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Serabi Gold Plc LSE:SRB London Ordinary Share GB00BG5NDX91 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.50 -2.31% 63.50 62.00 65.00 65.00 63.50 65.00 102,441 08:06:12
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Mining 45.2 2.9 4.9 13.4 48

Serabi Gold plc Further Encouraging Results Confirm The Prospectivity Of The São Domingos Project

22/07/2021 7:00am

UK Regulatory (RNS & others)


Serabi Gold (LSE:SRB)
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From Jun 2021 to Jul 2021

Click Here for more Serabi Gold Charts.
 
TIDMSRB 
 

For immediate release

22 July 2021

Serabi Gold plc

("Serabi" or the "Company")

Further encouraging results confirm the prospectivity of the São Domingos Project

Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining and development company, is pleased to update the market on exploration sampling and ongoing drilling from the São Domingos project where surface sampling and mapping has highlighted the potential of the Atacadão trend and early exploration drilling has confirmed the density and tenor of gold bearing structures. The Atacadão trend lies two kilometres to the south of the Toucano trend.

A PDF version of this announcement, including all images, can be accessed using the following link https://bit.ly/3B https://www.globenewswire.com/Tracker?data=g5spu1qG3vuFR-ARYpE0AWrJ585NbzAoro5us90dZGKBdYJuV3NTBhFu7InF-QQI BEHvQ https://www.globenewswire.com/Tracker?data=_sDDIzd8KkFwNZdAy8BHAKIfPWOmgcUnDwGxL5Xo9arJJVhPO6U5YCzhgOn6uqTBHm6HRlm9S5sq1-nlM54zpw==

Highlights

   -- Surface sampling 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. 
 
   -- Significantly, 36% of samples returned over 3g/t Au with an average of 
      grade of 22.5g/t Au. 
 
   -- Mapping has outlined a broad east-west corridor of parallel gold bearing 
      structures transected by a NE-SW mineralised structure. Historic 
      artisanal hard-rock shafts, located at the intersection of these 
      structural orientations, have returned grades of up to 40.59g/t Au. 
 
   -- 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. 
 
   -- Separately, the Company has commissioned a regional airborne geophysics 
      survey on São Domingos Project which is expected to be completed by 
      the end of October 2021. 

Mike Hodgson, CEO of Serabi, commented:

"These initial results of the surface sampling from the Atacadão trend are very encouraging. The distribution and grade of the rock chip samples demonstrates the strength and scale of the mineralised system. The objective of the drilling is to provide us with a better understanding on the geological controls on gold deposition and, while this is still at an early stage and on the periphery of the trend, the initial results are very promising. We look forward to updating the market with further results over the coming weeks.

"The Atacadão trend is the second prospect in the São Domingos project area to be drill tested. It lies two kilometres to the south of the Toucano trend where the Company has already identified a 50 metres wide alteration zone over a potential strike length of at least 600 metres containing multiple high-grade intercepts. The Company is proving up additional prospects at São Domingos for future drill-testing.

"Elsewhere, Serabi is drilling at the São Chico mine, five kilometres to the east of Atacadão, and now has two drill rigs testing the southern extensions of the Palito orebody. We look forward to updating the market with further result from each of these campaigns."

Atacadão

Atacadão is one of multiple prospects in the São Domingos project acquired by Serabi in 2020. Since its acquisition, Serabi has been evaluating the potential of the project to host economic resources that could provide additional production ounces to the nearby Sao Chico mine.

Serabi geologists are assessing a series of target areas identified through geological, geophysical and geochemical methods, including Toucano, Maria Dio, Atacadão, Messias and Pedro trends. Additionally, new multi-element geochemical targets continue to be developed through ongoing regional exploration works.

The Atacadão prospect is currently undergoing part of the regional prospect assessment with first pass drilling to determine its economic potential.

To access an image of the Proposed Drill Traverse across the Atacadão trend showing recent rock chip and drilling results please use the following link - https://www.globenewswire.com/Tracker?data=RH6aY89tQXZuCyUEQVKJY_LnJteeM7DZwU4QenlIvQnjMLVp2Y1viXKiNuv29Z6acn8uV6GfeCUFdjwBcR2jWg== https://bit.ly/3 https://www.globenewswire.com/Tracker?data=KLtfmShKhFAKkKSIuNlBG0MikFPWPLzfa6UXLcVwHQQzN-ftOqvqin6rUJsZcaRI w https://www.globenewswire.com/Tracker?data=Drz4RWAIQ_2jshF5_WXygKHblFU6qijZ7Qef8u7UarpFpPQQLFJiwzSCj_aKt6IpfLXD62JUckxB7vesx9MfKw== WXX34

Proposed Drill Traverse across the Atacadão trend showing recent rock chip and drilling results.

To access an image of the São Domingos Project prospects and trends please use the following link - https://www.globenewswire.com/Tracker?data=RH6aY89tQXZuCyUEQVKJY_Uz9GSn2mEHKSYHo1opqOc48XLQmxMpoib-HWB2EdameKQWb7MZW5xfoyM65EMZXw== https://bit.ly/ https://www.globenewswire.com/Tracker?data=lgPMUKjlLzagPl1fYqcuyjTWq5n2TaO-2VnGpF84WfsaNBkMecWyd_180BWwlGlX 3 https://www.globenewswire.com/Tracker?data=87QFmpaYw1X_yyhvAL4cUQRPQ4uwoG-JkBrLnuMEGfXwNZzwA5OaUzY5dck6tw1ZtQUtIDo4Td6C5xkuY3N56A== wZF2Vs

São Domingos Project prospects and trends.

Commissioning of Airborne Geophysical Survey

Serabi has also commissioned a fixed wing airborne magnetic and radiometric survey to cover the recently acquired São Domingos project. The survey will be completed by the end of the 2021 dry season and will complement the existing magnetic survey coverage Serabi has undertaken on the exploration tenement package.

Exploration Results

Atacadão was initially tested in 2006 by the previous permit holders completing eleven drill holes along an 800 metre strike. This drilling intersected several narrow, but high-grade intersections within the trend. Although Serabi has not verified nor validated the results reported, drill intersected grades up to 59.97g/t were reported.

More recently Serabi geologists have undertaken a comprehensive field mapping and sampling exercise over a 1.5km x 1.5km area at the Atacadão prospect. As part of this activity, a total of 69 rock chip samples were collected from artisanal workings, geological exposures and field sites.

These rock chip samples returned a maximum of 204.77g/t Au (RKSR000684) and an average of 8.33g/t Au. Significantly, 36% of samples returned over 3g/t Au with an average of grade of 22.5g/t Au.

The field mapping defined a 300 metre wide east-west corridor of stacked parallel gold bearing structures which has been cut by a strongly mineralised structure trending north east to south west. Historic activity undertaken by artisanal miners has included the development of a series of hard-rock shafts which have returned grades up to 40.59g/t Au at the intersection of these structural orientations.

Serabi has now commenced a "top-to-tail" drill traverse across the Atacadão trend to provide a baseline geological context to the trend initially targeting the structural intersections which are interpreted to control or focus the mineralisation. The drill traverse will comprise approximately 11 drill holes and complete a section of approximately 600 metres across the trend.

Results have been received for the first two holes of this traverse. Drill holes 21-AT001, 21-AT-002 and 21-AT-003 were completed on the northern end of the traverse. The holes were completed from the same drill location at different azimuths to test the two dominant vein orientations. These three holes are located in the hangingwall of the interpreted structural intersection.

Results of the first three holes are shown below, indicating the existence of multiple mineralised vein-sets within the hanging wall of the structural intersection target.

 
                                                                                                                             Gold 
   Hole         Target          East          North      RL   Depth (m)    Dip/Azm      From     To    Apparent Width (m)   Grade 
----------  --------------                               ---  ---------                ------  ------  ------------------ 
                            (UTM- WGS84)   (UTM- WGS84)                  (deg/degUTM)                                      (Au g/t) 
----------  --------------  -------------  ------------  ---  ---------  ------------  ------  ------  ------------------  -------- 
                                                      ATACADÃO DRILLING 
----------------------------------------------------------------------------------------------------------------------------------- 
        21-AT-001           Atacadão        604780                       9289533                                           270  270.39  -48/155  1.30  2.60  1.30  0.56 
                                                         ---  ---------                ------  ------  ------------------ 
                                                                                        40.00   40.60                0.60      0.89 
                                                                                        48.70   49.00                0.30      1.18 
                                                                                        82.45   82.85                0.40      1.96 
                                                                                       135.85  136.20                0.35      0.58 
                                                                                       167.00  167.70                0.70      2.85 
                                                                                       224.00  226.35                2.35      0.80 
                                                                                       226.05  226.35                0.30      3.84 
                                                                                       239.00  239.40                0.40      0.67 
                                                                                       243.00  243.50                0.50      0.73 
21-AT-002   Atacadão          604780       9289533  270     348.79       -45/133    8.00    9.45                1.45      0.93 
                                                                                         9.00    9.45                0.45      1.23 
                                                                                        94.15   95.00                0.85      1.37 
                                                                                       108.95  109.50                0.55      3.80 
                                                                                       119.15  120.35                1.20      1.99 
                                                                                       144.10  145.00                0.90      6.19 
                                                                                       200.00  200.55                0.55      1.27 
                                                                                       223.00  223.90                0.90      0.61 
                                                                                       232.00  232.60                0.60      1.00 
                                                                                       296.00  296.30                0.30      0.81 
                                                                                       297.00  297.30                0.30      0.98 
                                                                                       303.00  303.45                0.45      0.83 
 -------------------------  -------------  ------------  ---  ---------  ------------  ------  ------  ------------------  -------- 
21-AT-003   Atacadão          604752       9289438  264     130.65       -50/180   73.60   73.90                0.30      0.54 
                                                                                        88.95   89.25                0.30      2.01 
 
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. 
----------------------------------------------------------------------------------------------------------------------------------- 
 
 

Detailed rock chip locations and results are provided below.

 
 Prospect        Sample        East      North    RL     Grid_ID    Au_ppm 
ATACADAO     RKSR000891        605002    9289450  325    WGS84_21S     3.10 
ATACADAO     RKSR000890        604973    9289447  325    WGS84_21S    19.98 
ATACADAO     RKSR000889        604708    9289447  236    WGS84_21S     0.14 
ATACADAO     RKSR000888        604717    9289417  232    WGS84_21S     0.24 
ATACADAO     RKSR000887        604717    9289417  232    WGS84_21S     0.14 
ATACADAO     RKSR000886        604730    9289389  245    WGS84_21S     0.24 
ATACADAO     RKSR000885        604730    9289389  245    WGS84_21S     0.32 
ATACADAO     RKSR000883        604733    9289378  247    WGS84_21S     5.73 
ATACADAO     RKSR000882        604733    9289378  247    WGS84_21S    10.13 
ATACADAO     RKSR000881        604466    9289425  238    WGS84_21S     0.30 
ATACADAO     RKSR000880        604486    9289415  234    WGS84_21S     0.19 
ATACADAO     RKSR000879        604496    9289084  232    WGS84_21S     0.82 
ATACADAO     RKSR000878        604496    9289084  232    WGS84_21S     5.37 
ATACADAO     RKSR000877        604542    9289182  231    WGS84_21S    44.68 
ATACADAO     RKSR000876        604733    9289052  224    WGS84_21S     8.97 
ATACADAO     RKSR000775        604871    9289163  238    WGS84_21S     8.03 
ATACADAO     RKSR000774        604871    9289163  238    WGS84_21S     0.53 
ATACADAO     RKSR000773        604780    9289201  228    WGS84_21S     1.13 
ATACADAO     RKSR000772        604780    9289201  228    WGS84_21S     2.39 
ATACADAO     RKSR000771        604780    9289201  228    WGS84_21S     0.40 
ATACADAO     RKSR000770        604780    9289201  228    WGS84_21S     37.6 
ATACADAO     RKSR000768        604423    9289405  219    WGS84_21S     18.2 
ATACADAO     RKSR000767        604423    9289405  219    WGS84_21S    13.28 
ATACADAO     RKSR000766        604423    9289405  219    WGS84_21S     4.35 
ATACADAO     RKSR000765        603593    9289486  223    WGS84_21S     0.03 
ATACADAO     RKSR000764        604436    9289442  236    WGS84_21S     2.26 
ATACADAO     RKSR000763        604726    9289224  232    WGS84_21S     2.18 
ATACADAO     RKSR000762        604726    9289224  232    WGS84_21S     0.06 
ATACADAO     RKSR000761        604417    9289148  230    WGS84_21S    16.29 
ATACADAO     RKSR000760        604417    9288948  231    WGS84_21S     0.29 
ATACADAO     RKSR000759        604417    9288948  231    WGS84_21S     0.64 
ATACADAO     RKSR000758        604473    9289018  240    WGS84_21S     0.14 
ATACADAO     RKSR000756        604114    9289448  230    WGS84_21S    16.98 
ATACADAO     RKSR000755        604114    9289448  230    WGS84_21S     5.50 
ATACADAO     RKSR000754        605306    9289600  324    WGS84_21S     0.14 
ATACADAO     RKSR000753        605306    9289600  324    WGS84_21S     1.17 
ATACADAO     RKSR000752        605286    9289591  330    WGS84_21S     0.22 
ATACADAO     RKSR000751        604532    9289052  235    WGS84_21S     1.50 
ATACADAO     RKSR000725        604325    9289087  245    WGS84_21S     0.04 
ATACADAO     RKSR000724        605058    9289533  336    WGS84_21S     0.68 
ATACADAO     RKSR000723        605078    9289533  336    WGS84_21S     1.67 
ATACADAO     RKSR000722        605089    9289504  339    WGS84_21S     0.23 
ATACADAO     RKSR000721        604652    9289179  226    WGS84_21S     0.90 
ATACADAO     RKSR000719        604467    9289005  246    WGS84_21S     0.68 
ATACADAO     RKSR000718        604870    9289150  268    WGS84_21S     2.67 
ATACADAO     RKSR000717        604823    9289193  276    WGS84_21S     0.10 
ATACADAO     RKSR000715        604868    9289262  304    WGS84_21S    16.92 
ATACADAO     RKSR000714        604900    9289508  306    WGS84_21S    19.59 
ATACADAO     RKSR000713        604785    9289435  265    WGS84_21S     1.53 
ATACADAO     RKSR000712        604785    9289435  265    WGS84_21S     0.45 
ATACADAO     RKSR000711        604857    9289580  255    WGS84_21S     3.57 
ATACADAO     RKSR000710        604815    9289540  230    WGS84_21S     5.08 
ATACADAO     RKSR000709        604815    9289540  230    WGS84_21S    11.84 
ATACADAO     RKSR000708        604430    9289404  234    WGS84_21S     0.33 
ATACADAO     RKSR000707        604430    9289404  234    WGS84_21S     1.36 
ATACADAO     RKSR000706        604834    9289273  261    WGS84_21S    15.14 
ATACADAO     RKSR000705        604756    9289195  241    WGS84_21S     0.14 
ATACADAO     RKSR000704        604803    9289212  243    WGS84_21S     0.11 
ATACADAO     RKSR000703        604803    9289212  243    WGS84_21S     0.27 
ATACADAO     RKSR000702        604779    9289211  242    WGS84_21S    40.59 
ATACADAO     RKSR000701        604779    9289211  242    WGS84_21S     4.37 
ATACADAO     RKSR000690        605342    9289296  291    WGS84_21S     1.96 
ATACADAO     RKSR000685        604553    9289170  230    WGS84_21S     0.57 
ATACADAO     RKSR000684        604553    9289170  230    WGS84_21S   204.77 
ATACADAO     RKSR000675        604873    9289151  275    WGS84_21S     0.68 
ATACADAO     RKSR000674        604733    9289380  245    WGS84_21S     2.15 
ATACADAO     RKSR000455        604723    9289070  238    WGS84_21S     0.08 
ATACADAO     RKSR000454        604428    9288966  242    WGS84_21S     0.26 
ATACADAO     RKSR000453        604428    9288966  242    WGS84_21S     2.42 
-----------  --------------  --------  ---------  ---  -----------  ------- 
The assay results reported in the table 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 Limited 
 Nominated Adviser and Financial Adviser 
Roland Cornish / Michael Cornish          Tel: +44 (0)20 7628 3396 
 
Peel Hunt LLP 
 Joint UK Broker 
Ross Allister / Alexander Allen           Tel: +44 (0)20 7418 9000 
 
Tamesis Partners LLP 
 Joint 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 https://www.globenewswire.com/Tracker?data=kX6w0wavsVnkqYHdFG0G_sDemTyjIBeJ6A_R-bmy3qvspUqZlxf_tqD2Wjfs9Zm91JW4_A3buLuFUo_5V-NI-CBJzoxKSMOG6d0wfNbypko= 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    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. 
------------------  ---------------------------------------------------------------- 
"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. 
------------------  ---------------------------------------------------------------- 
"Indicated Mineral  is that part of a Mineral Resource for which quantity, 
Resource             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   is that part of a Mineral Resource for which quantity 
Resource"            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   " is that part of a Mineral Resource for which quantity 
Resource"            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   is the economically mineable part of an Indicated 
Reserve"             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     is the economically mineable part of a Measured Mineral 
Reserve"             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 Results

The assay results reported 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. 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 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

   -- Sao Domingos Exploration Update July 2021 
      https://ml-eu.globenewswire.com/Resource/Download/ca5556ad-3644-428f-9e84-d3c53b87c66c 
 
 
 

(END) Dow Jones Newswires

July 22, 2021 02:00 ET (06:00 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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