Serabi Gold plc Sao Chico Upside Enhanced With Completion Of Induced Polarization Survey
November 28 2018 - 2:00AM
UK Regulatory
TIDMSRB
For immediate release
28 November 2018
Serabi Gold plc
("Serabi" or the "Company")
Sao Chico upside enhanced with completion of Induced Polarization Survey
Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining
and development company, is pleased to announce the completion of
terrestrial induced polarisation ("IP") geophysical survey covering the
strike extent of the Sao Chico structural corridor with a number of
significant chargeability anomalies identified.
A PDF version of this news release can be accessed using the following
link - PDF Version of news release
https://www.globenewswire.com/Tracker?data=5ZlyQHkAg1tarDvSevl2JsxREyxCVJIdVRKLRQk1o1NspAlSwd2RiwrHWY_YaK0jVELW_V7U3EmlQmGpSaJ5jwMVEUqfYlqBAfE1OG4DH_8=
Highlights
-- Encouraging results from IP survey, identifying a number of anomalies to
the south, east and west of the Sao Chico deposit.
-- The Cinderella Anomaly, a chargeability and conductive high over seven
kilometres long, trending north east to south west is coincident with a
strong magnetic anomaly as well as sporadic electromagnetic anomalies.
This triumvirate of geophysical signatures makes this a compelling
target.
-- A two kilometre long, east-northeast to west-southwest trending, robust
chargeability anomaly, coincident with a subtle magnetic high, situated
only two kilometres west of the Sao Chico.
-- An elongate chargeability anomaly lying on the western edge of the survey
area.
-- A cluster of chargeability anomalies located in the northwest of the
survey area and lying within the Sao Chico strike corridor.
-- A chargeability/conductivity anomaly on the flanks of the Cinderella
Anomaly, also hosted within a magnetic high.
-- Extensive surface geochemistry programme to be undertaken to identify and
refine drilling targets for 2019.
Mike Hodgson, CEO of Serabi, commented:
"As the images demonstrate, the results from this survey have been
excellent, and better than we would have expected at the outset. The
survey has shown abundant, high quality chargeability anomalies to the
south, east and west of the Sao Chico Deposit.
"As I noted following our news release of 20 November 2018, the multiple
anomalies that the airborne survey has generated are very exciting, but
I feel that this cluster of IP anomalies all located in our exploration
tenements, and all within seven kilometres of the Sao Chico deposit, is
very significant. I have always considered that Sao Chico had very good
potential and these results open up the possibility for the discovery of
a number of new orebodies which, though needing further evaluation,
could provide rapid and significant resource growth.
"The Cinderella Shear is a very prominent anomaly that we first reported
in our news release of 20 September 2018 when we reported the first
results from this IP survey. It has also been highlighted in the results
obtained from the airborne survey and we have also now extended its
strike in this second part of the IP survey. A coincidental linear
anomaly which now extends for seven kilometres and where there has been
historical artisanal mining activity around the areas that drain from
the anomaly, make it an extremely significant anomaly.
"In addition, we have the excellent A, B and C anomalies along strike
and to the west of the Sao Chico orebody, which have excellent
chargeability properties indicative of sulphide mineralisation. We hope
that, following further evaluation, these will evolve to be gold hosting
bodies much like the adjacent Sao Chico orebody.
"This survey has provided us with some real potential. The next steps
will be an extensive surface geochemistry programme, which we anticipate
will further refine the anomalies and provide better target drilling
definition for programmes to be undertaken later during 2019."
PLEASE USE THE FOLLOWING LINKS TO ACCESS IMAGES SHOWING SOME OF THE
SURVEY RESULTS
Figure 1
https://www.globenewswire.com/Tracker?data=WKK5v-snwD4Gz3xKH-j20_fks165gqXnOttfWmTIG7WArbOQ-IZe28jUt-hEpvtZpJ7amWd6TiBym5RJz1jl2g==
Figure 1 : - 115m depth slice through chargeability model. Red highs
indicate high chargeable features which may reflect sulphide bearing
mineralised zones.
Key to zones marked on images
FEATURE A - A two kilometre long, east-northeast to west-southwest
trending, robust chargeability anomaly coincident with a subtle magnetic
high, situated only two kilometres west of the Sao Chico mine and one
kilometre west of the recently reported high grade intersections from
West Vein drilling (see news release of 20 September 2018). This
anomalous area lies within the Sao Chico structural corridor at the
intersection of several interpreted fault sets, similar to the setting
of the current Sao Chico operations.
FEATURE B - An elongate chargeability anomaly, parallel to Feature A and
lying on the western edge of the survey area.
FEATURE C - A cluster of chargeability anomalies located in the
northwest of the survey area and lying within the Sao Chico strike
corridor.
FEATURE D - A chargeability/conductivity anomaly on the flanks of the
Cinderella Anomaly, also hosted within a magnetic high.
Figure 2
https://www.globenewswire.com/Tracker?data=WKK5v-snwD4Gz3xKH-j205Hbjt58gw1LhsU2p0KS0TWlyeZp56y53NtlW2TNQmIg_5MWJeBZnlTrIUsLihp3BA==
Figure 2 : - 175m depth slice through chargeability model. Red highs
indicate high chargeable features which may reflect sulphide bearing
mineralised zones.
Figure 3
https://www.globenewswire.com/Tracker?data=WKK5v-snwD4Gz3xKH-j20_vGlU8VLISWBTaR_c9_4bH8F8Ju7ObLnId33ObYHiWJg30h_ojP3XmizsCczHkM_w==
Figure 3 : - 85m depth slice through resistivity model. Red highs
indicate low resistivity (high conductivity) within the hard rock. This
image highlights a number of NE-SW and WNW-ESE lineaments (structures).
Figure 4
https://www.globenewswire.com/Tracker?data=WKK5v-snwD4Gz3xKH-j2030N-QK0jdfqDD9oBq0w9Av66-gvtUCzu54g3VgMqirKgyCFcjoZwqd7nRalWwRRsQ==
Figure 4: Calculated Vertical Magnetic Gradient Image of the IP survey
area. This image displays as red highs areas where the magnetic
signature changes abruptly. Interpreted as changes in lithology or
faults, the image highlights a number of NE-SW and WNW-ESE lineaments
(structures) which are coincident with the IP conductivity highs in the
figures above. This provides greater confidence for the targets within
the chargeability and conductivity highs lying within structures.
Figure 5
https://www.globenewswire.com/Tracker?data=WKK5v-snwD4Gz3xKH-j209gzHhLaFfkFN-GbIfHsfwqufzRm7Pi_eaac-W5VqP3yg1JNjOkjna_h288h2JSxAg==
Figure 5: VRMI Magnetic Image of the IP survey area with the magnetic
high associated with the Cinderella Anomaly being very prominent
(Feature D).
Results
Geomag S/A Prospecções Geofísicas were contracted by
Serabi to complete the data acquisition over approximately four months
between 28 June 2018 and 12 November 2018 employing a mixed
dipole/dipole configuration. The IP survey covered a 10 kilometre strike,
capturing the structural trend which hosts the Sao Chico ore body and
numerous historical artisanal gold occurrences. The purpose of the
survey was to delineate both electrically resistive/conductive and
chargeable features, which would indicate quartz veins and sulphide
bearing mineralisation.
The survey totalled 107 line kilometres, with survey lines (traverses)
spaced 200 metres apart. This survey now complements the 30 line
kilometre IP survey that was completed in 2016.
Raw data files and inversions were provided by Geomag to Serabi Gold and
data processing was completed by Mr David McInnes, an independent
consulting geophysicist, at Montana GIS.
The surveyed area provides a comprehensive electrical resistivity and
chargeability map of the Sao Chico district and, together with the
detail airborne electromagnetic and magnetic surveying recently
completed and reported in the Company's news release of 20 November
2018, provides an excellent foundation for the Company's exploration
activities in 2019.
Currently Serabi is undertaking further evaluation of the data in
conjunction with its consultant independent geophysicist, in addition to
follow-up structural interpretation, ground inspection, 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.
"elongate"- long in relation to width.
"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
-- Sao Chico upside enhanced with completion of Induced Polarization Survey
https://prlibrary-eu.nasdaq.com/Resource/Download/f198bedf-641f-448b-a2f4-40aab6703fd4
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