Excellent Third Quarter production and Coringa progress on track
For immediate release
13 October
2021
Serabi Gold plc(“Serabi”
or the “Company”)
Excellent Third Quarter production and
Coringa progress
on track
Serabi Gold plc (AIM:SRB, TSX:SBI), the
Brazilian-focused gold mining and development company, is pleased
to provide the results and a review of its 2021 third quarter
operational, development and exploration
activities.
A PDF version of this announcement,
including all images, can be accessed using the following
link https://bit.ly/3aw6zoF
OPERATIONAL
HIGHLIGHTS
Palito Operations
- Third quarter
gold production of 9,082 ounces, a 34 per cent improvement compared
to the same period of 2020 (Q3 2020: 6,790 ounces). Gold production
for the year to date (“ytd”) is 26,510 ounces, in line with
guidance (2020 ytd: 24,314 ounces).
- Total ore mined
during the quarter of 42,240 tonnes at 7.18 grammes per tonne
(“g/t”) of gold (Q3 2020; 44,097 tonnes at 4.84 g/t), the highest
quarterly mined grade since the first quarter of 2019 and a 28 per
cent improvement in grade compared to the average for 2020.
- 41,995 tonnes of
run of mine (“ROM”) ore were processed through the plant from the
combined Palito and São Chico orebodies, with an average grade of
7.20 g/t of gold (Q3 2020: 46,135 tonnes at 4.75 g/t), a 28 per
cent improvement on the average plant grade for 2020.
- 2,842 metres of
horizontal development completed during the quarter, bringing the
year-to-date total to 9,376 metres.
Coringa Project
- Initial mine
development commenced at Coringa setting Serabi on its path to
achieve mid-term objective of becoming a 100,000 ounce per annum
gold producer.
- The development
of the mine portal began in late July, with the objective to reach
the Serra ore zone during the fourth quarter, one of three main
zones at Coringa. Blasting into hard rock is now well
underway.
- 400 metres of
ore development is planned to further support the geological
resource which to date is based on drillholes and surface artisanal
mining
- Exposure of the
orebody through development could identify potential mining and
processing improvements for the project and future operation:
- The project
economics are currently based on selective mining. The Company
currently utilises a more mechanised long-hole open stoping at the
São Chico deposit and is having good success with this mining
method on the more regular veins at Palito. There is strong
potential that this mining method could be effectively deployed at
Coringa.
- The use of ore
sorting technology at Palito has been very successful. The Coringa
drill core suggests the presence of the same strong contrast
between ore and waste rock. The Company plans to take development
ore from Coringa to Palito and run tests to assess the
applicability of this technology.
- The development
of Coringa with its favourable economics is a significant milestone
for Serabi. The Company’s 2019 Preliminary Economic Assessment
(previously published October 2019) highlighted:
- low initial
capital of US$25m,
- average annual
production of 38koz for the first 5 full years of production of the
9 year mine life at an average grade of 8.34g/t Au,
- All-In
Sustaining Cost (AISC) of US$852/oz.
EXPLORATION HIGHLIGHTS
Exploration highlights in the quarter (as
previously announced on 13 August 2021) included:
São
Chico
- Surface
drilling on the Julia Vein (Zone 3) intersected significant shallow
mineralisation including 4.30m @ 8.52g/t Au
(including 0.80m @ 31.08g/t), 2.55m @ 14.29g/t Au
(including 0.50m @ 66.70g/t Au) and 0.8m @ 11.85g/t Au to 100
metres below surface.
- Drilling on the
Julia Vein (Zone 4) intersected 0.6m @ 3.46g/t Au indicating
shallow mineralisation continues from Zone 3 into Zone 4, a western
extension of the shallow mineralisation across a dacite dyke
intrusion.
- Julia Vein
underground drilling intersected 3.3m @ 12.02g/t
Au indicating a potential deeper mineralised shoot developing below
200 metres vertical depth on Julia Zone 3.
- Remodelling and
interpretation of historic data has identified a parallel structure
approximately 70 metres to the south of the Main Vein, containing
several small, but very high-grade shoots. Named “Gabi”, recent
underground drilling to confirm this vein target returned results
including 0.55m @ 18.24g/t Au.
- Drill testing
of an induced polarisation geophysical anomaly 100 metres north of
the Main Vein and adjacent to the decline ramp intersected 1.95m @
3.63g/t Au including 0.70m @ 8.88g/t Au on the Lagoa Intermediate
target.
São
Domingos
- A surface
sampling programme over the Atacadão prospect totalling 69 rock
chip samples with an average grade of 8.33g/t Au over an area of
1.5km x 1.5km and a maximum result of 204.77g/t Au, reflects the
prospectivity of the area.
- Drilling
commenced in July on the Atacadão trend following up on the
detailed mapping and rock chip sampling of this prospective trend.
A north-south drill traverse, designed to cover the structural
intersection has returned early positive results on multiple narrow
vein sets grading up to 6.19g/t Au.
FINANCIAL AND CORPORATE
HIGHLIGHTS
- Cash balances at the end of
September 2021 were US$15.3 million. The reduction in cash holdings
since 30 June reflects the planned increased level of expenditure
on Coringa during the quarter, and reduced gold sales realised
during the period of 8,113 ounces compared with 9,022 ounces in the
preceding quarter.
- Net cash generation of US$0.8
million for the first nine months of 2021 after accounting for all
operational and capital expenditures of the Palito Complex, all
corporate out-goings together with all exploration and Coringa
pre-development payments.
2021 PRODUCTION GUIDANCE
The Company maintains its previously stated
guidance that production for 2021 from the current Palito Complex
operations will be between 33,000 and 36,000 ounces.
An interview by BRR Media with
Mike Hodgson can be accessed using the following
link
-https://www.brrmedia.co.uk/broadcasts-embed/6165b0fe4e29f55a941933dc/q3-operational-update/?popup=true
Key Operational Information
|
|
|
SUMMARY PRODUCTION STATISTICS FOR 2021 AND
2020 |
|
|
Qtr 1 |
Qtr 2 |
Qtr 3 |
YTD |
Qtr 1 |
Qtr 2 |
Qtr 3 |
Qtr 4 |
Full Yr |
2021 |
2021 |
2021 |
2021 |
2020 |
2020 |
2020 |
2020 |
2020 |
|
|
|
|
|
|
|
|
|
|
|
Gold production (1)(2) |
Ounces |
8,087 |
9,341 |
9,082 |
26,510 |
9,020 |
8,504 |
6,790 |
6,898 |
31,212 |
Mined ore – Total |
Tonnes |
40,371 |
43,051 |
42,240 |
125,663 |
42,036 |
43,519 |
44,097 |
46,275 |
175,928 |
|
Gold grade (g/t) |
6.27 |
7.12 |
7.18 |
6.89 |
6.54 |
5.85 |
4.84 |
5.24 |
5.59 |
Milled ore |
Tonnes |
41,462 |
43,679 |
41,995 |
127,137 |
40,465 |
44,235 |
46,135 |
43,440 |
174,276 |
|
Gold grade (g/t) |
6.27 |
7.09 |
7.20 |
6.86 |
6.66 |
5.91 |
4.75 |
5.27 |
5.62 |
Horizontal development – Total |
Metres |
3,573 |
2,961 |
2,842 |
9,376 |
2,878 |
3,004 |
3,037 |
3,353 |
12,272 |
(1) The table may not sum due to
rounding.
(2) Production numbers are subject to
change pending final assay analysis from refineries.
Mike Hodgson, CEO,
commented:
“The Company has followed up the excellent
second quarter gold production with another solid 9,000 ounces of
gold production for the third quarter meaning Serabi is on course
to meet its 2021 production guidance. Higher mined gold grades
drove the much-improved gold production compared with 2020, with
third quarter mined grades averaging 7.18 g/t Au, representing a
very healthy increase on the average of 5.59 g/t Au for the 2020
calendar year.
“As well as very pleasing gold production, the
quarter saw the much anticipated start of mining operations at our
Coringa Gold Project, a real milestone for the Company as we set
forth to achieve our mid-term objective of becoming a 100,000 ounce
gold producer. With permits in place to commence the mining
operation, I am delighted to see mine development underway, and
look forward to intersecting the first ore zone during this current
quarter. We anticipate that the improved understanding arising from
this underground ore development will deliver further economic
benefits to the project.
“Finally, the quarter has seen steady mine site
exploration progress at São Chico as well as further greenfield
exploration at São Domingos. At São Chico, exploration drilling
focused on the strike extension of the Julia Vein to the west of
the mine. Results announced to date have been encouraging. Julia
West is near surface and easy to develop, requiring minimal capital
development to access. Drilling from both surface and underground
will continue well into the next quarter.”
RESULTS
Production
Total production for the third quarter of 2021
was 9,082 ounces of gold, generated from the processing of 41,995
tonnes of ore with an overall average grade of 7.20 g/t of gold.
whilst mined tonnage for the quarter totalled 42,240 tonnes with a
grade of 7.18 g/t of gold. Gold production for this quarter
represents an improvement of 28 per cent over 2020 milled
grades.
On 30 September 2021, there were coarse ore
stocks of approximately 3,350 tonnes of ore with an average grade
of 2.32 g/t of gold. This stockpile continues to be consumed slowly
and used as a ‘top-up’ to ROM ore to keep the plant full.
A total of 2,842 metres of horizontal
development has been completed during the quarter, of which 1,134
metres was ore development. The balance is the ramp, cross cuts and
stope preparation development.
The consequences of the restrictions imposed by
the 2020 pandemic resulted in a severe reduction in mining faces,
which led to a fall in mined grades. It was predicted at the end of
2020 that with a return to normal operations, grades would improve
so we are delighted to see this happening and mined grades this
quarter have been the highest since early 2019. The mined grades
coming from the Palito orebody are particularly encouraging. The
Mogno and Ipe veins continue to perform extremely well, with both
veins being mined on level +20mRL, within 200 vertical metres of
the surface, requiring only a relatively short haulage distance out
of the mine. Development of both these veins is continuing on
levels -40mRL and -60mRL, with drilling now as deep as -100mRL,
with excellent results continuing to be recorded. Both of these
veins will provide a significant contribution to Palito production
in 2022.
At the São Chico orebody, the deepest level,
which has just intersected the Main Vein and is being advanced, is
on the -78mRL. In the western part of the orebody, the Julia Vein
continues to be developed, with production coming from levels
116mRL and now 100mRL. The Julia western ramp continues to be
developed down to level 0mRL, and upwards from level -48mRL which
has been accessed from the Main Vein. The Julia Vein between level
0mRL and 100mRL will therefore contribute much of the São Chico ore
in 2022.
Whilst 2021 has seen a positive recovery in
grades and consequently gold production, the operations are not
immune from some of the longer term impacts of the pandemic. The
mine sites are located in the sparsely populated north of Brazil,
which has been a significant advantage in keeping the camps free of
CV-19. However, the densely populated south of Brazil, where the
vast majority of manufacturing takes place, saw significant, albeit
temporary, factory closures. Whilst not affecting day to day gold
production, many consumable and replacement items remain on back
order and whilst not major items, they are nevertheless essential
for the longer term. The availability of these items, such as
pumps, ventilation equipment and drilling spares is imposing a
constraint on development rates, and as a result mine development
by the end of the third quarter was 30 per cent behind budget. The
supply chain and back-log of orders is improving, so management
remain hopeful this situation will be resolved allowing production
to grow from its current level.
Coringa
Mining development at the Company’s wholly owned
gold project at Coringa, located 200km south of Serabi’s Palito
operation, commenced during the quarter. The first ramp access is
now well established and is descending to intersect the first ore
of the Serra Vein, expected during the fourth quarter.
All studies to date have considered the tried
and tested selective mining approach that has largely been used at
Palito to date. However, over the past six months very controlled
long hole open stoping, combined with cable bolting, has been
trialled in certain areas of the Palito mine with excellent
results. If this can be extended to Coringa, it could have major
benefits, reducing costs and bringing production efficiencies.
Coringa has all the indications that it will be
like Palito and ore sorting is also a possibility. Test work can be
undertaken using the Company’s ore sorter at Palito to find the
optimal settings and processing criteria. Ore sorting has
significant benefits as it means rejecting waste before the plant,
resulting in a higher grade, lower volume feed to the plant, and,
as Coringa will have filtration and dry stacking of tailings
instead of a tailings dam, reduced levels of tailings.
Figure 1 – The Coringa Portal at
Serra
To access a photo of the Coringa Portal at Serra
please use the following link
https://bit.ly/3lz0EWr
Figure 2 – The Serra Ramp
Established
To access a photo of the Serra Ramp please use
the following link
https://bit.ly/3AzkrsZ
Exploration
Recent drilling has also led us to review some
historic São Chico drilling results and core with encouraging
results, notably the identification of the Gabi Vein. Located 70
metres south of the Main Vein it was intersected with early São
Chico drillholes that were targeting the Main Vein. As is often the
case, the Gabi structure, being narrower and not the primary
target, was overlooked at the time. Re-interpretation and a good
deal of re-logging and sampling is building a very interesting and
encouraging prospect that justifies further development.
At São Domingos, after the initial success at
the Tucano prospect, exploration focus moved to the adjacent
Atacadao anomaly, where a surface sampling followed by a surface
drilling commenced. The initial results of the surface sampling
from the Atacadão trend have been encouraging. With excellent
results at Tucano and encouragement at Atacadao, further
terrestrial exploration has been suspended for a short while,
whilst an airborne Geophysics survey is flown over the São
Domingos/São Chico west area. The survey will bring clarity and
help better focus the future ground exploration effort. The survey
should be complete before the end of the year.
Julia Vein
The Julia Vein, discovered in the 2016 extension
drilling campaign, is a mineralised vein structure located close
and parallel to the Main Vein. The Julia Vein develops west of a
NE-SW cross cutting structure, which effectively terminates
economically mineable grades within the Main Vein. The Julia Vein
is interpreted to be the focus of gold mineralising fluids west of
the cross-cutting structure and although the Main Vein structure
extends in its parallel position, the gold grades within the
continuation of the mineralised structure are not significant.
Julia is cut by a series of cross-cutting, NE-SW
trending dacite dykes and therefore broken into a series of
dyke-bound blocks referred to as Zones 1, 2, 3 and 4. Mine
development and stoping has occurred on the shallow portions of
Zone 1 and 2, and the deeper portion of Zone 1. Recent surface
drilling into the shallow portion of Zone 3 and 4 has returned some
significant drilled intercepts at mineable widths. Drilling on the
Julia Vein (Zone 3) intersected significant shallow mineralisation
including 21-SC-210 with 4.30m @ 8.52g/t Au from
66.70m (including 0.80m @ 31.08g/t), 21-SC-211 with 2.55m @
14.29g/t Au from 84.45m (including 0.50m @ 66.70g/t Au)
and 21-SC-212 with 0.8m @ 11.85g/t Au from 68.35m
(including 0.35m @ 22.46g/t Au).
These recent drilling intercepts demonstrate
that Zone 3 contains mineable grades down to 100 metres vertical
depth and along a 100 metre strike of the Julia Vein.
Surface drilling in 2020 into Zone 3 did not
return any significant intercepts between 100 metres and 200 metres
vertical depth. However, recent underground drilling has
demonstrated that mineable mineralisation exists below 200 metres
vertical depth with drill holes 21-SCUD-523 reporting 3.3m
@ 12.02g/t Au, 21-SCUD-517 with 0.92m @ 1.07g/t Au,
21-SCUD-542 with 0.61m @ 1.45g/t Au and 21-SCUD-546 reporting 0.83m
@ 1.73g/t Au.
Recent surface drilling into Julia Zone 4
returned an intercept of 0.6m @ 3.46g/t Au from 136.55m in drill
hole 21-SC-192. This intercept indicates shallow mineralisation
continues from Zone 3 into Zone 4. As such a follow-up programme of
a further six shallow surface drill holes is planned to confirm
this western strike extension of the Julia Vein.
Figure 3
- Plan view of the São
Chico veins
To access a detailed image of the Plan view of
the São Chico veins please use the following link -
https://bit.ly/2XlokDY
Figure 4
- Long Section of the Julia Vein, showing zones
1-4
To access a detailed image of the Long Section of
the Julia Vein please use the following link -
https://bit.ly/3iFm7LS
Gabi Vein
The Gabi Vein lies 70 metres south of the Main
Vein and current mine infrastructure. This vein was intersected in
the initial 2011 drilling campaign where deeper drilling targeting
the Main Vein cut the Gabi Vein in the shallow portion of the drill
holes. Intersected by six shallow diamond drill holes, a single
significant intercept of 1.31m @ 10.00g/t Au from
11-SC-021 was reported.
Similarly in the subsequent 2013 drilling
campaign the vein was intersected by eight drill holes whilst
targeting the deeper portion of the Main Vein, with the significant
intercept of 0.70m @ 103.64g/t Au in 13-SC-049.
The Gabi structure was again pierced in the subsequent 2015
campaign, however, on this occasion, without reporting significant
mineralisation.
In 2018, underground drilling intersected the
vein whilst targeting the Cross Roads induced polarisation
geophysical anomaly. Two holes were completed returning 1.39m @
3.96g/t Au (18-SCUD-207) and 0.36m @ 3.71g/t Au (18-SCUD-206) from
the Gabi structure. The structure was also pierced by surface
drilling undertaking strike extension exploration of the Main
Vein.
In 2019 and 2020 surface drilling campaigns
conducted on the Highway Zone of the Main Vein intersected the
structure shallowly to the east. A significant intercept of
0.38m @ 25.36g/t Au was returned from drill hole
19-SC-139.
In 2021, following an exercise of data
re-modelling and structural interpretation, the Gabi structure was
recognised as being a significantly strike extensive structure
(more than 700 metres) containing two possible mineralised shoots.
Underground drilling, targeting the eastern shoot, has recently
been completed. Seven holes were undertaken with significant
intercepts including 0.55m @ 18.24g/t Au
(21-SCUD-544) and 0.61m @ 1.45g/t Au (21-SCUD-542). Two holes still
have assay results pending.
The eastern mineralised shoot on the Gabi Vein
appears to represent a narrow sub vertical zone of mineralisation
extending over 200 metres vertically and approximately 100 metres
along strike.
The western mineralised shoot is indicated by
drill holes 11-SC-021 and 13-SC-049 but is yet to be targeted.
Figure 5
- Long section of Gabi Vein
To access a detailed image of the Long Section of
the Gabi Vein please use the following link -
https://bit.ly/3iCDBbE
Lagoa Intermediate
Lagoa Intermediate is a chargeable induced
polarization anomaly defined in 2018 and located approximately 100
metres north of the Main Vein and adjacent to the decline ramp.
Initially tested in 2018 by a single drill hole
18-SC-115, three zones of veining and alteration were intersected
returning grades up to 1.28g/t Au.
Recently drill hole 21-SC-214 scissoring the
previous hole intersected 1.95m @ 3.63g/t Au from
123.05m including 0.70m @ 8.88g/t Au from 124.30m
and 0.5m @ 1.15g/t Au from 126.65m.
This drilling further validates the mineral
potential in the Lagao Intermediate anomaly in juxtaposition to the
mine infrastructure. Further drilling will be undertaken to improve
the definition of this anomaly in the coming months.
Significant intercepts reported from the São
Chico brownfields exploration are summarised in the table
below.
Hole |
Target |
East |
West |
RL |
Depth (m) |
Dip/Azm |
From |
To |
Width (m) |
Au |
(UTM- SAD69) |
(UTM- SAD69) |
(°/°UTM) |
(g/t) |
SÃO CHICO UNDERGROUND DD DRILLING |
21-SCUD-517 |
Julia |
613432.52 |
9290574.42 |
117.85 |
194.75 |
-64.8/209.28 |
71.73 |
72.65 |
0.92 |
1.07 |
21-SCUD-523 |
Julia |
613432.78 |
9290574.17 |
117.81 |
119.60 |
-62/190.58 |
60.33 |
63.63 |
3.30 |
12.02 |
21-SCUD-526 |
Julia |
613432.85 |
9290574.35 |
117.87 |
134.80 |
-70/192.28 |
91.12 |
91.48 |
0.36 |
1.26 |
21-SCUD-542 |
Gabi |
614208.87 |
9290241.13 |
87.69 |
44.50 |
-15.9/192.39 |
22.25 |
22.86 |
0.61 |
1.45 |
21-SCUD-544 |
Gabi |
614208.86 |
9290241.15 |
87.22 |
55.40 |
-48.93/193.49 |
29.45 |
30.00 |
0.55 |
18.24 |
21-SCUD-546 |
Julia |
613431.89 |
9290574.95 |
117.67 |
116.70 |
-70.10/231.78 |
86.00 |
86.83 |
0.83 |
1.73 |
SÃO CHICO SURFACE DD DRILLING |
21-SC-192 |
Julia |
613291.54 |
9290495.52 |
236.92 |
306.00 |
-45.10/48.70 |
136.55 |
137.15 |
0.60 |
3.46 |
|
|
|
|
|
|
|
215.40 |
215.80 |
0.40 |
0.60 |
|
|
|
|
|
|
|
256.50 |
259.30 |
2.80 |
0.75 |
|
|
|
|
|
|
incl. |
258.70 |
259.30 |
0.60 |
1.51 |
|
|
|
|
|
|
|
269.40 |
270.00 |
0.60 |
0.98 |
21-SC-207 |
Julia |
613392.65 |
9290545.23 |
231.75 |
114.70 |
-44.1/25 |
52.20 |
53.35 |
1.15 |
1.63 |
|
|
|
|
|
|
|
63.65 |
64.10 |
0.45 |
1.43 |
|
|
|
|
|
|
|
96.00 |
97.00 |
1.00 |
2.81 |
21-SC-208 |
Julia |
613392.64 |
9290544.48 |
231.84 |
124.65 |
-60/25.6 |
51.30 |
51.65 |
0.35 |
3.20 |
|
|
|
|
|
|
|
53.00 |
54.00 |
1.00 |
1.96 |
|
|
|
|
|
|
|
64.70 |
65.10 |
0.40 |
4.49 |
|
|
|
|
|
|
|
67.90 |
70.20 |
2.30 |
1.02 |
|
|
|
|
|
|
incl. |
69.80 |
70.20 |
0.40 |
3.29 |
|
|
|
|
|
|
|
71.50 |
71.90 |
0.40 |
0.78 |
|
|
|
|
|
|
|
73.45 |
74.00 |
0.55 |
0.90 |
|
|
|
|
|
|
|
102.70 |
103.15 |
0.45 |
0.55 |
21-SC-210 |
Julia |
613357.08 |
9290546.80 |
229.79 |
123.02 |
-45.9/35 |
26.50 |
26.80 |
0.30 |
2.46 |
|
|
|
|
|
|
|
66.70 |
71.00 |
4.30 |
8.52 |
|
|
|
|
|
|
incl. |
67.35 |
68.15 |
0.80 |
31.08 |
21-SC-211 |
Julia |
613356.91 |
9290546.32 |
229.79 |
120.63 |
-57.6/33.2 |
23.65 |
24.00 |
0.35 |
0.64 |
|
|
|
|
|
|
|
45.00 |
46.00 |
1.00 |
0.57 |
|
|
|
|
|
|
|
84.45 |
87.00 |
2.55 |
14.29 |
|
|
|
|
|
|
inc. |
85.00 |
85.50 |
0.50 |
66.70 |
21-SC-212 |
Julia |
613329.16 |
9290489.87 |
239.61 |
175.94 |
-45.2/22.5 |
68.35 |
69.15 |
0.80 |
11.85 |
|
|
|
|
|
|
incl. |
68.35 |
68.70 |
0.35 |
22.46 |
|
|
|
|
|
|
|
128.10 |
128.55 |
0.45 |
0.85 |
|
|
|
|
|
|
|
166.00 |
166.30 |
0.30 |
0.60 |
21-SC-214 |
Lagoa Int. |
613955.04 |
9290431.66 |
240.85 |
231.41 |
-49/21.60 |
123.05 |
125.00 |
1.95 |
3.63 |
|
|
|
|
|
|
incl. |
124.30 |
125.00 |
0.70 |
8.88 |
|
|
|
|
|
|
|
126.65 |
127.15 |
0.50 |
1.15 |
Reported intercepts calculated based on a minimum weighted average
grade of 0.5g/t Au using a 0.5g/t Au weighted average lower cut and
a maximum internal waste interval of 1.2m based on Serabi´s on-site
lab reported analyses. The assay results reported above are those
provided by the Company's own on-site laboratory facilities at
Palito and have not been independently verified. Serabi closely
monitors the performance of its own facility against results from
independent laboratory analysis for quality control purpose. As a
matter of normal practice, the Company sends duplicate samples
derived from a variety of the Company's activities to accredited
laboratory facilities for independent verification. 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. |
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 |
Tel: +44 (0)20 7246 6830 |
Chief Executive |
Mobile: +44 (0)7799 473621 |
|
|
Clive Line |
Tel: +44 (0)20 7246 6830 |
Finance Director |
Mobile: +44 (0)7710 151692 |
|
|
Email: contact@serabigold.com |
|
Website: www.serabigold.com |
|
|
|
Beaumont Cornish LimitedNominated Adviser and Financial
Adviser |
|
Roland Cornish / Michael Cornish |
Tel: +44 (0)20 7628 3396 |
|
|
Peel Hunt LLPJoint UK Broker |
|
Ross Allister / Alexander Allen |
Tel: +44 (0)20 7418 9000 |
|
|
Tamesis Partners LLPJoint UK Broker |
|
Charlie Bendon / Richard Greenfield |
Tel: +44 (0)20 3882 2868 |
|
|
Camarco Financial
PR |
|
Gordon Poole / Nick Hennis |
Tel: +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 announcement.
See
www.serabigold.com for more information
and follow us on twitter @Serabi_Gold
GLOSSARY OF TERMS
“Ag” |
means silver. |
“Au” |
means gold. |
“assay” |
in economic geology, means to analyse the proportions of metal in a
rock or overburden sample; to test an ore or mineral for
composition, purity, weight or other properties of commercial
interest. |
“CIM” |
means the Canadian Institute of Mining, Metallurgy and
Petroleum. |
“chalcopyrite” |
is a sulphide of copper and iron. |
“Cu” |
means copper. |
“cut-off grade” |
the lowest grade of mineralised material that qualifies as ore in a
given deposit; rock of the lowest assay included in an ore
estimate. |
“dacite porphyry
intrusive” |
a silica-rich igneous rock with larger phenocrysts (crystals)
within a fine-grained matrix |
“deposit” |
is a mineralised body which has been physically delineated by
sufficient drilling, trenching, and/or underground work, and found
to contain a sufficient average grade of metal or metals to warrant
further exploration and/or development expenditures; such a deposit
does not qualify as a commercially mineable ore body or as
containing ore reserves, until final legal, technical, and economic
factors have been resolved. |
“electromagnetics” |
is a geophysical technique tool measuring the magnetic field
generated by subjecting the sub-surface to electrical
currents. |
“garimpo” |
is a local artisanal mining operation |
“garimpeiro” |
is a local artisanal miner. |
“geochemical” |
refers to geological information using measurements derived from
chemical analysis. |
“geophysical” |
refers to geological information using measurements derived from
the use of magnetic and electrical readings. |
“geophysical 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 |
is that part of a Mineral Resource for which quantity, grade or
quality, densities, shape and physical characteristics can be
estimated with a level of confidence sufficient to allow the
appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of
the deposit. The estimate is based on detailed and reliable
exploration and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough for
geological and grade continuity to be reasonably assumed. |
"Inferred Mineral Resource” |
is that part of a Mineral Resource for which quantity and grade or
quality can be estimated on the basis of geological evidence and
limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes. |
“Inferred Mineral Resource” |
‟ is that part of a Mineral Resource for which quantity and grade
or quality can be estimated on the basis of geological evidence and
limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes. |
“mineralisation” |
the concentration of metals and their chemical compounds within a
body of rock. |
“mineralised” |
refers to rock which contains minerals e.g. iron, copper,
gold. |
"Mineral Resource” |
is a concentration or occurrence of diamonds, natural solid
inorganic material, or natural solid fossilized organic material
including base and precious metals, coal, and industrial minerals
in or on the Earth's crust in such form and quantity and of such a
grade or quality that it has reasonable prospects for economic
extraction. The location, quantity, grade, geological
characteristics and continuity of a Mineral Resource are known,
estimated or interpreted from specific geological evidence and
knowledge. |
“Mineral Reserve” |
is the economically mineable part of a Measured or Indicated
Mineral Resource demonstrated by at least a Preliminary Feasibility
Study. This Study must include adequate information on mining,
processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can
be justified. A Mineral Reserve includes diluting materials and
allowances for losses that may occur when the material is mine |
“Mo-Bi-As-Te-W-Sn” |
Molybdenum-Bismuth-Arsenic-Tellurium-Tungsten-Tin |
“monzogranite” |
a biotite rich granite, often part of the later-stage emplacement
of a larger granite body. |
“mt” |
means million tonnes. |
“ore” |
means a metal or mineral or a combination of these of sufficient
value as to quality and quantity to enable it to be mined at a
profit. |
“oxides” |
are near surface bed-rock which has been weathered and oxidised by
long term exposure to the effects of water and air. |
“ppm” |
means parts per million. |
“Probable Mineral 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. |
Assay ResultsAssay results
reported within this release include some that are 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.
Qualified Persons StatementThe
scientific and technical information contained within this
announcement has been reviewed and approved by Michael Hodgson, a
Director of the Company. Mr Hodgson is an Economic Geologist by
training with over 26 years' experience in the mining industry. He
holds a BSc (Hons) Geology, University of London, a MSc Mining
Geology, University of Leicester and is a Fellow of the Institute
of Materials, Minerals and Mining and a Chartered Engineer of the
Engineering Council of UK, recognising him as both a Qualified
Person for the purposes of Canadian National Instrument 43-101 and
by the AIM Guidance Note on Mining and Oil & Gas Companies
dated June 2009.
Forward Looking
StatementsCertain statements in this announcement are, or
may be deemed to be, forward looking statements. Forward looking
statements are identified 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 reflect the Directors’ current beliefs
and assumptions and are based on information currently available to
the Directors. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward-looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements.
ENDS
Serabi Gold (LSE:SRB)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Serabi Gold (LSE:SRB)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024