Highlights
Sao Domingos
Following encouraging regional reconnaissance work within the Sao Domingos property, the Company elected to focus on the 600 metre long, high-grade gold prospect, Toucano, located eight kilometres west of the Company's Sao Chico operation. The first three diamond drill holes have been completed and the following strong set of intersections recorded:
5.00m @ 24.09g/t Au including 1.5m @ 67.69g/t (Hole 20-SD-003)
0.55m @ 11.3g/t Au (Hole 20-SD-001)
1.4m @ 5.01g/t Au (Hole 20-SD-002)
The exploration drillholes have been supplemented by the first partial surface channel samples including:
2.9m @ 5.99g/t Au (CHRLR-001)
5.0m @ 7.11g/t Au (CHTOU-002)
1.0m @ 5.84g/t Au (CHSCO-003)
4.0m @ 1.05g/t Au (CHSCO-005)
8.0m @ 3.02g/t Au (CHSCO-012)
Thirteen in-situ surface rock chip samples were also taken over the Toucano zone and returned promising results including gold values of 2.36g/t to 513.01g/t gold, averaging 95g/t gold.
Sao Chico
Surface and underground exploration diamond drill holes have targeted a new ore zone, the Julia Vein, which lies to the north of the main orebody currently being mined. Significant intersections include:
0.55m @ 12.79g/t Au (Hole 20-SC-177)
1.50m @ 7.23g/t Au (Hole 20-SC-179)
0.40m @ 7.45g/t Au (Hole 20-SC-183)
0.65m @ 12.31g/t Au (Hole 20-SC-187)
1.85m @ 8.62g/t Au (Hole 20-SCUD-370)
5.90m @ 60.09g/t Au (Hole 20-SCUD-377)
1.92m @ 38.89g/t Au (Hole 20-SCUD-381)
4.20m @ 27.12g/t Au (Hole 20-SCUD-386)
'In parallel to the drilling we are undertaking multiple trenching and rock chip programmes to test the surface grades, and although this sampling is far from complete, the initial showings are also very exciting.
'Drilling at Toucano has restarted following the Christmas break and we will continue to test with drilling the near surface potential along the entire 600 metres zone, as well as infill the channel and rock chip sampling programmes on surface, to build up a good three-dimensional understanding of the prospect.
'In addition to Toucano, Sao Domingos hosts many prospects where the artisanal miners have successfully mined oxide ore and we have started an initial reconnaissance programme of rock chip sampling over the property. The results have been equally encouraging and we will be following up on the best of these in the coming months.
'At Sao Chico, we have also enjoyed a successful restart to the exploration programme, focused on the western extension of the Sao Chico orebody and in particular a new zone discovered to the north of the main orebody being mined, called Julia.
Reported intercepts calculated based on a minimum weighted average grade of 0.3g/t Au using a 0.3g/t Au weighted average lower cut and a maximum internal waste interval of 1.2m based on ALS and Serabi's on-site Palito lab reported analyses. Palito Assays are not certified analyses (please refer to the footnote at the end of this release for further details). To access this image please use the following link https://bit.ly/3sS4k7l
As well as the more detailed work ongoing at Toucano, more regional reconnaissance work over the rest of the Sao Domingos property has identified high grade gold occurrences over multiple locations. Whilst this programme is in the earliest stages, work will continue to identify the next drill targets
Sao Chico
Recent surface and underground exploration drilling at Sao Chico has identified significant results on the Julia ore zone.
Reported intercepts calculated based on a minimum weighted average grade of 0.3g/t Au using a 0.3g/t Au weighted average lower cut and a maximum internal waste interval of 1.2m based on ALS and Serabi's on-site Palito lab reported analyses. Palito Assays are not certified analyses (please refer to the footnote at the end of this release for further details).
Contact:
Tel: +44 (0)20 7246 6830
Assay Results
The assay results reported in the table 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. Based on the results of this work, the Company's management are satisfied that the Company's own facility shows good correlation with independent laboratory facilities. 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 but only use assay results reported by an appropriately certificated laboratory.
Forward Looking Statements
Certain statements in this announcement are, or may be deemed to be, forward looking statements. Forward looking statements are identied 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 reect 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.
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