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Further encouraging results confirm the prospectivity of the São Domingos Project

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·21-min read
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For immediate release

22 July 2021

Serabi Gold plc
(“Serabi” or the “Company”)

Further encouraging results confirm the prospectivity of the São Domingos Project

Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining and development company, is pleased to update the market on exploration sampling and ongoing drilling from the São Domingos project where surface sampling and mapping has highlighted the potential of the Atacadão trend and early exploration drilling has confirmed the density and tenor of gold bearing structures. The Atacadão trend lies two kilometres to the south of the Toucano trend.

A PDF version of this announcement, including all images, can be accessed using the following link https://bit.ly/3BBEHvQ

Highlights

  • Surface sampling totalling 69 rock chip samples with an average grade of 8.33g/t Au over an area of 1.5km x 1.5km and a maximum result of 204.77g/t Au, reflects the prospectivity of the area.

  • Significantly, 36% of samples returned over 3g/t Au with an average of grade of 22.5g/t Au.

  • Mapping has outlined a broad east-west corridor of parallel gold bearing structures transected by a NE-SW mineralised structure. Historic artisanal hard-rock shafts, located at the intersection of these structural orientations, have returned grades of up to 40.59g/t Au.

  • Drilling commenced in July on the Atacadão trend following up on the detailed mapping and rock chip sampling of this prospective trend. A north-south drill traverse, designed to cover the structural intersection has returned early positive results on multiple narrow vein sets grading up to 6.19g/t Au.

  • Separately, the Company has commissioned a regional airborne geophysics survey on São Domingos Project which is expected to be completed by the end of October 2021.

Mike Hodgson, CEO of Serabi, commented:

“These initial results of the surface sampling from the Atacadão trend are very encouraging. The distribution and grade of the rock chip samples demonstrates the strength and scale of the mineralised system. The objective of the drilling is to provide us with a better understanding on the geological controls on gold deposition and, while this is still at an early stage and on the periphery of the trend, the initial results are very promising. We look forward to updating the market with further results over the coming weeks.

“The Atacadão trend is the second prospect in the São Domingos project area to be drill tested. It lies two kilometres to the south of the Toucano trend where the Company has already identified a 50 metres wide alteration zone over a potential strike length of at least 600 metres containing multiple high-grade intercepts. The Company is proving up additional prospects at São Domingos for future drill-testing.

“Elsewhere, Serabi is drilling at the São Chico mine, five kilometres to the east of Atacadão, and now has two drill rigs testing the southern extensions of the Palito orebody. We look forward to updating the market with further result from each of these campaigns.”

Atacadão

Atacadão is one of multiple prospects in the São Domingos project acquired by Serabi in 2020. Since its acquisition, Serabi has been evaluating the potential of the project to host economic resources that could provide additional production ounces to the nearby Sao Chico mine.

Serabi geologists are assessing a series of target areas identified through geological, geophysical and geochemical methods, including Toucano, Maria Dio, Atacadão, Messias and Pedro trends. Additionally, new multi-element geochemical targets continue to be developed through ongoing regional exploration works.

The Atacadão prospect is currently undergoing part of the regional prospect assessment with first pass drilling to determine its economic potential.

To access an image of the Proposed Drill Traverse across the Atacadão trend showing recent rock chip and drilling results please use the following link - https://bit.ly/3wWXX34

Proposed Drill Traverse across the Atacadão trend showing recent rock chip and drilling results.

To access an image of the São Domingos Project prospects and trends please use the following link - https://bit.ly/3wZF2Vs

São Domingos Project prospects and trends.

Commissioning of Airborne Geophysical Survey

Serabi has also commissioned a fixed wing airborne magnetic and radiometric survey to cover the recently acquired São Domingos project. The survey will be completed by the end of the 2021 dry season and will complement the existing magnetic survey coverage Serabi has undertaken on the exploration tenement package.

Exploration Results

Atacadão was initially tested in 2006 by the previous permit holders completing eleven drill holes along an 800 metre strike. This drilling intersected several narrow, but high-grade intersections within the trend. Although Serabi has not verified nor validated the results reported, drill intersected grades up to 59.97g/t were reported.

More recently Serabi geologists have undertaken a comprehensive field mapping and sampling exercise over a 1.5km x 1.5km area at the Atacadão prospect. As part of this activity, a total of 69 rock chip samples were collected from artisanal workings, geological exposures and field sites.

These rock chip samples returned a maximum of 204.77g/t Au (RKSR000684) and an average of 8.33g/t Au. Significantly, 36% of samples returned over 3g/t Au with an average of grade of 22.5g/t Au.

The field mapping defined a 300 metre wide east-west corridor of stacked parallel gold bearing structures which has been cut by a strongly mineralised structure trending north east to south west. Historic activity undertaken by artisanal miners has included the development of a series of hard-rock shafts which have returned grades up to 40.59g/t Au at the intersection of these structural orientations.

Serabi has now commenced a “top-to-tail” drill traverse across the Atacadão trend to provide a baseline geological context to the trend initially targeting the structural intersections which are interpreted to control or focus the mineralisation. The drill traverse will comprise approximately 11 drill holes and complete a section of approximately 600 metres across the trend.

Results have been received for the first two holes of this traverse. Drill holes 21-AT001, 21-AT-002 and 21-AT-003 were completed on the northern end of the traverse. The holes were completed from the same drill location at different azimuths to test the two dominant vein orientations. These three holes are located in the hangingwall of the interpreted structural intersection.

Results of the first three holes are shown below, indicating the existence of multiple mineralised vein-sets within the hanging wall of the structural intersection target.

Hole

Target

East

North

RL

Depth (m)

Dip/Azm

From

To

Apparent Width (m)

Gold Grade

(UTM- WGS84)

(UTM- WGS84)

(°/°UTM)

(Au g/t)

ATACADÃO DRILLING

21-AT-001

Atacadão

604780

9289533

270

270.39

-48/155

1.30

2.60

1.30

0.56

40.00

40.60

0.60

0.89

48.70

49.00

0.30

1.18

82.45

82.85

0.40

1.96

135.85

136.20

0.35

0.58

167.00

167.70

0.70

2.85

224.00

226.35

2.35

0.80

226.05

226.35

0.30

3.84

239.00

239.40

0.40

0.67

243.00

243.50

0.50

0.73

21-AT-002

Atacadão

604780

9289533

270

348.79

-45/133

8.00

9.45

1.45

0.93

9.00

9.45

0.45

1.23

94.15

95.00

0.85

1.37

108.95

109.50

0.55

3.80

119.15

120.35

1.20

1.99

144.10

145.00

0.90

6.19

200.00

200.55

0.55

1.27

223.00

223.90

0.90

0.61

232.00

232.60

0.60

1.00

296.00

296.30

0.30

0.81

297.00

297.30

0.30

0.98

303.00

303.45

0.45

0.83

21-AT-003

Atacadão

604752

9289438

264

130.65

-50/180

73.60

73.90

0.30

0.54

88.95

89.25

0.30

2.01

Reported intercepts calculated based on a minimum weighted average grade of 0.5g/t Au using a 0.5g/t Au weighted average lower cut and a maximum internal waste interval of 1.2m based on Serabi´s on-site lab reported analyses. The assay results reported above are those provided by the Company's own on-site laboratory facilities at Palito and have not been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognised standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.



Detailed rock chip locations and results are provided below.

Prospect

Sample

East

North

RL

Grid_ID

Au_ppm

ATACADAO

RKSR000891

605002

9289450

325

WGS84_21S

3.10

ATACADAO

RKSR000890

604973

9289447

325

WGS84_21S

19.98

ATACADAO

RKSR000889

604708

9289447

236

WGS84_21S

0.14

ATACADAO

RKSR000888

604717

9289417

232

WGS84_21S

0.24

ATACADAO

RKSR000887

604717

9289417

232

WGS84_21S

0.14

ATACADAO

RKSR000886

604730

9289389

245

WGS84_21S

0.24

ATACADAO

RKSR000885

604730

9289389

245

WGS84_21S

0.32

ATACADAO

RKSR000883

604733

9289378

247

WGS84_21S

5.73

ATACADAO

RKSR000882

604733

9289378

247

WGS84_21S

10.13

ATACADAO

RKSR000881

604466

9289425

238

WGS84_21S

0.30

ATACADAO

RKSR000880

604486

9289415

234

WGS84_21S

0.19

ATACADAO

RKSR000879

604496

9289084

232

WGS84_21S

0.82

ATACADAO

RKSR000878

604496

9289084

232

WGS84_21S

5.37

ATACADAO

RKSR000877

604542

9289182

231

WGS84_21S

44.68

ATACADAO

RKSR000876

604733

9289052

224

WGS84_21S

8.97

ATACADAO

RKSR000775

604871

9289163

238

WGS84_21S

8.03

ATACADAO

RKSR000774

604871

9289163

238

WGS84_21S

0.53

ATACADAO

RKSR000773

604780

9289201

228

WGS84_21S

1.13

ATACADAO

RKSR000772

604780

9289201

228

WGS84_21S

2.39

ATACADAO

RKSR000771

604780

9289201

228

WGS84_21S

0.40

ATACADAO

RKSR000770

604780

9289201

228

WGS84_21S

37.6

ATACADAO

RKSR000768

604423

9289405

219

WGS84_21S

18.2

ATACADAO

RKSR000767

604423

9289405

219

WGS84_21S

13.28

ATACADAO

RKSR000766

604423

9289405

219

WGS84_21S

4.35

ATACADAO

RKSR000765

603593

9289486

223

WGS84_21S

0.03

ATACADAO

RKSR000764

604436

9289442

236

WGS84_21S

2.26

ATACADAO

RKSR000763

604726

9289224

232

WGS84_21S

2.18

ATACADAO

RKSR000762

604726

9289224

232

WGS84_21S

0.06

ATACADAO

RKSR000761

604417

9289148

230

WGS84_21S

16.29

ATACADAO

RKSR000760

604417

9288948

231

WGS84_21S

0.29

ATACADAO

RKSR000759

604417

9288948

231

WGS84_21S

0.64

ATACADAO

RKSR000758

604473

9289018

240

WGS84_21S

0.14

ATACADAO

RKSR000756

604114

9289448

230

WGS84_21S

16.98

ATACADAO

RKSR000755

604114

9289448

230

WGS84_21S

5.50

ATACADAO

RKSR000754

605306

9289600

324

WGS84_21S

0.14

ATACADAO

RKSR000753

605306

9289600

324

WGS84_21S

1.17

ATACADAO

RKSR000752

605286

9289591

330

WGS84_21S

0.22

ATACADAO

RKSR000751

604532

9289052

235

WGS84_21S

1.50

ATACADAO

RKSR000725

604325

9289087

245

WGS84_21S

0.04

ATACADAO

RKSR000724

605058

9289533

336

WGS84_21S

0.68

ATACADAO

RKSR000723

605078

9289533

336

WGS84_21S

1.67

ATACADAO

RKSR000722

605089

9289504

339

WGS84_21S

0.23

ATACADAO

RKSR000721

604652

9289179

226

WGS84_21S

0.90

ATACADAO

RKSR000719

604467

9289005

246

WGS84_21S

0.68

ATACADAO

RKSR000718

604870

9289150

268

WGS84_21S

2.67

ATACADAO

RKSR000717

604823

9289193

276

WGS84_21S

0.10

ATACADAO

RKSR000715

604868

9289262

304

WGS84_21S

16.92

ATACADAO

RKSR000714

604900

9289508

306

WGS84_21S

19.59

ATACADAO

RKSR000713

604785

9289435

265

WGS84_21S

1.53

ATACADAO

RKSR000712

604785

9289435

265

WGS84_21S

0.45

ATACADAO

RKSR000711

604857

9289580

255

WGS84_21S

3.57

ATACADAO

RKSR000710

604815

9289540

230

WGS84_21S

5.08

ATACADAO

RKSR000709

604815

9289540

230

WGS84_21S

11.84

ATACADAO

RKSR000708

604430

9289404

234

WGS84_21S

0.33

ATACADAO

RKSR000707

604430

9289404

234

WGS84_21S

1.36

ATACADAO

RKSR000706

604834

9289273

261

WGS84_21S

15.14

ATACADAO

RKSR000705

604756

9289195

241

WGS84_21S

0.14

ATACADAO

RKSR000704

604803

9289212

243

WGS84_21S

0.11

ATACADAO

RKSR000703

604803

9289212

243

WGS84_21S

0.27

ATACADAO

RKSR000702

604779

9289211

242

WGS84_21S

40.59

ATACADAO

RKSR000701

604779

9289211

242

WGS84_21S

4.37

ATACADAO

RKSR000690

605342

9289296

291

WGS84_21S

1.96

ATACADAO

RKSR000685

604553

9289170

230

WGS84_21S

0.57

ATACADAO

RKSR000684

604553

9289170

230

WGS84_21S

204.77

ATACADAO

RKSR000675

604873

9289151

275

WGS84_21S

0.68

ATACADAO

RKSR000674

604733

9289380

245

WGS84_21S

2.15

ATACADAO

RKSR000455

604723

9289070

238

WGS84_21S

0.08

ATACADAO

RKSR000454

604428

9288966

242

WGS84_21S

0.26

ATACADAO

RKSR000453

604428

9288966

242

WGS84_21S

2.42

The assay results reported in the table above are those provided by the Company's own on-site laboratory facilities at Palito and have not been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognised standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.

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 / Michael Cornish

Tel: +44 (0)20 7628 3396

Peel Hunt LLP
Joint UK Broker

Ross Allister / Alexander Allen

Tel: +44 (0)20 7418 9000

Tamesis Partners LLP
Joint UK Broker

Charlie Bendon / Richard Greenfield

Tel: +44 (0)20 3882 2868

Camarco
Financial PR

Gordon Poole / Nick Hennis

Tel: +44(0) 20 3757 4980

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.

See www.serabigold.com for more information and follow us on twitter @Serabi_Gold

GLOSSARY OF TERMS

Ag

means silver.

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.

CIM

means the Canadian Institute of Mining, Metallurgy and Petroleum.

chalcopyrite”

is a sulphide of copper and iron.

Cu

means copper.

cut-off grade

the lowest grade of mineralised material that qualifies as ore in a given deposit; rock of the lowest assay included in an ore estimate.

dacite porphyry intrusive”

a silica-rich igneous rock with larger phenocrysts (crystals) within a fine-grained matrix

deposit

is a mineralised body which has been physically delineated by sufficient drilling, trenching, and/or underground work, and found to contain a sufficient average grade of metal or metals to warrant further exploration and/or development expenditures; such a deposit does not qualify as a commercially mineable ore body or as containing ore reserves, until final legal, technical, and economic factors have been resolved.

electromagnetics

is a geophysical technique tool measuring the magnetic field generated by subjecting the sub-surface to electrical currents.

“garimpo”

is a local artisanal mining operation

garimpeiro

is a local artisanal miner.

geochemical

refers to geological information using measurements derived from chemical analysis.

geophysical

refers to geological information using measurements derived from the use of magnetic and electrical readings.

geophysical techniques

include the exploration of an area by exploiting differences in physical properties of different rock types. Geophysical methods include seismic, magnetic, gravity, induced polarisation and other techniques; geophysical surveys can be undertaken from the ground or from the air.

gossan

is an iron-bearing weathered product that overlies a sulphide deposit.

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.

“granodiorite”

is an igneous intrusive rock similar to granite.

hectare” or a “ha

is a unit of measurement equal to 10,000 square metres.

“igneous”

is a rock that has solidified from molten material or magma.

IP

refers to induced polarisation, a geophysical technique whereby an electric current is induced into the sub-surface and the conductivity of the sub-surface is recorded.

“intrusive”

is a body of rock that invades older rocks.

"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.

“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.

“mineralisation”

the concentration of metals and their chemical compounds within a body of rock.

“mineralised”

refers to rock which contains minerals e.g. iron, copper, gold.

"Mineral Resource

is a concentration or occurrence of diamonds, natural solid inorganic material, or natural solid 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.

“Mineral Reserve”

is the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mine

Mo-Bi-As-Te-W-Sn”

Molybdenum-Bismuth-Arsenic-Tellurium-Tungsten-Tin

“monzogranite”

a biotite rich granite, often part of the later-stage emplacement of a larger granite body.

“mt”

means million tonnes.

“ore”

means a metal or mineral or a combination of these of sufficient value as to quality and quantity to enable it to be mined at a profit.

“oxides”

are near surface bed-rock which has been weathered and oxidised by long term exposure to the effects of water and air.

“ppm”

means parts per million.

“Probable Mineral Reserve”

is the economically mineable part of an Indicated and, in some circumstances, a Measured Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic, and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.

“Proven Mineral Reserve”

is the economically mineable part of a Measured Mineral Resource. A Proven Mineral Reserve implies a high degree of confidence in the Modifying Factors

“saprolite”

is a weathered or decomposed clay-rich rock.

sulphide

refers to minerals consisting of a chemical combination of sulphur with a metal.

vein

is a generic term to describe an occurrence of mineralised rock within an area of non-mineralised rock.

VTEM

refers to versa time domain electromagnetic, a particular variant of time-domain electromagnetic geophysical survey to prospect for conductive bodies below surface.

Assay Results
The assay results reported within this release are those provided by the Company's own on-site laboratory facilities at Palito and have not been independently verified. Serabi closely monitors the performance of its own facility against results from independent laboratory analysis for quality control purpose. As a matter of normal practice, the Company sends duplicate samples derived from a variety of the Company's activities to accredited laboratory facilities for independent verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at both the Palito laboratory and certified external laboratory, in most cases the ALS laboratory in Belo Horizonte, Brazil. When comparing significant assays with grades exceeding 1 g/t gold, comparison between Palito versus external results record an average over-estimation by the Palito laboratory of 6.7% over this period. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows sufficiently good correlation with independent laboratory facilities for exploration drill samples. The Company would expect that in the preparation of any future independent Reserve/Resource statement undertaken in compliance with a recognised standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.

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 identified 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 reflect 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

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