Serabi Gold plc Significant Increase In Strike Extensions With Multiple High Grade Intersections Into The Serra, Meio And Gal...

 
TIDMSRB 
 
 
   For immediate release 
 
   30 January 2019 
 
   Serabi Gold plc 
 
   ("Serabi" or the "Company") 
 
   Significant increase in strike extensions with multiple high grade 
intersections into the Serra, Meio and Galena veins at Coringa 
 
   Serabi Gold plc (AIM: SRB, TSX: SBI), the Brazilian focused gold mining 
and development company, is pleased to announce that exploration 
drilling conducted on its wholly-owned Coringa gold project has returned 
multiple high grade gold intersections on the Serra, Meio and Galena ore 
zones of the deposit. 
 
   A pdf version of this news release can be accessed using the fowling 
link.- 
https://www.globenewswire.com/Tracker?data=f8jNJCUqc3V_lol_4KSAyxfUVjQ0loV3vWaKhAHdMi160c31E-MfuvdFWthklU264kInpfuCBWgmooj8zMJdFeqiF0nvxXMFUaEqstUZNIA= 
https://bit.ly/2UrAzYR 
 
   Recent drilling targeting both strike and plunge extensions along these 
three main zones has demonstrated a series of high grade intersections 
significantly extending the previously modelled zones. A total of 
approximately 5,000 metres has been drilled to date. 
 
   Highlights 
 
 
   -- Strike of the Meio #2 vein extended for a further 480 metres to the south 
      increasing the total drilled strike of the Meio #2  vein to almost 1,200 
      metres. 
 
   -- Depth extension of Meio #4 vein increased by approximately 200 metres 
      along a 400 metre strike zone to the north. 
 
   -- Galena vein strike extension increased by 100 metres to the south. 
 
   -- Mineralisation in the Serra vein for a further 150 metres down dip and 
      140 metres along strike to the north. 
 
 
   Significant new intersections returned include; 
 
 
   -- Galena - 2.0m @ 25.02g/t Au from 141.50m (COR0367) including 1.0m @ 
      48.18g/t Au 
 
   -- Serra -- 4.0m @ 3.36g/t Au from 354.0m (COR0370) including 1.28m @7.45g/t 
      Au. 
 
   -- Meio #2 -- 0.35m @ 15.57g/t Au  (COR0372) from 197.05m 
 
   -- Meio #2 -- 1.30m @ 32.04g/t Au  (COR0373) from 144.75m including 0.5m @ 
      79.47g/t Au 
 
   -- Meio # 4 -- 0.60m @ 4.65g/t Au (COR0378) from 210.70m 
 
   -- Meio #4 -- 0.75m @ 7.82g/t Au  (COR0380) from 174.8m 
 
   -- Meio #4  - 1.40m @ 14.69 g/t Au (COR0381) from 275.0m including 0.70 m @ 
      19.88 g/t Au 
 
 
   The holes formed part of step out drill programme which commenced in 
October 2018 and has focused on strike and depth extensions upon the ore 
zones. 
 
   CEO Mike Hodgson commented: "We are very happy with the exploration 
drilling results to date as they demonstrate significant depth and 
strike extensions to the main veins at Coringa.  We are already well 
advanced with the preparation of an updated geological resource estimate 
and I believe that these results will translate into significant 
resource growth.  The updated resource estimation which is planned for 
release before the end of the first quarter, will be followed by a 
Preliminary Economic Assessment (PEA) the results of which, I hope, can 
be published before the end of the second quarter. 
 
   "As well as the ongoing drilling, we are continuing preparations to go 
underground at Coringa, which has principally involved some site 
clearance as we develop the portal.  We have the Trial Mining License 
(GUIA) which permits underground development, and we hope to be 
underground and into the first ore during the second quarter.   This 
will provide invaluable understanding of the ore body geometry which, 
given the nature of narrow, vertically dipping orebodies, can be 
difficult to understand from drill hole data alone." 
 
   https://www.globenewswire.com/Tracker?data=f8jNJCUqc3V_lol_4KSAy1SKEduXtOY_iWy2_MgRwL2BwBqssgWo5U5fKfBzSanAyK_X4urrLAUa9tIvVfyTh4pBRupMkcXct36ihNZ9skw= 
https://bit.ly/2SgcKWy 
 
   Figure 1 -- diagram showing the location of key intersections drilled 
during the current campaign. 
 
   Drill Results 
 
   The Galena vein was targeted with four holes completed along the strike 
of the vein targeting the down plunge position of the defined 
mineralisation. The program successfully intersected high grade 
mineralisation over mineable widths and with hole COR0367 extended the 
known mineralisation for a further 100 metres to the south of the 
previously known limit. 
 
   Similarly, a series of four holes have been completed on the Serra vein 
set. Drill hole COR0370 targeted the down dip and northern strike 
extension of the modelled ore zones and successfully in intersected a 
four metre drilled width of veining and alteration which has extended 
the mineralisation for a further 150 metres down dip and 140 metres 
along strike to the north from the previous drill intersections of the 
Serra mineralisation. 
 
   A series of nine drill holes have to date been completed along the Meio 
vein set, targeting the Meio #2 ("M2") and Meio #4 ("M4") veins. The 
Meio #1 ("M1") vein is the most strike extensive and drilled vein 
defined to date with numerous intersections along a total strike length 
of 1,500 metres. The M2 vein which lies parallel to M1 had previously, 
however, only been defined along a total strike length of 700 metres. 
The M4 vein is considered to be a southern extension of the M1 vein in a 
structurally off set position and past drilling had defined the 
mineralisation over a 900 metre strike length. 
 
   Drill holes COR0372 and COR0373 targeted the southern strike extension 
of the M2 vein, successfully intersecting the structure and 
significantly extending the strike of the M2 vein for a further 480 
metres to the south making the drilled strike of the M2 vein to almost 
1,200 metres and it remains open along the southern strike. 
 
   Drill holes COR0378, COR0380 & COR0381 targeted, over a strike extent of 
400 metres, the northern dip extension of M4 vein at depth. This 
drilling has successfully extended the vein for approximately 200 metres 
deeper than previously known along this 400 metre strike. 
 
   The drill program is continuing at Coringa with further strike extension 
positions targeting the southern strike of the Meio vein set and the 
Galena vein. 
 
 
 
 
                                                                                                      Gold 
                       East          West                        Dip/Azm      From     To    Width   Grade 
          ------- 
                                                       Depth 
  Hole    Target   (UTM- WGS84)  (UTM- WGS84)    RL     (m)    (deg/degUTM)   (m)     (m)     (m)   (Au g/t) 
          ------- 
COR0364 
   (1)    Galena     713,918.85  9,167,511.58  305.15  323.40       -72/184  124.00  125.00   1.00      0.36 
COR0365 
   (1)    Galena     713,918.45  9,167,512.38  305.15  347.20     -76.5/289  158.50  159.90   1.40      1.73 
                                                                             158.50  159.25   0.75      2.94 
                                                                             261.80  262.80   1.00      0.31 
 ----------------  ------------  ------------  ------  ------  ------------  ------  ------  -----  -------- 
COR0367 
   (1)    Galena     713,990.91  9,167,255.04  320.23  166.05     -82.8/224  141.50  143.50   2.00     25.02 
                                                                      Incl.  142.50  143.50   1.00     48.18 
 ----------------  ------------  ------------  ------  ------  ------------  ------  ------  -----  -------- 
COR0368 
   (1)     Serra     715,653.22  9,166,332.27  348.36  381.76       -67/280  107.45  107.65   0.20      4.35 
                                                                             225.80  227.00   1.20      1.06 
                                                                             369.90  370.15   0.25      0.65 
COR0369 
   (1)     Serra     715,859.24  9,165,776.00  351.97  241.34       -75/240  146.88  147.21   0.33      0.42 
--------  -------  ------------  ------------  ------  ------  ------------  ------  ------  -----  -------- 
COR0370 
   (1)     Serra     714,974.38  9,166,895.08  374.85  464.74       -60/065  329.95  330.90   0.95      0.73 
                                                                             339.10  339.50   0.40      1.56 
                                                                             354.00  358.00   4.00      3.36 
                                                                      Incl.  355.82  357.10   1.28      7.45 
                                                                             366.60  366.90   0.30      1.60 
 ----------------  ------------  ------------  ------  ------  ------------  ------  ------  -----  -------- 
COR0372 
   (1)    Meio 2     715,987.25  9,163,576.97  391.53  450.27       -64/220  135.50  136.00   0.50      2.56 
                                                                             197.05  197.40   0.35     15.57 
                                                                             262.60  263.00   0.40      0.44 
                                                                             272.40  273.10   0.70      0.34 
                                                                             398.85  400.90   2.05      1.34 
                                                                             ------  ------  -----  -------- 
COR0373 
   (1)    Meio 2     716,021.65  9,163,429.70  376.07  414.92    -76.50/199  135.15  135.90   0.75      1.28 
                                                                             144.75  146.05   1.30     32.04 
                                                                      Incl.  145.15  145.65   0.50     79.47 
                                                                             200.90  201.30   0.40      7.54 
                                                                             216.05  216.45   0.40      0.80 
                                                                             298.40  299.75   1.35      0.68 
COR0374 
   (2)    Meio 4     716,736.30  9,162,499.76  297.76  340.17       -64/040  248.90  249.70   0.80      0.44 

--------  -------  ------------  ------------  ------  ------  ------------  ------  ------  -----  -------- 
COR0375 
   (1)    Meio 4     716,869.21  9,162,365.77  306.03  380.48       -64/040  238.00  238.30   0.30      1.10 
COR0377 
   (2)    Meio 4     716,618.96  9,162,731.53  291.68  266.65       -59/004  225.50  226.20   0.70      0.44 
--------  -------  ------------  ------------  ------  ------  ------------  ------  ------  -----  -------- 
COR0378 
   (1)    Meio 4     716,145.00  9,163,157.00  301.00  344.44       -60/355  210.70  211.30   0.60      4.65 
                                                                             214.80  215.20   0.40      0.31 
                                                                             253.70  254.70   1.00      0.47 
                                                                             256.40  256.80   0.40      0.34 
                                                                             322.60  322.95   0.35      0.45 
                                                               ------------  ------  ------  -----  -------- 
COR0380 
   (2)    Meio 4     716,291.23  9,163,042.69  289.11  281.95       -63/093  174.80  175.55   0.75      7.82 
--------  -------  ------------  ------------  ------  ------  ------------  ------  ------  -----  -------- 
COR0381 
   (2)    Meio 4     716,291.23  9,163,042.69  289.11  283.35       -65/004  121.00  122.15   1.15      0.55 
                                                                             170.60  171.00   0.40      0.54 
                                                                             275.00  276.40   1.40     14.69 
                                                                      Incl.  275.70  276.40   0.70     19.88 
 ----------------  ------------  ------------  ------  ------  ------------  ------  ------  -----  -------- 
 
 
   1. Reported intercepts calculated based on a minimum weighted average grade 
      of 0.3g/t Au using a 0.5g/t Au weighted average lower cut and a maximum 
      internal waste interval of 1.2m based on SGS reported analyses. 
 
   2. Reported intercepts calculated based on a minimum weighted average grade 
      of 0.3g/t Au using a 0.5g/t Au weighted average lower cut and a maximum 
      internal waste interval of 1.2m. All assays were completed by Serabi's 
      on-site laboratory which is not certified analyses. 
 
 
   This announcement is inside information for the purposes of Article 7 of 
Regulation 596/2014. 
 
   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: [phone] 
Chief Executive                                     Mobile: [phone] 
 
Clive Line                                          Tel: [phone] 
Finance Director                                    Mobile: [phone] 
 
Email: mailto:[e-mail] 
[e-mail] 
-------------------------------------------------- 
Website: http://www.serabigold.com 
www.serabigold.com 
-------------------------------------------------- 
 
Beaumont Cornish Limited 
 Nominated Adviser and Financial Adviser 
Roland Cornish                                      Tel: [phone] 
Michael Cornish                                     Tel: [phone] 
 
Peel Hunt LLP 
 UK Broker 
Ross Allister                                       Tel: [phone] 
James Bavister                                      Tel: [phone] 
 
 
 
   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. 
 
   GLOSSARY OF TERMS 
 
   The following is a glossary of technical terms: 
 
   "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. 
 
   "development" - excavations used to establish access to the mineralised 
rock and other workings 
 
   "DNPM" is the Departamento Nacional de Produção Mineral. 
 
   "grade" is the concentration of mineral within the host rock typically 
quoted as grammes 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. 
 
   "igneous" is a rock that has solidified from molten material or magma. 
 
   "Intrusive" is a body of igneous rock that invades older rocks. 
 
   "on-lode development" - Development that is undertaken in and following 
the direction of the Vein 
 
   "mRL" -- depth in metres measured relative to a fixed point -- in the 
case of Palito and Sao Chico this is sea-level.  The mine entrance at 
Palito is at 250mRL. 
 
   "saprolite" is a weathered or decomposed clay--rich rock. 
 
   "scrubber" -- a machine for cleaning ore and removing impurities such as 
clays, coatings or other deleterious materials. 
 
   "stoping blocks" -- a discrete area of mineralised rock established for 
planning and scheduling purposes that will be mined using one of the 
various stoping methods. 
 
   "vein" is a generic term to describe an occurrence of mineralised rock 
within an area of non-mineralised rock. 
 
   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 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 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. 
 
   ENDS 
 
   Attachment 
 
 
   -- Coringa drill results Jan 2019 
      https://ml-eu.globenewswire.com/Resource/Download/e3998e61-ba16-47f9-bf41-3f687f20aacc 
 
 
 
 
 

(END) Dow Jones Newswires

January 30, 2019 02:00 ET (07:00 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.