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Serabi Gold Plc Sao Chico drilling continues to intersect high grade zones with excellent potential at depth

21.10.2015 | 8:00 Uhr | GlobeNewswire

LONDON, Oct. 21, 2015 (GLOBE NEWSWIRE) -- Serabi Gold Plc (AIM: SRB, TSX:SBI), the Brazilian focused gold mining and development company announces first results from its surface drilling exploration campaign at its Sao Chico gold mine in the Tapajos.

A drilling programme of approximately 5,000 metres, totaling some 35 holes, has been ongoing since April this year, targeting the strike and depth extension of the known Sao Chico Main Vein, as well as some infill drill holes. The longitudinal section and drill plan reproduced within this release summarise the drilling undertaken to date.

Drilling Highlights

  • excellent grade and resource potential continues at depth
  • numerous high grade intersections have been identified including the following highlights,
Hole ID Interval (metres) Au (g/t) Objective
15-SC -070 1.15 192.35 In-fill
15-SC-087 0.60 90.41 Exploration
15-SC-093 0.65 155.37 Exploration
15-SC-093 1.00 242.68 Exploration
15-SC-093 1.05 105.18 Exploration
15-SCUD-004 0.75 293.71 In-fill
15-SCUD-005 1.00 125.52 In-fill

Mike Hodgson, Chief Executive Officer, commented:

"This third drilling campaign over the Sao Chico gold deposit has continued to record some excellent high grade intersections. The campaign has been directed at exploring the strike and dip extension of the Main Vein as well as some closer spaced infill drilling to assist mine design in this maiden year of mine development and production. These results, in conjunction with the on-going underground mine development, is enabling the Company to build up a better understanding of the nature of the high grade gold mineralization at Sao Chico.

"This high grade gold mineralisation is dominantly hosted in a consistent two to eight metre wide alteration zone, which itself is visually easily identifiable. However, the high grade gold zones within this alteration zone are much less so, and as result the mining operations will require on-lode development at regular vertical intervals, with regular channel sampling and in-fill drilling between these levels to best define the high grade gold mineralisation. This approach is allowing us to readily identify stoping blocks and optimize what are some exceptionally high gold grades.

"Considering the need to drill a tighter drill pattern at Sao Chico, at least in the short-term , the drilling campaign has had to change focus from step out exploration drilling to more in-fill drilling. The Company has therefore taken the view that with this change in priority, the planned resource update be deferred until 2016. This will allow us time to complement the surface drilling campaign with underground lode-development. We also feel, with gold prices being volatile and all gold juniors facing considerable economic headwinds, that the Company should be minimizing discretionary costs and an independent technical report falls into that category.

"Perhaps the most encouraging news so far is from Hole 93, which along with Hole 47 (1) demonstrates excellent grade and resource potential continues at depth. With drilling on-going, I look forward to reporting a further update in the near future."

(1) Hole 47 was drilled as part of the 2013 campaign and returned an intersection of 1.80 metres at 175.19 g/t at a depth of approximately 160 metres below surface.

The 2015 drilling programme has built upon the results and understanding gained from the 2011 and 2013 campaigns. Drilling has been a combination of step out and infill drilling from surface complemented with some infill drilling conducted from underground.

The Company also announces that its management will be attending and presenting at the Mining & Investment Latin America Summit, to be held on 4th and 5th November in Lima, Peru. The conference, which is considered to be one of the most relevant conferences in Latin America for mining investors and entrepreneurs, is expected to have some 650 attendees including many of the major names among global and South American resource investors.

The latest interview with the Company's Chief Executive, Mike Hodgson, can be viewed using the link below.

http://brrmedia.co.uk/event/140431?popup=true

Sao Chico Main Vein Long Section

Please follow the link below for a diagram of Sao Chico's Main Vein long section:

http://hugin.info/137617/R/1960060/714428.jpg

Sao Chico Drill Plan

Please follow the link below for a diagram of the Sao Chico drill plan:

http://hugin.info/137617/R/1960060/714427.jpg

Numerous high-grade intersections have been reported from the drilling results to date and these have been tabulated below.

Hole ID From (m) To (m) Interval (m) Laboratory Au_ppm Goal
15-SC-068 111.25 112.1 0.85 SGS-2015 47.256
15-SC-068 112.45 113.3 0.85 SGS-2015 9.677 Infill
15-SC-068 132.4 133.15 0.75 SGS-2015 5.456
15-SC-070 100.75 101.9 1.15 SGS-2015 192.35
15-SC-070 102.95 103.85 0.9 SGS-2015 18.597 Infill
15-SC-070 104.65 105.6 0.95 SGS-2015 4.546
15-SC-070 145.15 145.5 0.35 SGS-2015 13.061
15-SC-073 26 26.45 0.45 PALITO 2015 31.53 Exploration
15-SC-075 97.15 97.9 0.75 PALITO 2015 3.06 Exploration
15-SC-076 127.65 128.6 0.95 PALITO 2015 3.9 Exploration
15-SC-082 81.2 81.7 0.5 SGS-2015 5.018 Exploration
15-SC-084 67.95 68.55 0.6 SGS-2015 46.022
15-SC-084 68.55 69.45 0.9 SGS-2015 55.181
15-SC-084 69.45 70.45 1 SGS-2015 11.383 Exploration
15-SC-084 70.45 71.45 1 SGS-2015 6.723
15-SC-084 71.45 72.45 1 SGS-2015 4.086
15-SC-085 29.85 30.4 0.55 PALITO 2015 4.85 Exploration
15-SC-087 28.5 29.1 0.6 PALITO 2015 90.41
15-SC-087 29.1 29.65 0.55 PALITO 2015 16.75 Exploration
15-SC-087 92.45 92.8 0.35 PALITO 2015 6.64
15-SC-088 71.8 72.2 0.4 PALITO 2015 9.58
15-SC-088 72.65 73.05 0.4 PALITO 2015 53.23 Exploration
15-SC-088 97.3 98 0.7 PALITO 2015 12.49
15-SC-093 115.9 116.6 0.7 PALITO 2015 3.82
15-SC-093 158 158.6 0.6 PALITO 2015 71.58
15-SC-093 161.6 162.6 1 PALITO 2015 155.37
15-SC-093 162.6 163.25 0.65 PALITO 2015 242.68 Exploration
15-SC-093 164.25 165.25 1 PALITO 2015 3.05
15-SC-093 165.25 166.3 1.05 PALITO 2015 105.18
15-SC-093 166.3 167 0.7 PALITO 2015 4
15-SC-093 177.85 178.35 0.5 PALITO 2015 17.89
15-SC-095 30.35 31.35 1 PALITO 2015 10.07
15-SC-095 111.6 112.35 0.75 PALITO 2015 3.48 Exploration
15-SC-095 129.93 131.1 1.17 PALITO 2015 9.06
15-SC-097 106.31 106.97 0.66 PALITO 2015 3.15 Exploration
15-SC-097 116.16 117.16 1 PALITO 2015 14.42
15-SCUD-001 32.9 34.38 1.48 PALITO 2015 31.85 Infill
15-SCUD-003 34.85 35.8 0.95 PALITO 2015 3.79 Infill
15-SCUD-004 34 35.15 1.15 PALITO 2015 4.65
15-SCUD-004 39.25 40.25 1 PALITO 2015 83.99 Infill
15-SCUD-004 43.25 44 0.75 PALITO 2015 293.71
15-SCUD-005 39.37 40.37 1 PALITO 2015 125.52
15-SCUD-005 43.37 44.6 1.23 PALITO 2015 13.16 Infill
15-SCUD-005 44.6 45.5 0.9 PALITO 2015 43.24
15-SCUD-006 45.25 46 0.75 PALITO 2015 3.15 Infill
15-SCUD-007 38.95 39.95 1 PALITO 2015 18.72
15-SCUD-007 43 43.95 0.95 PALITO 2015 5.59 Infill
15-SCUD-007 43.95 44.9 0.95 PALITO 2015 3.64
15-SCUD-011 62.12 62.57 0.45 PALITO 2015 13.41 Infill
15-SCUD-012 44.88 45.68 0.8 PALITO 2015 4.42 Infill
15-SCUD-012 46.48 47.28 0.8 PALITO 2015 3.02

Note: Reported 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 based on SGS reported analyses. All assays completed by SGS used a 30gm Fire Assay charge with an AAS analysis. Where initial Au results exceed 10g/t, analysis is done with a gravimetric charge. All assays completed by Serabi's on-site laboratory used a 30gm DIBK aqua regia digest with an AAS analysis. Serabi's on-site laboratory is not certificated for analysis (please refer to the footnote at the end of this release for further details).

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
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
Ross Allister Tel: +44 (0)20 7418 9000
Blytheweigh
Public Relations
Tim Blythe Tel: +44 (0)20 7138 3204
Camilla Horsfall Tel: +44 (0)20 7138 3224

Copies of this release are available from the Company's website at www.serabigold.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, that may cause actual results or events to 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 and Oil & Gas Companies dated June 2009.

Preliminary Assay Results

Certain of the assay results reported in the table within this release are those provided by the Company's own on-site laboratory facilities 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 Preliminary assay results but only use assay results reported by an appropriately certificated laboratory.

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" - gold.

"AAS analysis" - analysis of chemical composition and concentration using an Atomic Adsorption Spectrometer

"alteration Zone" - an area where the pre-existing rock property values are enhanced or depleted, or have been replaced

"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

"DIBK aqua regia digest" – a method of determining gold content of a sample by dissolving the sample in NitrosolChloride and using a measured amount of organic solvent (DIBK) to collect the gold and other precious metals

"fire assay charge" – the weight of the sample used in the fire assay process

"grade" - 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" - grams per tonne

"on-lode development" - Development that is undertaken in and following the direction of the Vein

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

 
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