Serabi Gold plc Continued Exploration Success At Sao Chico And Regional Geochemistry Reveals Exciting Promise

 
TIDMSRB 
 
 
   For immediate release 
 
   11 May 2020 
 
   Serabi Gold plc 
 
   ("Serabi" or the "Company") 
 
   Continuing Sao Chico mine-site exploration success 
 
   Regional Exploration shows excellent promise 
 
   Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining 
and development company, is pleased to announce further drilling results 
at the Sao Chico extension drilling programme and results of the 
regional geochemical sampling programs on the Palito Complex exploration 
tenement. 
 
   A PDF version of this news release is available using the following link 
- 
https://www.globenewswire.com/Tracker?data=QQwUx600M7JnTuCd_MA6YO9KdbM2jigDDLyr2NjM77g8_nWgh8hwwwY5WRKipQKWTAM66h3uu8LQzsfbyyR4-IazzGi1DPZYve55i0VlX3s= 
https://bit.ly/2xMSyTM 
 
   Highlights 
 
 
   -- Results for a further eight surface holes and ten underground holes at 
      Sao Chico since the previous exploration news release of 3 March 2020. 
 
   -- The new surface drill hole results included significant intersections of: 
 
          -- 5.30m @ 12.10g/t Au (Hole: 20-SC-166) 
 
          -- 3.40m @ 3.94g/t Au (Hole: 20-SC-164) 
 
   -- The new underground step out drill results included high grade 
      intersections within the upper portion of the main vein of: 
 
          -- 1.37m @ 28.77g/t Au (Hole: 20-SCUD-341) 
 
          -- 2.72m @ 5.06g/t Au (Hole: 20-SCUD-343) 
 
   -- Diamond drilling demonstrates the Main Vein structure now continues to 
      host gold bearing mineralisation for approximately 375 metres to the west 
      of the current mine limits, an extension of a further 75 metres. 
 
   -- Reverse circulation percussion drilling on the Cicada terrestrial 
      geophysics anomaly indicates the strong likelihood that the anomaly is a 
      western extension of the Sao Chico vein structure, approximately 1,000 
      metres to the west of the current mine limits. Results include: 
 
          -- 3m @ 2.09g/t Au (Hole: SCRC-004) 
 
          -- 1m @ 1.17g/t Au (Hole: SCRC-007) 
 
   -- Regional geochemical sampling has highlighted an area, referred to as 
      Mata Cobra, which represents an eight kilometre by two kilometre soil 
      copper anomaly exceeding 100ppm.  This anomaly is coincidental with 
      multiple molybdenum, bismuth, tellurium and arsenic ("Mo+/-Bi+/-Te+/-As") 
      multi-element anomalies as well as the original airborne electromagnetic 
      ("AEM") anomalies. 
 
   -- Within the Mata Cobra copper anomaly, located approximately five 
      kilometres to the south of Palito, numerous significant new gold and/or 
      multi-element anomalies have also been discovered including: 
 
          -- Ganso Prospect, a gold geochemical anomaly over a one-kilometre 
             strike with >=1g/t gold in soils, coincidental with the AEM 
             anomaly. 
 
          -- The Calico, Forquila and Juca gold geochemistry and AEM coincident 
             anomalies.  Field mapping indicates porphyritic intrusions and 
             hydrothermal alteration amongst the host rocks of the anomalies. 
 
 
 
 
 
   Mike Hodgson, CEO of Serabi has been interviewed by BRR Media and Crux 
Investors and explains the results and interpretations in more detail in 
these interviews which can be accessed using the following links 
 
   Crux Investors - 
https://www.globenewswire.com/Tracker?data=QQwUx600M7JnTuCd_MA6YCwHje-EiqSwE6uRJ3HQ-sSlgPYcc7hWD3cuo7zu89P7T7YqJ-Jy9_I2U1Qq3fJ0-wes5-fnUM4ru7r2qecGq3ECmDkU0Yh0SR-Ulgn1lvuo 
https://youtu.be/G9BZ43_cjNU 
 
   BRR Media - 
https://www.globenewswire.com/Tracker?data=QQwUx600M7JnTuCd_MA6YA_2I45bSUlHsUMN4vm9EgzBAJM76TTv23F86QC1AdBypiJuviMejSE14Ysp0kXuq4p8eVgE5ylewkrQSy1wxbQm98x4nBKoz8XcMBIwKAJbLWvSeF3JVy3DVZ4fqaKqSzch5_e1NwHQIyRFpK9W1VYpg1H6rMOXqSYMksK-3JzcSFz4dvz4YArj4mPGLm5DEBSSYjsAcFUF2cl0Yp_t-BQH4MMJoL52p2uYAlWji3JRqXBT2hhzttY6x7Etv6wy2OOamvQH6yeDAYbo-L6VcXwAHhovxmwVlPvh2PAqHWvgtbKiK9U9sTz24GBSykShtxL-IyjDpm7Ydtb9rkcrsgk= 
https://www.brrmedia.co.uk/broadcasts-embed/5eb2c98a31da814c9fc6e6b0/copied-from-5e8f481f31da814c9fc6923f?popup=true 
 
 
   Mike Hodgson, CEO of Serabi, commented: 
 
   "These results follow on from the exploration news issued on 3 March 
2020, with further encouraging results as we test the western extension 
of the Main Vein at Sao Chico.  The underground drilling focused on the 
shallow portion of the Main Vein immediately beyond the mine's western 
limit and returned 1.37m @ 28.77g/t Au  (20-SCUD-341) and 2.72m @ 
5.06g/t (20-SCUD-343), both very encouraging. 
 
   "Surface drilling targeted the deeper portion of the main vein and its 
westerly extension, and results again demonstrate good depth and grade 
continuity, with intercepts of 5.30m @ 12.10g/t Au (20-SC-166) and 3.40m 
@ 3.94g/t Au (20-SC-164).  The intercept in 20-SC-166 is 300 metres 
below surface, and immediately down dip of 20-SC-164 and 20-SCUD341 & 
20-SCUD-343, with all holes demonstrating mineable widths and grades. 
On a long section, an interesting high-grade zone is clearly evolving. 
 
   "Further west we have new holes 20-SC-167, 169 and 170.  These are the 
three most westerly holes and all three intersected the Main Vein with 
the clearly defined vein/alteration being visible.  Whilst the grades 
returned from the intersections (hole 20-SC-170 graded 1.00m @ 1.09g/t 
Au) are quite low, this is not unusual and most importantly the 
intersections demonstrate continuity of a gold bearing structure that is 
still going strong in our most western hole, now located 375 metres west 
of the current mine workings. 
 
   "The Cicada terrestrial geophysics anomaly is located approximately 700 
metres further to the west of hole 20-SC-170.  We have been undertaking 
reverse circulation (RC) drilling over this area targeting the series of 
high chargeability anomalies defined from the extensive ground induced 
polarisation ("IP") surveys completed in 2018 (news release dated 28 
November 2018).  We chose RC drilling as a quick test to confirm the 
potential of the Cicada geophysics anomaly and are delighted to report 
numerous very positive results with a number of intersections grading 
gold and the geology indicating strong zones of alteration and 
associated sulphides.  RC drilling does not provide core, but a bulk one 
metre down hole sample, for each metre drilled.  Any gold mineralisation 
intersected is therefore diluted in the sample over at least one metre. 
The best intercept returned to date has been from drill hole SCRC004, 
where 3.00m @ 2.09g/t Au was recovered from a depth of 169 metres 
including a zone of 1m @ 5.42g/t Au.  Again, a long section, which shows 
the location of the RC programme over Cicada and the step out drilling 
going west from Sao Chico, clearly suggests that as we continue to drill 
in the gap, the two areas of mineralisation could ultimately connect. 
 
   "We have also been conducting a geochemistry programme to the south of 
Palito, following up on some of the findings from the AEM survey 
completed during 2018, which identified, in particular, the very 
prominent 14 kilometre long, east-west trending, magnetic anomaly known 
as the Mata Cobra lineament and the adjacent NE-SW trending Cinderella 
shear.  Since mid-2019, we have been busy with a regional geochemical 
sampling campaign in and around the Mata Cobra belt, and can now report 
that the prospectivity of the Mata Cobra geophysical magnetic anomaly 
has been strengthened by the identification of a eight kilometre by two 
kilometre copper anomaly with analytical results over 100ppm, 
coincidental with the geophysical anomaly identified by the AEM. 
 
   "Within the contours of this 100ppm copper anomaly, we have identified 
some very exciting prospects, these include Calico and Juca, at the west 
end of the corridor and approximately five kilometres south of Palito. 
Both of these prospects exhibit a very similar geological setting to 
Palito and anomalous gold grades in addition to the copper. 
 
   "In the central part of Mata Cobra corridor, the Ganso, Quibe and 
Tabereba geochemical prospects have been identified also on strong AEM 
anomalies, themselves a good indicator of sulphide mineralisation.  We 
will continue to advance these prospects through to discovery drilling 
stage as soon as we can, but I am certainly very encouraged by the 
obvious potential that exists in the exploration ground between the 
Palito and Sao Chico orebodies. 
 
   "On the operations front we have enjoyed another good month in April 
with final production expected to be approximately 3,400 ounces and we 
are starting to be able to change over a small number of staff each week 
who have been tested for COVID-19 and undertaken a period of 
quarantine." 
 
   RESULTS 
 
   Significant new drilling results are set out in the table below; 
 
 
 
 
                                                                                                 Apparent 
                                                           Depth                                  Width      Gold 
    Hole      Target       East          West        RL     (m)      Dip/Azm      From     To      (m)      Grade 
------------  -------                              ------  ------                                -------- 
                       (UTM- WGS84)  (UTM- WGS84)                  (deg/degUTM)   (m)     (m)              (Au g/t) 
------------  -------  ------------  ------------  ------  ------  ------------  ------  ------  --------  -------- 
                                              UNDERGROUND DD DRILLING 
------------------------------------------------------------------------------------------------------------------- 
               Main 
20-SCUD-341     vein     613,588.43  9,290,449.36  191.08   70.50       -24/026    1.84    3.21      1.37     28.77 
               Main 
20-SCUD-343     vein     613,588.37  9,290,449.32  190.98   62.30       -38/024    1.28    4.00      2.72      5.06 
------------  -------  ------------  ------------  ------  ------  ------------  ------  ------            -------- 
                                                SURFACE DD DRILLING 

------------------------------------------------------------------------------------------------------------------- 
               Main 
 20-SC-164      vein     613,506.22  9,290,303.52  277.14  310.51       -54/022  292.60  296.00      3.40      3.94 
                                                                          Incl.  292.60  293.80      1.20      5.46 
 --------------------  ------------  ------------  ------  ------                ------  ------  --------  -------- 
               Main 
 20-SC-166      vein     613,506.22  9,290,303.52  277.14  427.19       -61/022  344.70  350.00      5.30     12.10 
                                                                          Incl.  346.00  348.55      2.55     24.37 
               Main 
 20-SC-170      vein     613,379.53  9,290,396.10  264.28  370.36       -77/005  227.00  228.00      1.00      1.09 
------------  -------  ------------  ------------  ------  ------  ------------  ------  ------  --------  -------- 
                                                SURFACE RC DRILLING 
------------------------------------------------------------------------------------------------------------------- 
  SCRC-001    Cicada     611,789.35  9,290,703.49  383.20  205.00       -60/180   90.00   91.00      1.00      0.32 
                                                                                  96.00   97.00      1.00      0.62 
 --------------------  ------------  ------------  ------  ------  ------------  ------  ------  --------  -------- 
  SCRC-004    Cicada     612,687.05  9,291,088.00  310.45  300.00                169.00  172.00      3.00      2.09 
                                                                          Incl.  169.00  170.00      1.00      5.42 
                                                                                 280.00  281.00      1.00      0.31 
  SCRC-007    Cicada     612,694.48  9,290,891.32  335.52  253.00                 52.00   53.00      1.00      1.17 
------------  -------  ------------  ------------  ------  ------  ------------  ------  ------  --------  -------- 
 
Reported intercepts calculated based on a minimum 
 weighted average grade of 0.3g/t Au using a 0.3g/t 
 Au weighted average lower cut and a maximum internal 
 waste interval of 1.2m based on ALS/SGS and Serabi's 
 on-site lab reported analyses. All assays were completed 
 by Palito Laboratory using a 30gm DIBK aqua regia 
 charge with an AAS analysis. Palito Assays are not 
 certified analyses (please refer to the footnote at 
 the end of this release for further details). 
------------------------------------------------------------------------------------------------------------------- 
 
 
   https://www.globenewswire.com/Tracker?data=QQwUx600M7JnTuCd_MA6YBQlZv8hzkofIAK8Zi9LzlPPdSHF_ogvFut68hLCntp0dsJe4i6KTPAfZ9mB_yKJ8MzjrGEtfWlpzFc2K2Ak1KY= 
https://bit.ly/2Lfv78T 
 
   Figure 1 -- Long section of Sao Chico underground development and step 
out drilling to the Cicada anomaly [Click on the link above to access] 
 
   https://bit.ly/2yKN2l3 
 
   Figure 2 - Plan view of Sao Chico and geophysical anomalies to the west 
showing drilling locations [Click on the link above to access] 
 
   Regional soil geochemistry sampling has been ongoing since mid-2019 with 
over 12,000 samples collected to date. The programme is targeting the 
geophysical anomalies derived from both terrestrial IP and the AEM 
anomalies derived from the 2018 HeliTEM survey, and the results to date 
have been extremely positive. 
 
   Cinderella Shear/Red Sun 
 
   Soil sampling commenced on the Cinderella Shear Zone lying approximately 
two kilometres east of the Sao Chico operations. This target is a 
significant NNE-SSW striking shear (>7 kilometres) indicated by airborne 
magnetic interpretation containing coincident IP chargeable and 
resistive anomalies and sporadic shallow EM anomalies. 
 
   The Cinderella shear has yielded a series of NNE-SSW linear gold in soil 
anomalies coincident with the IP chargeability anomalies in the central 
and southern part of the shear supported by a number of >1g/t rock chip 
samples recovered from sub-copping basement in the area. 
 
   In the northern part of the Cinderella shear a broad E-W trending gold 
in soil anomaly coincident with IP and AEM anomalies has been 
delineated. This anomaly, referred to as the Red Sun prospect, is 
positioned over an extensive area of artisanal mining activity and 
adjacent to a large copper-in-soil anomaly and given its location is 
interpreted to be a continuation of the hosting structure for Sao Chico, 
on the eastern side of the Cinderella shear. 
 
   Mata Cobra Corridor 
 
   Soil sampling grids were completed over the priority AEM (HeliTEM) 
anomalies lying along the northern and southern flanks of the major E-W 
trending high magnetic feature. Subsequently these grids were extended 
and infilled to provide a continuous systematic coverage along the 
flanks of this magnetic feature. 
 
   Soil results defined an extensive copper in soil (>=50ppm) anomaly 
extending approximately 14 kilometres E-W along this magnetic feature 
and referred to as the Mata Cobra Corridor. Within this broad 
geochemical corridor, a series of higher tenor copper-in-soil anomalies 
are apparent, many coincident or proximal to AEM anomalies. The regional 
soil contours plan (included in this news release as Figure 3) 
highlights a number of these higher copper-in-soil (>=100ppm) anomalies 
that are coincident with AEM anomalies, including Juca, Forquila, Quibe 
and Tabereba. 
 
   https://www.globenewswire.com/Tracker?data=QQwUx600M7JnTuCd_MA6YB-faAeQF-SnwUSzQmhq3JFAdGuPGbvxbpn1_RGDlzwyLMNBLv9JCA3SiB25wyufB3eqKeUU-ehGFjNKr92vSPs= 
https://bit.ly/2WHkKjl 
 
   Figure 3 -- Regional plan showing contours of soil anomalies identified 
by geochemical sampling [Click on the link above to access] 
 
   The soil geochemistry also delineated a number of robust gold-in-soil 
anomalies within the Mata Cobra Corridor or immediately adjacent to the 
copper anomaly. Prospects such as Calico, Mata Cobra East and Ganso were 
derived from anomalies of gold associated with other elements but with 
lower levels of copper. 
 
   The Calico Prospect, defined by a broad three kilometre by three 
kilometre soil geochemistry contour of greater than >=10ppb of gold, 
contains a series of NW-SE trending stacked >=30ppb of gold anomalies, 
with the highest results exceeding 500ppb of gold.  This target shows 
many similarities in direction, scale and tenor to the geochemistry 
signatures of the areas around Palito located just five kilometres to 
the north. 
 
   The Ganso prospect, eight kilometres to the west of Calico, is 
immediately overlying a priority AEM target, and comprises an E-W 
trending gold in soil anomaly >1g/t over a strike length of 1.2 
kilometres supported by rock chips with grade of  >1g/t Au and a 
multi-element base metal (-Cu) anomalism. 
 
   Regional soil sampling crews continue to further develop and refine 
these targets as well as continuing to target other AEM anomalies in the 
northern portion of the Jardim do Ouro tenement portfolio. The objective 
is to have a series of drill ready targets defined in readiness for the 
resumption of drilling activities post the COVID-19 crisis. 
 
   Prospect Scale Mapping 
 
   In conjunction with the regional soil sampling programs, Serabi have 
been undertaking prospect wide field mapping activities to enhance our 
understanding of the multi-element soil geochemistry results being 
generated, 
 
   Serabi geologists have, over many years, developed an understanding of 
the Palito area and its mineralisation and geological setting and in 
turn the importance of alteration types, mineralisation models and 
associated mineralogy, has honed the wider regional understanding. 
 
   Field mapping over soil geochemistry/AEM coincident anomalies at Calico, 
Forquila and Juca prospects has identified evidence of potassic 
hydrothermal alteration within float and outcrop samples and evidence of 
porphyritic type intrusions with subordinate sulphide species. 
 
   A number of discrete Mo+/-Bi+/-Te+/-As multi-element cores within the 
broader copper anomalous area are coincident with AEM anomalies and 
proximal potassic hydrothermal alteration suggesting multiple shallow 
intrusive centres lie within the "Mata Cobra" geochemical corridor. 
 
   The mapping activities have enhanced the potential for discovery of 
intrusion based mineral systems. These systems can be mid-level crustal 
Intrusion Related Gold Systems (IRGS) or shallower crustal level 
Porphyry type copper/gold/molybdenum intrusives as possible causative 
models for the geochemical/geophysical and geological anomalism being 
discovering within the tenement portfolio. 
 
   https://www.globenewswire.com/Tracker?data=QQwUx600M7JnTuCd_MA6YJk-4-NxiIzG7IQJnAJmMApjKVajE54knEA_FQm0VvKU0l1TqFEtgSLwKsj2EoV5c62UMdlGFLHCbcgL-5vw1cw= 
https://bit.ly/2WHpi9x 
 
   Figure 4 -- Plan and section views of soil sampling results at Calico 
and Juca prospects [Click on the link above to access] 
 
   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: [e-mail] 
---------------------------------------- 
Website: 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] 
 Alexander Allen 
 
 

   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: 
 
 
 
 
"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. 
------------------  ------------------------------------------------------------ 
"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        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 similar to granite. 
------------------  ------------------------------------------------------------ 
"hectare" or a      is a unit of measurement equal to 10,000 square metres. 
"ha" 
------------------  ------------------------------------------------------------ 
"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. 
------------------  ------------------------------------------------------------ 
"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. 
------------------  ------------------------------------------------------------ 
"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 Results 
 
   The assay results reported in the table within this release 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. Based on the results of this work, the 
Company's management are satisfied that the Company's own facility shows 
good correlation with independent laboratory facilities. 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 but only use assay results reported by an 
appropriately certificated laboratory. 
 
   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 
 
 
   -- Continued exploration success at Sao Chico and regional geochemistry 
      reveals exciting promise 
      https://ml-eu.globenewswire.com/Resource/Download/23e3362c-3338-4adf-9d38-926c71f575f1 
 
 
 
 
 
 
 

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May 11, 2020 02:00 ET (06:00 GMT)

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