Serabi Gold plc Expansion Of Sao Chico Exploration Tenements
25 August 2020 - 4:00PM
UK Regulatory
TIDMSRB
For immediate release
25 August 2020
Serabi Gold Plc
("Serabi" or the "Company")
Expansion of Sao Chico exploration tenements
Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining
and development company, is pleased to announce that it has acquired an
additional tenement of 946.54 hectares in area, adjacent and to the
north west of its existing Sao Chico exploration interests. This
exploration licence is located along the strike of the Company's
geological interpretation of the Sao Chico structural corridor.
The exploration tenement has been acquired from Lara Exploration Ltd
("Lara"). Under the terms of the agreement between Lara and Serabi,
Serabi has acquired the tenement for a consideration of US$100,000 in
cash and a 2% Net Smelter Return Royalty ("NSR") over future gold
production generated from the licence area. Serabi paid US$50,000 upon
signing and will pay a further US$50,000 upon completion of the transfer
of the mineral rights. Upon completion of a JORC or NI 43-101 compliant
technical report, Serabi can elect to purchase half the royalty (1%) for
the greater of US$10 per gold ounce (for resources identified within
this licence area) or US$500,000.
Mike Hodgson, CEO of Serabi commented:
"I am delighted that we have secured this additional exploration holding
which lies on the strike extension of the interpreted structural
corridor of the Sao Chico mineralisation. Through our past geophysics
programmes, we have identified anomalous areas up to the boundary of our
existing exploration holdings and believe that this new tenement will
host further extensions of these geophysical anomalies. The tenement is
located approximately four kilometres to the northwest of the current
Sao Chico underground mine and therefore provides Serabi with access to
potential extensions of the Sao Chico structural corridor for a further
five to six kilometres."
This announcement is inside information for the purposes of Article 7 of
Regulation 596/2014. The person who arranged the release of this
statement 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
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 9000
Copies of this release 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 news
release.
ENDS
Attachment
-- Sao Chico tenements
https://ml-eu.globenewswire.com/Resource/Download/5817fb6d-d8a2-473a-8d2c-5f25ae6c28a6
(END) Dow Jones Newswires
August 25, 2020 02:00 ET (06:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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