Serabi Gold plc (AIM: SRB) (TSX: SBI) (TSX: SBI.WT), the Brazilian
focused gold exploration and development company, company is
pleased to announce it has recorded numerous high-grade gold
drilling intercepts from exploration drilling at their Sao Chico
deposit in the Tapajos. A PDF copy of this release can be accessed
by using the following link --
http://hugin.info/137617/R/1726794/576301.pdf
The first phase of a larger ongoing drilling programme of
approximately 4,000 metres, targeted two areas of abandoned
artisanal mining sites to the immediate west and north of the Sao
Chico Main Vein defined by a drilling campaign undertaken in
2011.
This first phase of drilling has intercepted a series of
parallel narrow quartz-sulfide veins and associated alteration down
dip from the artisanal workings and comprised holes 23 to 28 and
hole 30 on the accompanying plan. Intersections include 2.00 metres
at a gold grade of 85.39 g/t in drill hole 13-SC-030 and 3.25
metres at 58.31 g/t in drill-hole 13-SC-025.
Mike Hodgson CEO commented: "We have always considered the
maiden resources at Sao Chico to be conservative, centering as they
do, largely on one vein, the Main Vein. With 10 veins identified
through trenching, mapping, and historical artisanal workings, we
feel the potential to increase high grade resource ounces is clear.
The apparent continuity of a high grade gold structure with
mineable widths intersected in holes 23, 25, 27 and 30 covering a
strike length of some 100m is very encouraging. This structure lies
some 200m to the west of the Main Vein and is clearly open along
strike and down dip".
http://hugin.info/137617/R/1726794/576302.png
Figure 1 - Main Vein Drill Plan - can be accessed by using the
above link
Significant Intercepts from holes 23, 25, 27 and 30 to the west
of the Main Vein and hole SC 026 to the north are tabled below;
-----------------------------------------------------------------------
East North Depth
Hole (UTM) (UTM) RL (m) Dip/Azm
-----------------------------------------------------------------------
13-SC-023 613644 9290466 264 160.3 -55/010
-----------------------------------------------------------------------
13-SC-025 613683 9290460 251 160.4 -55/010
-----------------------------------------------------------------------
13-SC-027 613724 9290453 254 170.6 -55/010
-----------------------------------------------------------------------
13-SC-030 613703 9290547 249 286.5 -55/200
-----------------------------------------------------------------------
13-SC-026 614193 9290356 261 158.75 -55/000
-----------------------------------------------------------------------
------------------------------------------------------------------------
From To Width Au Pb Zn
Hole (mdh) (mdh) (m) ppm ppm ppm
------------------------------------------------------------------------
13-SC-023 58.75 59.40 0.65 0.52 30 70
74.30 75.25 0.95 3.90 1122 2105
------------------------------------------------------------------------
13-SC-025 2.00 4.00 2.00 4.06 2222 95
44.25 47.25 3.00 2.33 1195 8040
105.15 108.40 3.25 58.31 583 481
------------------------------------------------------------------------
13-SC-027 29.30 32.30 3.00 2.33 2941 4523
34.30 35.30 1.00 2.24 576 416
126.15 129.15 3.00 2.46 119 127
------------------------------------------------------------------------
13-SC-030 151.00 153.00 2.00 85.39 ADL 5440
249.70 250.70 1.00 0.57 737 2111
------------------------------------------------------------------------
13-SC-026 140.95 142.20 1.25 4.10 321 384
------------------------------------------------------------------------
Note: All assays were prepared and
analysed by SGS Geosol laboratory in Belo Horizonte using a 30gm
Fire Assay with an AAS analysis. Assay intercepts are calculated
based on a minimum weighted average grade of 0.5g/t Au using a
0.5g/t Au weighted average lower cut.
The second phase of the drill programme comprising an initial
further 21 drill holes is now continuing on definition infill and
step-out drilling on the main high grade Main Vein, which comprises
much of the current mineral resource. This further drilling is to
clarify the resource limits and for mine planning purposes. Results
are expected to be reported in the coming weeks.
Serabi is also pleased to announce that a geophysical contractor
has commenced an induced polarization geophysical survey across the
Sao Chico exploration licence to further assess the potential of
the project. This geophysical survey is covering an area
immediately to the north and east of the Sao Chico deposit in a
series of 200 metre spaced traverses covering some five kilometres
of strike along the potentially mineralised corridor. Results of
this survey will generate the next phase of exploration targets
within the licence area.
About Sao Chico
The Sao Chico gold project was acquired by Serabi in July 2013.
It comprises a single exploration permit, AP12836 with an area of
1,416 hectares, located approximately 23 kilometres to the south
west of the Palito mine and accessed by road from Palito along the
Transgarimpeiro Highway via the town of Jardim do Ouro.
On October 15, 2012, a Technical Report was filed entitled
"Mineral Resource Estimate on the Sao Chico Gold Project, Brazil"
dated October 15, 2012 and authored by Mr A.J. Tunningley, MGEOL
(Hons), MAusIMM (CP), MSEG, and Mr B. Ackroyd, BSc (Geo), MAIG in
accordance with Canadian National Instrument 43-101 relating to the
Sao Chico gold project ("the Sao Chico Technical Report"). The Sao
Chico Technical Report has been reviewed on behalf of Serabi by
Michael J Hodgson, a Qualified Person for the purposes of Canadian
National Instrument 43-101. To the best of Serabi's knowledge and
belief, there is no new material scientific or technical
information that would adversely affect the disclosure of the
mineral resources in the Sao Chico Technical Report.
The Sao Chico Technical Report established an independent
mineral resource based on the results of 22 diamond drill holes
totalling 3,268 metres undertaken by Kenai Resources Limited in
late 2011. The NI 43-101 mineral resources are as follows:
Tonnes Grade Au g/t Ounces
--------------------------
Measured Resources 5,064 32.46 5,269
Indicated Resources 21,423 29.14 20,006
--------------------------
Total Measured and Indicated Resources 26,487 29.77 25,275
--------------------------
Inferred Resources 85,577 26.03 71,385
--------------------------
Metallurgical test-work has demonstrated the mineralisation at
Sao Chico to be amenable to a variety of process routes including
cyanidation leaching, gravity separation and flotation, with gold
recoveries being reported of up to 99%. All of these potential
process routes can be accommodated at the Palito processing
operation.
The main area of focus for the Sao Chico project is an area of
some 200 artisanal workings, close to the Sao Chico village, in the
form of shallow pits and shafts. The current resources are
identified in three vein structures namely the Main Vein, the
Parallel Vein and the Highway Vein covering a strike length of some
600 metres. Artisanal activity at the Main Vein includes a shaft
extending some 18 metres below surface giving access to a 58 metre
long exploration drive.
The Main Vein comprises a gold-rich quartz/sulphide lens
striking over 100 metres and with true widths between 0.9 metres
and 2.9 metres wide. The lens is open along strike to the east and
down dip to the west. The Parallel Vein is located 60 metres south
of the Main Vein and has been defined over a strike length of 80
metres and to a depth of 75 metres, dipping steeply to the south.
Surface workings in the form of small open pits exist 350 metres
along strike from the known mineralisation at the Main Vein.
Previous trenching has yielded high grades in this area which has
not been thoroughly drill tested.
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.
GLOSSARY OF TERMS
The following is a glossary of technical terms:
"Au" means gold.
"assay" in economic geology, means to analyze 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.
"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.
"indicated mineral resource" is that part of a mineral resource
for which quantity, 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 resource" is that part of a mineral resource
for which quantity 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.
"measured mineral resource" is that part of a mineral resource
for which quantity, grade or quality, densities, shape, and
physical characteristics are so well established that they can be
estimated with confidence sufficient to allow the appropriate
application of technical and economic parameters, to support
production planning and evaluation of the economic viability of the
deposit. The estimate is based on detailed and reliable
exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes that are spaced closely enough to
confirm both geological and grade continuity.
"mineral resource" is a concentration or occurrence of diamonds,
natural solid inorganic material or natural 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.
"NI 43-101" means Canadian Securities Administrators' National
Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
"Vein" is a generic term to describe an occurrence of
mineralised rock within an area of non-mineralised rock.
Enquiries: Serabi Gold plc Michael Hodgson
Chief Executive Tel: +44 (0)20 7246 6830 Mobile: +44 (0)7799
473621 Clive Line Finance Director Tel: +44 (0)20 7246 6830
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 Matthew Armitt Tel: +44 (0)20 7418
9000 Andy Crossley Tel: +44 (0)20 7418 9000 Blythe
Weigh Communications Ltd Public Relations Tim Blythe Tel:
+44 (0)20 7138 3204 Mobile: +44 7816 924626 Halimah Hussain
Tel: +44 (0)20 7138 3203 Mobile: +44 7725 978141
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