Serabi Gold plc Significant Increase In Strike Extensions With Multiple High Grade Intersections Into The Serra, Meio And Gal...
30 January 2019 - 6:00PM
UK Regulatory
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: +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: mailto:contact@serabigold.com
contact@serabigold.com
--------------------------------------------------
Website: http://www.serabigold.com
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
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.
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