Drilling result confirms potential structural and mineralized continuity
of the Palito and Currutela
prospects
Serabi Mining plc (AIM:SRB, TSX:SBI and SBI.WT), the Brazilian focused
gold exploration Company, is pleased to announce results from a drill hole
between the Palito and Currutela
prospects at its 100% owned Jardim do Ouro project in the Tapajos region.
Further
to the drilling update dated 11 July 2011, assay results have since been
received for drill hole PDD0470, a drill hole spaced 300 metres to the
south-east of the last known intersection of the Palito
gold deposit and 900 metres north-west of the closest Currutela
drill hole (PDD0469) targeting an interpreted structural lineament potentially
hosting both prospects. Drilling intersected multiple zones of hydrothermally
altered granite, similar to previously reported Palito
and Currutela intercepts, at down-hole depths between
84 metres and 102 metres.
The
bulk mineralised zone returned 17.06m @ 1..17g/t
Au from 84.25 metres down hole depth, equivalent
to a vertical depth of approximately 65 metres.
A
number of promising assays were returned using Serabi's
intersection calculation criteria, including:
Hole
|
East
|
North
|
RL
|
Hole Depth
|
Dip/Azm
|
From
|
To
|
Width
|
Au
|
|
(UTM)
|
(UTM)
|
(UTM)
|
(m)
|
|
(m)
|
(m)
|
(m)
|
g/t
|
PDD0470
|
634661.32
|
9300795.13
|
201.01
|
145.55
|
-49/217
|
84.25
|
85.01
|
0.76
|
1.14
|
|
|
|
|
|
|
89.50
|
93.82
|
4.32
|
1.58
|
|
|
|
|
|
including
|
90.98
|
91.86
|
0.88
|
5.25
|
|
|
|
|
|
|
97.78
|
101.31
|
3.53
|
2.89
|
|
|
|
|
|
including
|
100.70
|
101.31
|
0.61
|
10.90
|
Note: 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 and a maximum internal waste interval of 1.2m. All assays were completed
by EcoTech Laboratory using a 30gm Fire Assay charge
with an AAS analysis.
As
reported by the Company in its announcement dated 23 May 2011, a
re-interpretation of the structural setting of the Palito
deposit and near mine environment using re-processed aeromagnetic data was
recently completed. Particular emphasis was placed on the fault and lineament
architecture. The results of this review were sufficiently encouraging to
undertake a single drill hole, PDD0470, to test the predicted continuity of the
Palito host structure along a south-east trending
strike extension towards the Currutela prospect where
a discovery drill programme has been underway since May.
This
drilling result indicates that the host structures can be reasonably
interpreted from the aeromagnetic data and the Company intends to use this data
to identify other potential target areas in its tenements and well as in prioritising existing target areas.
Mike Hodgson,
Chief Executive, commented:
"This is
an excellent result and lends support to our initial theory that the Palito and Currutela prospects
could be hosted in a single structure that could bear mineralization over some
three kilometres. Furthermore, as the bulk
intersection was at some 65 metres vertical depth, it
is an encouraging sign for open pit mining potential in the area. Not
only is this hole 900 metres north-west of Currutela and some 300 metres
south-east of the last known intersection at Palito,
it is also 750m south-east of the limit of Palito's
650,000 gold ounce mineral resource inventory, which clearly opens up the
possibility of an infill drilling programme..
We are also
very encouraged that, from the reprocessed aeromagnetic data, we can interpret
other structural lineaments which coincide with those areas where we have
received positive results from our airborne and surface geophysical
targets. This positive drill result gives us greater confidence in the
potential for discovering mineralization when these prospects are drilled and
will also assist with the planning, and we would hope the success, of these
drill programmes.
We intend to
undertake further Induced Polarisation
("IP") work to the north west of the Currutela
prospect to extend the surface geophysical coverage in this area and continue
to improve our understanding of the geology before undertaking further drilling
of this potential strike extension."
Enquiries:
Serabi
Mining 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@serabimining.com
|
|
Website:
www.serabimining.com
|
|
|
|
Beaumont
Cornish Limited
Nominated
Adviser
|
|
Roland
Cornish
|
Tel:
+44 (0)20 7628 3396
|
Michael
Cornish
|
Tel:
+44 (0)20 7628 3396
|
|
|
Fox Davies
Capital Ltd
UK
Broker
|
|
Simon
Leathers
|
Tel: +44 (0)20 3463 5010
|
Jonathan
Evans
|
Tel: +44 (0)20 3463 5010
|
|
|
Farm Street
Communications
Public
Relations
|
|
Simon
Robinson
|
Tel:
+44 (0)7593 340107
|
|
|
Fig House
Communications
Investor
Relations
|
|
Rebecca
Greco
|
Tel:
+ 1 416 822 6483
|
Copies of this release are available from the
Company's website at www.serabimining.com
Forward-looking
statements
This
press release contains forward-looking statements. All statements, other than
of historical fact, that address activities, events or developments that the
Company believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding the estimation of mineral
resources, exploration results, potential mineralization, potential mineral
resources and mineral reserves) are forward-looking statements. Forward-looking
statements are often identifiable by the use of words such as
"anticipate", "believe", "plan", may",
"could", "would", "might" or "will",
"estimates", "expect", "intend",
"budget", "scheduled", "forecasts" and similar
expressions or variations (including negative variations) of such words and
phrases. Forward-looking statements are subject to a number of risks and
uncertainties, many of differ materially from those discussed in the forward-looking
statements. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, without
limitation, failure to establish estimated mineral resources, the possibility
that future exploration results will not be consistent with the Company's
expectations, the price of gold and other risks identified in the Company's
most recent annual information form filed with the Canadian securities
regulatory authorities on SEDAR.com. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement.
Qualified Persons Statement
The
information contained within this announcement has been reviewed and verified
by Michael Hodgson, CEO of the Company. Mr
Hodgson is an Economic Geologist by training with over 25 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, recognizing him as both a
Qualified Person for the purposes of Canadian National Instrument 43-101 and by
the AIM Guidance Note on Mining. Oil and Gas Companies dated March 2006.
Quality
Assurance and Quality Control Procedures Disclosure
The
Company has implemented and maintains a Serabi
quality assurance/quality control (QA/QC) protocol at its JDO Project as
defined in its "NI 43-101 Technical Report for the Jardim
Do Ouro Project, Para State, Brazil" dated 22
December 2010. This ensures best industry practice in sampling and
analysis of exploration and resource definition samples. The insertion of
field duplicates, certified standards and blank samples into the sample stream
form part of the Serabi procedure (these act as an
independent check on contamination, precision and accuracy in the analytical
laboratory).
Assay
results are reported once rigorous QAQC procedures have been approved