Serabi Gold plc Significant New Exploration Targets Revealed By Regional Airborne Survey
20 November 2018 - 6:00PM
UK Regulatory
TIDMSRB
For immediate release
20 November 2018
Serabi Gold plc
("Serabi" or the "Company")
Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining
and development company, is pleased to announce the results from its
recent airborne geophysical survey covering the southern portion of its
the Jardim Do Ouro tenement.
Highlights
-- The electromagnetic ("EM") results obtained have delineated a series of
discrete "apparent conductivity" anomalies. These anomalies probably
indicate sulphide bodies which the Company hopes will be gold bearing.
The anomalies extend to depths of up to 250 metres along two distinct
orientations within the tenement package.
-- Numerous airborne anomalies correlate well with known areas of
terrestrial Induced Polarisation ("IP") chargeability anomalies
surrounding the Sao Chico deposit including the recently reported (news
release of 20 September 2018) Cinderella Shear.
-- Residual magnetic mapping delineated several structural features
coincident with known mineralised and IP chargeability anomalies.
-- The magnetic 'highs' also probably suggest zones of alteration and
reflect both magnetic alteration and hydrothermal, magnetite destructive
zones.
-- Soil geochemistry sampling and additional drilling to be undertaken
during 2019 to further delineate potential targets.
A PDF version of this news release can be accessed using the following
link -
https://www.globenewswire.com/Tracker?data=6jTu07EW4riYUsDQx8k-Pa-FHs7MWkc5w-TXs14vT3kwCOk3XIMxE8HsaybeEssb5OER85w3X8SAF_PlEmCY-B7cE0_fBJHIPmn2rlZmvZU=
https://bit.ly/2OSfi7w
Mike Hodgson, CEO of Serabi, commented:
"We have had to wait a significant amount of time to be able to
undertake this survey which complements the smaller surveys that the
Company undertook in 2008 and 2011. We are delighted with the results.
"Until earlier this year, our exploration activities had been
essentially suspended since 2011, and what work has been completed has
been confined to 'headframe exploration' around the Palito and Sao Chico
orebodies. It is very exciting to finally be able to undertake some
initial regional exploration activity. Serabi's tenements located
between Palito and Sao Chico have, until now, been largely untested,
notwithstanding that the areas have been the subject of considerable
historical artisanal gold production over the years. This survey is the
first real indication of the potential that exists within the Company's
wider exploration tenements and, at the same time, complements the
ground geophysics work that is ongoing around Sao Chico.
"What stands out most in the results of this airborne survey is the
extremely pronounced magnetic high that runs east west across the
tenements (see Figure 1). This is a regional feature and we see many of
the electromagnetic anomalies lying on the flanks of this magnetic high.
"A smaller but nonetheless very exciting anomaly is the 'Cinderella
shear' which is located traversing the Sao Chico mining license area in
a south west to north east trend. The airborne survey results highlight
an eight kilometre long magnetic and electromagnetic high which is very
coincidental with the four kilomtere long chargeability 'high'
identified by the ground geophysics IP survey, as reported in the
Company's news release of 20 September 2018.
"The survey has also identified an extremely interesting EM anomaly
trending north-south and located to the south east and east of the Sao
Chico tenement. Our current ground geophysics and drill programmes have
not extended out this far and this is therefore untested ground. As a
completely new find and considering that it extends for more than 10
kilometres, is a very exciting development.
"The Company's next steps will be to undertake soil geochemistry
sampling over the areas of these anomalies. Programmes will be designed
to further define the anomalous zones to provide better targeting for
subsequent drilling which I hope we can undertake during 2019.
"The results of the survey are better than we had hoped for. The scale
of some of the features that have been identified are significantly
larger than the signatures that we see for the existing Palito and Sao
Chico orebodies. I am looking forward to the Company being able to start
the initial follow-up work which will provide a clearer indication of
the future potential".
PLEASE USE THE FOLLOWING LINKS TO ACCESS IMAGES SHOWING SOME OF THE
SURVEY RESULTS
https://bit.ly/2KfvNKa
Figure 1 : VRMI magnetic image showing coincident mid (100-175m depth --
orange colour) and late-time (175-250m depth --red) EM conductivity
anomalies. The above figure includes magnetic images generated by
previous surveys conducted by the Company in 2008 and 2011.
https://bit.ly/2PCbpZJ
Figure 2: Plan showing EM conductivity mid-time (100-175m depth --
orange colour) and late-time (175-250m depth --red) EM anomalies on
early time conductivity image (showing area covered by the recent survey
only)
https://bit.ly/2RZPuIs
Figure 3: Plan showing EM conductivity mid-time (100-175m depth --
orange colour) and late-time (175-250m depth --red) EM anomalies on
derived EM apparent chargeability image (showing area covered by the
recent survey only).
https://bit.ly/2r2hXSJ
Figure 4: Plan showing EM conductivity mid-time (100-175m depth --
orange colour) and late-time (175-250m depth --red) EM anomalies on
derived calculated vertical magnetic gradient image (showing area
covered by the recent survey only).
The survey was undertaken by CGG Brazil, formerly Fugro, who were
contracted to complete a 4,400 line kilometre HELITEM30C electromagnetic
and magnetic airborne geophysical survey during July 2018. The survey
consisted of a series of traverses oriented at 30deg/210deg, spaced 100
metres apart, with a total of 4,002 kilometres flown. A further 401
line kilometres of 1,000 metre spaced traverses were flown, as tie lines,
perpendicular to the orientation of the general survey traverses.
The purpose of the survey was to map the geology and structure of the
tenement area and to highlight both conductive and chargeable features
indicating potential sulphide mineralised bodies within the host
lithology. The results revealed a number of significant conductive and
chargeable anomalies.
CGG completed the data acquisition between 4 July 2018 and 19 July 2018
using a helicopter mounted HELITEM30C system, employing a 30 metre
diameter loop suspended beneath the helicopter. A nominal survey height
of 35 metres above ground was maintained for the data acquisition.
CGG completed subsequent data processing providing details of flight
path recoveries, altitude data magnetics and electro-magnetic data.
Serabi is currently undertaking further evaluation of the data with an
independent geophysicist, in addition to follow-up structural
interpretation, ground inspection and geochemical and geological
sampling of the anomalous areas derived from this survey.
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: +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 Tel: +44 (0)20 7628 3396
Michael Cornish Tel: +44 (0)20 7628 3396
Peel Hunt LLP
UK Broker
Ross Allister Tel: +44 (0)20 7418 8900
James Bavister Tel: +44 (0)20 7418 8900
Blytheweigh
Public Relations
Tim Blythe Tel: +44 (0)20 7138 3204
Camilla Horsfall Tel: +44 (0)20 7138 3224
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.
"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
-- News Release - Airborne EM Survey Results
https://prlibrary-eu.nasdaq.com/Resource/Download/0024f97d-1e33-407b-9480-94d39511f52f
(END) Dow Jones Newswires
November 20, 2018 02:00 ET (07:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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