m
-- Hole 23-MT-016 -- 34.00m @ 0.34% Cu and 0.10 g/t Au from 142.00m
-- The drilling to date has delineated a shallow mineralised zone with an
exploration target with a potential range of between 21 million tonnes
("Mt") @ 0.40% Cu up to 81Mt @ 0.28% Cu. In addition to this zone, the
system is open to the NW, SE and at depth. This potential volume and
grade is however, conceptual in nature as insufficient exploration has
been completed to define a mineral resource and it is uncertain if a
mineral resource estimate will be delineated.
-- In addition to Matilda, the Company continues to investigate other
copper/gold systems in the same geological environment with anomalies and
positive results derived from exploration, particularly in Ganso and
Cinderela targets (see news release 2 November 2023).
-- In November 2023, a 26 kilometre terrestrial geophysics Induced
Polarisation (IP) Pole-Dipole survey was completed over Matilda as part
of geological investigation. Serabi is currently processing, integrating,
and interpreting the data which will be used for drillhole targeting in
the 2024 programme.
Mike Hodgson CEO commented.
"We are excited about the positive results we have received from
the Matilda prospect and to intersect porphyry mineralisation in 12
out of 19 holes is a very encouraging indeed. The drilling has
continued to expand our geological understanding of the system.
"We believe that the Matilda prospect is still in its infancy
and has much more to deliver. Typically, first stage drilling into
porphyry systems would be in the region of 15,000-20,000 metres, so
we are delighted with these results after just 7,500 metres. The
drilling indicates the copper potential remains open along the
strike and at depth, especially because of results received for the
recent holes MT-018 and MT-012. Matilda's geological
characterisation as an Alkalic Porphyry style system helps guide
our exploration strategy and suggests that further results can come
from deeper drilling.
"Additionally, the discovery of new potential porphyry systems
at Ganso and Cinderela, in addition to the other discoveries in the
region, are advancing the Tapajos province as an emerging copper
province in the north of Brazil, and Serabi's land package and
quality data puts us in an ideal position to take advantage of
this. The Company's exposure to base metal demand through the Vale
alliance as well as its growth in gold production primarily at
Coringa positions the company well, and we look forward to an
exciting year in 2024."
Figure 1: Location of drill holes executed in the 2022 and 2023
drill programmes at Matilda
To access an image of Figure 1 please use the following link -
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https://bit.ly/48p8Eim
Detailed Results and Technical Discussion
The Phase 2 drilling programme focussed on evaluating the
extents of the mineralised system at the Matilda Prospect as well
as identifying key exploration vectors that can be used to target
higher grade mineralisation.
The results obtained to date are from the shallowest part of the
system, clustered within a large surface geochemistry footprint
measuring 4,000 metres by 2,500 metres. Holes 23-MT-011, 23-MT-012
and 23-MT-18 suggest potential to extend to the ENE and WSW, whilst
the mineralisation also remains open at depth,
Drillholes 23-MT-010, 23-MT-011 and 23-MT-012 stepped out to the
north of the known mineralisation and all returned grades of over
0.35% Cu within intervals greater than 10m, indicating the system
is open to the north and north-west.
Drillholes 23-MT-015, 23-MT-016, 23-MT-017 and 23-MT-019 were
drilled to test the lateral extents of the higher-grade core
intercepted in drillholes 23-MT-004 and 23-MT-006, drilled during
the first phase of drilling. All four drillholes intercepted zones
over 20m of 0.34% Cu including discrete zones of up to 1.3% Cu,
indicating that the higher-grade zone is consistently mineralised.
23-MT-021 was drilled beneath holes 23-MT-004 and 23-MT-006 to test
the zone at depth and is pending assay results.
Drillhole 23-MT-018 stepped out to the east of known
mineralisation and returned grades of up to 0.33% Cu over 16m,
indicating that the system is open to the east.
These new results have extended mineralisation to over 1
kilometre along a WNW-ENE trending de-magnetised zone. The system
remains open to west, east, north, and at depth (figure 2), and
drilling has not yet delineated the size of the system.
Figure 2: Drill hole locations over magnetic image showing 1200
metres long, northwest orientated demagnetisation trend.
To access an image of Figure 2 please use the following link -
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https://bit.ly/47kemBb
Drilling has intercepted narrow zones of high-grade copper
mineralisation related to potassic (K-feldspar, biotite) and
overprinting chlorite +/- epidote, K-feldspar, albite, scapolite
alteration, as well as porphyry style quartz veinlets and magnetite
breccias. Strong "red rock" (hematite dusting of feldspar)
alteration commonly forms a halo to mineralised zones. These styles
of alteration and mineralisation share many characteristics with
silica-saturated alkalic porphyries such as in Canada (e.g. Mount
Milligan, B.C.) and Australia (e.g. NorthPark's, NSW). These
alkalic systems typically have complex alteration assemblages and
small surface footprints, however, are often vertically extensive,
with high grade Cu-Au cores. They are also, typically associated
with breccias and multiple dyke like orebodies rather than single
stocks as commonly seen in typical calc-alkaline porphyry
systems.
The mineralisation intersected has been interpreted as
alteration "offshoots" that lie above and laterally to the main
porphyry core which is believed to be at depth. Porphyry style
veinlets and alteration have been intercepted in every drillhole,
even the drillholes without significant intercepts, which indicates
the scale of the system. The results from the 2023 programme,
combined with the scale of the surface geochemical anomaly
indicates the potential for high grade core zones with multiple
"offshoots" within a broad, alteration halo.
To date, the causative intrusion(s) have not been intercepted in
drilling and remain a key exploration target for large volumes of
economic grade mineralisation. The 2024 drilling programme will aim
to integrate all existing data and test deeper parts of the system,
where the narrow mineralisation "offshoots" are interpreted to
coalesce. It will also aim to continue evaluating the extents and
scale of the system and test the multiple intrusive centres within
the Matilda District indicated by the geophysics and soil
geochemistry, thereby increasing the drill target pipeline.
Evaluation of the core by both Serabi's and Vale's geologists
and geological consultants has provided a consensus that the
setting and mineralisation style is consistent with a
silica-saturated alkalic porphyry-like system, and modelling of the
actual copper intercepts. The assumptions and premises of this
geological model are being used by the exploration team to
integrate and model the exploration data. Modelling of
mineralisation intercepts by the Vale's exploration team suggests
an exploration target for potential for mineralisation with volume
of up to
approximately 81Mt @ 0.28% Cu (figure 3 and 4). This potential volume and grade is however conceptual in nature as insufficient exploration has been completed to define a mineral resource and it is uncertain if a mineral resource estimate will be delineated.
Figure 3: Drill section with 23-MT-001, 004 & 006 and copper
results plotted over the magnetic susceptibility model. Drill hole
21 is pending results, but core logging indicates anomalous
sulphides in the zone.
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https://bit.ly/3vbjHwW
Figure 4: Mineralisation envelopes modelled for Matilda
totalling approximately 81Mt @ 0.28% Cu. Modelling uses 0.15% Cu
cut-off for composites, minimum true width of 10m and maximum
internal waste of 15m.
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https://bit.ly/3GLq1Oz
The Matilda pole-dipole induced polarisation (IP) geophysical
survey completed 6 lines totaling 26 kilometres, in an approximate
grid of 400m x 200m (figure 5). The IP geophysics has been
processed and integrated with the magnetic susceptibility,
geological and geochemical data available. This will provide a
basis to plan the 2024 exploration drilling campaign aiming for the
extensions of the current mineralization zones and their potential
source.
Figure 5: showing the IP surveyed lines on top of the
geochemistry footprint of Matilda.
To access an image of Figure 5 please use the following link -
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https://bit.ly/3RNnyt4
The Company continues to investigate the potential for other
porphyry copper and epithermal gold systems within Serabi's large
exploration license portfolio, and further prospective targets have
been identified. Initial drilling at Ganso, located 13 kilometres
NE from Matilda intersected a thick zone of advanced argillic
alteration. On going drilling at Ganso has intersected hematitic
breccias with phyllic alteration and porphyry style B-veins. This
potentially suggests a porphyry type system at depth. Drilling is
in progress and news is expected in Q1 of 2024. Soil sampling at
Leticia has indicated a very large intrusive center in a similar
structural setting to Matilda. An initial field visit indicated
outcrops like those seen at Ganso, associated with the zone of
advanced argillic alteration. On the southern flank of this
intrusive centre, there is a 4km long, WNW trending soil gold
anomaly just north of a sub-parallel drainage with extensive
garimpeiro workings. Just to the south, the soil sampling program
has delineated a series of small intrusive stocks associated with
magnetic anomalies. One of these is associated with a
Copper-Molybdenum anomaly. The Company will look to undertake
further reviews of all of these targets as part its 2024
exploration program (figure 6).
Figure 6: showing the location of Cinderela related to São Chico
base camp and Matilda porphyry system.
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https://bit.ly/48rajE1
Matilda Drill Results: Intersections included in mineralisation
wireframes to model the copper potential.
True Copper
Intersect Grade Gold Grade
EAST (UTM NORTH (UTM DEPTH DIP/Azm Interval Lenght (Cu (Au g /
HOLE_ID SAD69) SAD69) RL (m) (deg/degUTM) Obs From To (m) (m) %) t)
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 180
23-MT-001 609314 9291988 292 548,8 incl. 122,6 133,15 10,55 5,28 0,37 0,12
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 148,25 179,5 31,25 15,63 0,21 0,06
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 000
23-MT-002 609004 9291497 265 359,37 incl. NSI NSI
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 000
23-MT-003 608289 9291882 237 149,44 incl. NSI NSI
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 180
23-MT-004 609332 9292162 237 398,58 incl. 29,85 165,05 135,2 67,60 0,33 0,09
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 217 305 88 44,00 0,36 0,09
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 000
23-MT-005 609002 9291696 299 404,69 incl. 43 60 17 8,50 0,23 0,08
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 000
23-MT-006 609332 9292162 261 443,49 incl. 31,65 143 111,35 55,68 0,20 0,05
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 183,2 216,9 33,7 16,85 0,33 0,07
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 180
23-MT-007 608978 9292372 283 350,91 incl. 22 68 46 23,00 0,20 0,06
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 000
23-MT-008 608626 9289542 267 398,62 incl. NSI NSI
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 180
23-MT-009 608598 9289763 249 150,46 incl. NSI NSI
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 180
23-MT-010 609313 9292614 242 404,78 incl. 95,55 117 21,45 10,73 0,40 0,11
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 215 233 18 9,00 0,38 0,03
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 180
23-MT-011 609025 9292819 232 426,01 incl. 238 248 10 5,00 0,37 0,14
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 180
23-MT-012 609039 9292648 263 401,89 incl. 104 148 44 22,00 0,22 0,06
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 192 202 10 5,00 0,29 0,15
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 000
23-MT-013 609000 9291920 299 410,58 incl. NSI NSI
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 000
23-MT-014 609002 9291295 233 434,13 incl. NSI NSI
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
45 / 000
23-MT-015 609267 9292080 282 150,21 incl. 41 150 109 77,07 0,25 0,07
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 000
23-MT-016 609267 9292080 282 219,97 incl. 30 40 10 5,00 0,26 0,06
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 52 62 10 5,00 0,23 0,06
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 78 204 126 63,00 0,30 0,09
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
45 / 000
23-MT-017 609367 9292065 280 142,84 incl. 102 122 20 14,14 0,35 0,09
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 000
23-MT-018 609667 9291960 267 395,02 incl. 26 50 24 12,00 0,27 0,08
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 230 252 22 11,00 0,22 0,06
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 000
23-MT-019 609367 9292065 280 229,43 incl. 149 179 30 15,00 0,32 0,08
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
70 / 180
23-MT-020 609002 9291295 233 550,22 incl. NSI NSI
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
65 / 180
23-MT-021 609303 9292320 252 627,77 incl. NSI NSI
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 90
22-MT-001 609071.42 9292164.65 299 234.2 incl. 56 201,6 145,6 72,80 0,20 0,06
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 215,12 232,8 17,68 8,84 0,42 0,14
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 173
22-MT-002 608976.11 9292462.98 282 210.57 incl. 38,25 81,75 43,5 21,75 0,21 0,07
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 176,55 196,6 20,05 10,03 0,24 0,11
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
60 / 180
22-MT-003 609120.0 9292222.0 226 250.78 incl. 44,3 80,45 36,15 18,08 0,22 0,08
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
and 127,1 153 25,9 12,95 0,33 0,11
------------ ----------- ----------- --- ------ ------------ --- ------ ------ -------- --------- ------ ----------
Reported intercepts calculated based on a minimum
weighted average grade using a minimum true mineralization
width of xm, lower cut of 0.20% Cu and a maximum internal
waste interval of 15.0m. Analyses were performed by
ALS Laboratories a Certified geochemical laboratory.
* Note: Geometries of the mineralization model, and
changes to the minimum mineralization width and internal
wate parameters used for 3D modelling has generated
differences in the results presented in the previous
press release "Matilda Copper Project -- exploration
update from September 7(th) , 2023" due to the new
results received, geological knowledge acquired and
modelling applied. All results are correct based on
the parameters used and geological knowledge at the
time.
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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@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.
------------------ -----------------------------------------------------------------
"albite" is a plagioclase feldspar mineral
------------------ -----------------------------------------------------------------
"aplite" An intrusive igneous rock in which the mineral composition
is the same as granite, but in which the grains are
much finer
------------------ -----------------------------------------------------------------
"argillic is hydrothermal alteration of wall rock which introduces
alteration" clay minerals including kaolinite, smectite and illite
------------------ -----------------------------------------------------------------
"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 each 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.
------------------ -----------------------------------------------------------------
"epidote" is a calcium aluminium iron sorosilicate mineral
------------------ -----------------------------------------------------------------
"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 like granite.
------------------ -----------------------------------------------------------------
"hectare" or a is a unit of measurement equal to 10,000 square metres.
"ha"
------------------ -----------------------------------------------------------------
"hematite" is a common iron oxide compound
------------------ -----------------------------------------------------------------
"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.
------------------ -----------------------------------------------------------------
"ppm" means parts per million.
------------------ -----------------------------------------------------------------
"phyllic is a hydrothermal alteration zone in a permeable rock
alteration" that has been affected by circulation of hydrothermal
fluids
------------------ -----------------------------------------------------------------
"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.
------------------ -----------------------------------------------------------------
"scapolites" are a group of rock-forming silicate minerals composed
of aluminium, calcium, and sodium silicate with chlorine,
carbonate and sulfate
------------------ -----------------------------------------------------------------
"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. Several 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 - Dec 2023
https://ml-eu.globenewswire.com/Resource/Download/bfeb6649-c528-4026-b925-a002b586e8ca
(END) Dow Jones Newswires
December 19, 2023 02:00 ET (07:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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