Step-out exploration drilling programme records multiple high grade intercepts into the ‘Chico da Santa’ veins at Palito
Serabi Gold plc (AIM:SRB) (TSX:SBI), the Brazilian-focused gold mining and development company, is pleased to provide assay results from recent surface and underground exploration drillholes into the Chico da Santa sector, as well as the first results into the newly discovered Pele sector at the Palito Gold Mine, Para State, northern Brazil. This exploration programme is targeting strike and resource extension of the established Ipe and Mongo veins with results confirming extension along strike and at depth.
Mike Hodgson, CEO of Serabi, commented:
“There are some excellent intercepts in this latest batch of results. The established lodes, Ipe and Mogno, that are located within the CDS sector, were the cornerstone of the Palito Complex production during 2021. They are high grade lodes and made a significant contribution to the grade improvement of 28% seen in 2021 when compared to 2020. It is therefore exciting to see these intercepts which extend the veins well beyond the current mine limits, both along strike and at depth. The results suggest a possibility of improving grades and payability with depth, which bodes well for the future.
“The underground development of the Ipe/Mogno veins during 2021 also brought the opportunity to drill long exploration holes laterally. Some holes drilled to the west have intersected extensions of the Jatoba vein. Whilst the Jatoba structure was mined 3 years ago, there was, at that time, insufficient geological data to support further development. These new holes have cut the Jatoba vein well to the south of the original mine workings, with hole PDD0558 recording 33.76g/t Au over 2.0 metres, 400 metres south of the Jatoba mine workings, clearly suggesting great strike potential to add resources.
“Underground drilling to the east of Ipe/Mogno has resulted in identifying the Pele sector, another new area at Palito. The Pele sector hosts the veins Bebeto, Romario and the Pele vein itself and the early results again highlight this is a sector of excellent potential. This drilling is now being supplemented by surface exploration.
“Serabi will continue to push forward with its exploration campaign as we seek to drive resource growth and continue our track record of reserve replacement, together with our objective of increasing production towards our goal of becoming a 100,000 ounce per annum gold producer.”.”
The CDS sector is located in the eastern part of the Palito Deposit. The Ipe and Mogno veins have been worked top down from level 178mRL to current development levels -60mRL, with current production on levels -20mRL and -40mRL. The drill results reported in this press release comprise step out drilling, targeting strike extension of these veins principally to the south of the current mine limits, as well as holes drilled to depth, below the lowest level, -60mRL.
Figure 1 – Plan view of the Palito Deposit, with main sectors
To access a detailed image of the Plan view of the Palito Deposit please use the following link – https://bit.ly/3z5NYvg
Figure 2 – Long Section of the Ipe Vein
To access a detailed image of the Long Section of the Ipe Vein please use the following link – https://bit.ly/3n1MGg7
Figure 3 – Long Section of the Mogno Vein
To access a detailed image of the Long Section of the Mogno Vein please use the following link – https://bit.ly/3sEQdED
Figure 4 – Long Section of the Jatoba Vein
To access a detailed image of the Long Section of the Jatoba Vein please use the following link –https://bit.ly/32HQ2gW
This ongoing surface and underground exploration programme as well as targeting strike and depth extensions to the Ipe and Mogno veins, is also targeting newly discovered veins to the east of Ipe, namely Bebeto, Romario and Pele. In addition, some holes have also been drilled west into the Jatoba vein, a lode that has been mined previously, but has not been part of the mine plan in recent years.
Drilling into the Ipe vein has successfully recorded the following intercepts:
These intercepts, alongside intercepts published earlier in the year, now demonstrate depth extension of the Ipe vein to level -150mRL, some 90 metres below the lowest developed level -60mRL. The drilling also demonstrates strike extension of the Ipe vein 400 metres to the south.
Drilling into the Mogno vein includes:
The Mogno vein is a parallel vein to Ipe, just 50 metres to the east. These latest results alongside previous exploration holes, extend the Mogno vein to a depth of -150m RL, again, 90 metres below the current deepest level. Drillhole PUD0704 lies 200 metres south of the mine limits and suggests strike potential to the south.
The Jatoba vein lies to the west of the Ipe/Mogno veins, and was mined 3 years ago. Recent drilling alongside some historical holes, has recorded some excellent intersections including:
The Pele sector, lies approximately 200 metres to the east of Mogno and has never been developed. Historical surface holes intersected numerous high grade veins and with the underground development of the Mogno vein, this has brought the opportunity to follow up these historical drill intersections with underground exploration drilling, which has also been complemented with some surface exploration holes.
The results to date include:
Drilling is continuing, and if justified by the results, a development crosscut from the Mogno vein will commence in 2022.
The results of new and historical holes newly sampled and assayed and not previously disclosed are tabulated below:
|Hole||Target||East||West||RL||Depth (m)||Dip/Azm||From||To||Apparent Width (m)||Gold Grade|
|(UTM- SAD69)||(UTM- SAD69)||(°/°UTM)||(Au g/t)|
|PALITO UNDERGROUND DD DRILLING|
|PALITO SURFACE DD DRILLING|
|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 ALS and Serabi´s on-site lab reported analyses. Some of the assay results reported above include 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.
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