Drilling confirms new Porphyry discovery at Matilda


Drilling confirms new Porphyry discovery at Matilda


Serabi Gold plc (


AIM:SRB


, TSX:SBI), the Brazilian-focused gold mining and development company


, is pleased to update the market on the successful maiden drill programme of the Matilda Prospect within the


Palito


Complex in the Tapajos region of Para State, Northern Brazi

l.


A PDF version of this release including all images can be accessed using the following link –

https://bit.ly/3unOYcZ


Highlights

  • Assay results from the first-pass three-hole diamond drilling programme into the Matilda Prospect confirm the discovery of a Cu-Au-Mo porphyry system. Anomalous mineralisation was encountered along the entire length of each hole with average grades of each hole over 0.2% copper equivalent (“Cu Eq”)

    1

    :


    • 234.20m @ 0.26% Cu


      Eq

      (22-MT-001)

    • 210.57m @ 0.20% Cu


      Eq

      (22-MT-002)

    • 250.75m @ 0.23% Cu


      Eq

      (22-MT-003)
  • Higher grade copper equivalent intercepts include


    • 7.55m @ 0.52% Cu


      Eq

      from 57.00m (22-MT-001)

    • 21.00m @ 0.44% Cu


      Eq

      from 113.00m including

      7.85m @ 0.67% Cu


      Eq

      from 113.00m and

      3.60m @ 1.02% Cu


      Eq

      from 117.25m (22-MT-001)

    • 19.08m @ 0.51% Cu


      Eq

      from 215.12m (22-MT-001) and open at depth

    • 19.40m @ 0.35% Cu


      Eq

      from 38.25m including

      8.75m @ 0.43% Cu


      Eq

      from 38.25m (22-MT-002)

    • 4.45m @ 0.57% Cu


      Eq

      from 77.30m (22-MT-002)

    • 2.75m


      @ 0.73% Cu


      Eq

      from 193.85m (22-MT-002)

    • 37.05m @ 0.37% Cu


      Eq

      from 43.40m including

      2.50m @ 0.50% Cu


      Eq

      from 43.40m (22-MT-003)

    • 22.90m @ 0.47% Cu


      Eq

      from 127.10m (22-MT-003)
  • Drilling targeted the high grade portion of a 2.5km by 1.2km Cu-Au soil geochemical anomaly although the area with the highest magnetic signature remains untested.
  • Follow-up work to initially focus on higher definition of magnetics and soil geochemistry to help target the next drilling programme.
  • Matilda represents one of five compelling, zoned multi-element, soil geochemical anomalies defined by the exploration team in recent years along the margins of a 40km magnetic high.


Mike Hodgson CEO said





It is obviously great news to confirm the discovery of a porphyry on our property. We now plan to follow-up with infill geophysical and geochemical surveys to help us better understand where we are within the system and focus future drilling. Significantly, the three holes completed to date targeted the geochemical high, but the core of the magnetic high has yet to be tested. We have engaged


a number of


external porphyry experts to assist us with moving this exciting programme forward.


“This is a very promising time for Serabi and between this discovery, the excellent progress with the development of


Coringa


, improved production from the


Palito


Complex, and advancing all our high priority regional targets, we look forward to updating all our stakeholders.




1


Copper equivalent grades calculated using spot metal prices as


at


29 June 2022 of Gold: US$1,817/ ounce, Copper: US$3.81/ pound and Molybdenum: US$19.73/ pound.


Background

The Matilda Prospect is centered ~5km west-northwest, along the strike projection of the Sao Chico Mine, and 3km east – southeast of the Toucano Prospect drilled in 2021 which returned significant gold results hosted within breccia zones including

7.15m @ 258.24g/t Au

(news release dated 07 April 2021).

Matilda was identified through systematic soil sampling on a 400m by 50m regional grid along the westward extension of the Sao Chico vein zone aimed at infilling data gaps within the regional geochemical coverage. The prospect was subsequently infilled to a 200m by 50m spacing following the identification of the Matilda and Matilda South Cu-Au-Mo anomalies.

Matilda manifests as a 2.5km by 1.2km, crescent shaped, 200ppm Cu in soil geochemical anomaly, elongated in a NW-SE direction. It is coincident with anomalous Au, Mo (offset to the west), W, Te, K (+/- Ag, Sn, Be, Ba, Mg) and depletion of Bi, Sb, Zn, Pb & Mn in comparison to the surrounding host rocks.

Three angled drill holes totalling 695.55m were completed in April 2022 targeting below the centre of the geochemical anomaly. Hole 22-MT-001 was drilled to 234.2m towards the east, intersecting vein arrays in a sub-parallel orientation, subsequently holes 22-MT-002 (210.57m) and 22-MT-003 (250.78m) were drilled to the south to intersect the vein arrays perpendicularly. Hole 22-MT-003 was drilled perpendicular to hole 22-MT-001 to better test the mineralisation encountered in the earlier hole.



Figure 1:




Plan of Matilda target showing geochemistry,




geophysics




and drill hole traces.





To access an image of




Matilda target showing geochemistry,




geophysics




and drill hole traces





please use the following link




:





https://bit.ly/3AxItYK


The intersected geology is indicative of a Cu-Au-Mo porphyry system, with classical veinlets, stockwork and stringers (including A, B, EB and M-type veins) with extensive chalcopyrite (+/- bornite) and molybdenite mineralisation in all three holes within a potassic altered monzogranite host. Future exploration will target a number of aspects of this mineralisation including:

  • identifying the intrusions that caused the mineralising event where an increase in mineralised vein density would be expected more proximally
  • targeting the blind magnetic highs flanking the central Cu-Au soil anomaly, potentially indicative of a magnetite alteration and better mineralisation
  • testing the core of the slightly offset Mo soil anomaly
  • identifying a more bornite rich zones
  • targeting the Matilda South Cu-Au-Mo soil anomaly, potentially a second porphyry mineralised centre.

A number of experienced independent porphyry experts have been engaged to assist with analysing the results of the first three drill holes and developing the subsequent phase of exploration.

Matilda represents one of five compelling, zoned multi-element, soil geochemical anomalies defined by the exploration team in recent years along the margins of a 40km magnetic high.



Figure 2: Photographs illustrating chalcopyrite




mineralisation




within A-, EB- and M-veins





To access an image of




chalcopyrite




mineralisation




within A-, EB- and M-veins





please use the following link




:





https://bit.ly/3OXqBdU



Abbreviations: Qtz – Quartz,


Cpy


– Chalcopyrite, Mt – Magnetite,


Bt


– biotite



Figure 3: Photographs illustrating molybdenite and chalcopyrite




mineralisation




within B-veins.





To access an image of




molybdenite and chalcopyrite




mineralization




within B-veins.





please use the following link




:





https://bit.ly/3yEqpeb



Abbreviations: Qtz – Quartz,


Cpy


– Chalcopyrite, Mo – Molybdenite



Figure 4: Photographs illustrating bornite




mineralisation




within A-veins.





To access an image of




bornite




mineralisation




within A-veins





please use the following link




:





https://bit.ly/3yilfDt



Abbreviations: Qtz – Quartz, Bn – Bornite

Below we present assay results for the entire three holes given the significance of the intervals drilled and the fact that anomalous mineralisation was encountered throughout each hole.



Table 1: Drill hole collars.


Hole

East



(UTM-WGS84)

West



(UTM-WGS84)

RL

Dip/ Azimuth



(°/°UTM)

Depth



(m)
22-MT-001 609070 9292172 294.8 60/ 90 incl. 234.20
22-MT-002 608975 9292462 280.0 60/ 173.6 incl. 210.57
22-MT-003 609120 9292222 298.0 60/ 180 incl. 250.78



Table 2: Drill hole assay results from hole 22-MT-001.


From



(m)

To



(m)

Interval



(m)

Gold grade



(ppb)

Copper grade



(ppm)

Molybdenum grade



(ppm)

Copper equivalent grade



(%)
0 1 1 85 458 52.1 0.13%
1 2 1 98 474 57.2 0.15%
2 3 1 102 501 57.3 0.15%
3 4 1 72 446 53.1 0.12%
4 5 1 79 457 54.5 0.13%
5 6 1 85 490 54.4 0.14%
6 7 1 112 456 49.5 0.15%
7 8 1 85 449 56.2 0.13%
8 9 1 88 582 58.5 0.15%
9 10 1 76 735 56.3 0.16%
10 11 1 119 728 38.6 0.18%
11 12 1 122 673 34.9 0.17%
12 13 1 75 695 40 0.14%
13 14 1 76 704 40.2 0.14%
14 15 1 89 726 31.6 0.15%
15 16 1 73 682 34.4 0.14%
16 17 1 69 640 75.7 0.15%
17 18 1 60 587 75 0.14%
18 19 1 63 607 215 0.22%
19 20.1 1.1 38 552 137 0.15%
20.1 21.4 1.3 60 702 42.3 0.13%
21.4 22.15 0.75 129 1025 8.35 0.20%

22.15

23.15

1

306

1665

35.1

0.40%
23.15 24.15 1 31 1045 4.66 0.13%
24.15 25 0.85 29 935 7.69 0.12%
25 26 1 31 502 8.39 0.08%
26 27 1 14 258 16.5 0.04%
27 28 1 26 355 21.5 0.06%
28 29 1 38 1015 115 0.19%
29 30 1 38 850 4.51 0.11%
30 31 1 23 692 10.3 0.09%
31 32 1 23 651 16.55 0.09%
32 33 1 17 447 9.12 0.06%
33 34 1 16 357 9.63 0.05%
34 35 1 29 518 3.92 0.07%
35 36 1 20 544 1.93 0.07%
36 37 1 22 633 11.25 0.08%
37 37.7 0.7 31 782 94.8 0.15%
37.7 39 1.3 44 1390 58.7 0.20%
39 40 1 48 1340 16.9 0.18%
40 41 1 56 1525 10.2 0.20%
41 42 1 46 929 23.9 0.14%
42 43 1 63 1555 34.5 0.22%
43 44.25 1.25 67 1570 102.5 0.26%
44.25 44.75 0.5 52 2100 71.4 0.28%

44.75

46

1.25

45

2720

30.6

0.32%

46

47

1

118

2150

55.6

0.33%
47 48 1 61 1865 38.7 0.25%
48 49 1 30 1180 49.3 0.16%
49 50.1 1.1 73 1095 80.2 0.20%
50.1 51.4 1.3 33 1660 44.7 0.21%
51.4 52.4 1 18 1350 8.63 0.15%
52.4 53.4 1 26 1185 34 0.15%
53.4 54.7 1.3 34 1090 98.8 0.18%
54.7 56 1.3 55 1065 84 0.19%
56 57 1 73 2060 11.9 0.26%

57

58

1

108

3100

25

0.40%

58

59

1

103

2950

11.25

0.37%

59

60

1

67

2250

49.3

0.30%
60 60.9 0.9 56 1535 50.8 0.22%
60.9 61.8 0.9 95 2190 12.1 0.29%
61.8 62.5 0.7 54 1790 32.1 0.23%

62.5

63.25

0.75

380

8590

13.05

1.13%

63.25

64.55

1.3

318

8210

104

1.10%
64.55 65 0.45 59 1590 17.95 0.21%
65 66 1 49 1250 7.2 0.16%
66 67 1 72 1225 11.4 0.18%
67 68 1 56 1830 11.05 0.23%
68 69.3 1.3 26 950 40.1 0.13%
69.3 70 0.7 36 925 12.2 0.12%
70 71 1 63 1635 20.1 0.22%

71

72

1

71

2430

8.86

0.30%

72

73

1

87

2180

69.5

0.31%

73

74

1

153

4790

20.2

0.60%

74

75

1

178

6290

29.9

0.77%

75

76

1

71

2480

108.5

0.35%

76

77

1

90

2770

75.5

0.38%
77 77.8 0.8 47 1535 107.5 0.24%

77.8

78.6

0.8

56

1650

294

0.36%
78.6 79.45 0.85 42 1690 29.8 0.21%
79.45 80.35 0.9 47 1865 117 0.28%

80.35

81.35

1

87

2840

33

0.36%

81.35

82.35

1

82

2450

61

0.33%

82.35

83.35

1

164

3870

48.5

0.53%
83.35 84.55 1.2 30 1210 175 0.23%
84.55 85.75 1.2 25 979 16.55 0.12%
85.75 87 1.25 65 2090 18.55 0.26%

87

88

1

96

2990

24.7

0.38%

88

89

1

84

3110

17.4

0.38%
89 90 1 53 1865 10.4 0.23%
90 91 1 51 1600 6.3 0.20%
91 92 1 44 1630 12.8 0.20%
92 93 1 65 2120 19.05 0.27%
93 94 1 59 1815 29.2 0.24%
94 95 1 54 1685 7.11 0.21%
95 96 1 67 1250 2.84 0.17%
96 96.6 0.6 35 959 3.55 0.12%
96.6 97.9 1.3 52 1640 5 0.20%
97.9 99 1.1 38 1255 92.6 0.20%
99 100 1 33 1110 10.8 0.14%

100

101

1

23

871

1205

0.73%
101 102 1 17 726 65.2 0.12%
102 103 1 21 853 40.1 0.12%
103 104 1 27 1095 16.15 0.14%
104 105 1 28 1090 11.7 0.13%
105 106 1 64 1720 71.6 0.25%
106 107 1 47 1495 6.88 0.19%

107

108

1

74

2630

57.4

0.34%
108 109 1 29 1080 42.4 0.15%
109 110 1 26 811 5.73 0.10%
110 111 1 22 1035 17.35 0.13%
111 112 1 51 1535 5.12 0.19%
112 113 1 23 911 3.76 0.11%

113

114

1

100

3510

41.3

0.44%

114

115

1

158

4980

33.2

0.63%
115 116 1 34 983 6.69 0.13%

116

117.25

1.25

69

1890

184

0.33%

117.25

118

0.75

268

7960

42.1

1.00%

118

119

1

273

9550

38.2

1.16%

119

120

1

236

6840

6.5

0.85%

120

120.85

0.85

264

8690

5.57

1.06%
120.85 121.85 1 29 1010 10.2 0.13%
121.85 122.55 0.7 39 1140 11.5 0.15%
122.55 123.55 1 40 1690 33.4 0.21%
123.55 124.25 0.7 31 1120 9.53 0.14%
124.25 125.15 0.9 31 1085 16.05 0.14%

125.15

126.15

1

239

6680

20.2

0.84%

126.15

127

0.85

88

2990

10.75

0.37%

127

127.55

0.55

92

2840

3.63

0.35%
127.55 128.25 0.7 57 1930 72.9 0.27%

128.25

128.9

0.65

149

3910

12.8

0.50%

128.9

129.6

0.7

137

4260

41.2

0.54%

129.6

130

0.4

86

2800

6.89

0.34%
130 130.45 0.45 32 1075 9.6 0.13%

130.45

131.45

1

132

3580

16.2

0.46%
131.45 132 0.55 19 731 68.6 0.12%

132

133

1

78

2470

16.45

0.31%
133 134 1 41 1385 121 0.23%
134 134.75 0.75 43 1445 141.5 0.25%
134.75 136 1.25 58 2110 69.4 0.29%
136 137 1 32 974 10.7 0.13%
137 138 1 53 1680 46.2 0.23%
138 139.25 1.25 49 1580 18.45 0.20%
139.25 140.25 1 21 925 7.07 0.11%
140.25 141.25 1 37 1410 16.4 0.18%
141.25 142.25 1 24 922 11.8 0.12%
142.25 143.25 1 25 945 18.5 0.12%

143.25

144.25

1

53

1875

194

0.32%
144.25 145.25 1 37 1135 16.1 0.15%
145.25 146.25 1 26 1105 38.3 0.15%
146.25 147.3 1.05 52 1285 44 0.19%
147.3 148.25 0.95 37 1255 74.9 0.19%
148.25 149.25 1 44 1500 193.5 0.28%
149.25 150.25 1 69 2010 43.1 0.27%
150.25 150.75 0.5 36 1255 53.9 0.18%
150.75 152 1.25 11 184.5 32.3 0.04%
152 153 1 15 665 10.2 0.08%
153 154 1 26 206 15.35 0.05%
154 155 1 11 457 9.61 0.06%
155 156 1 14 481 22.2 0.07%
156 157 1 18 354 16.45 0.06%
157 158 1 14 799 8.1 0.09%
158 158.7 0.7 9 668 9.05 0.08%
158.7 159.35 0.65 46 219 25.2 0.07%
159.35 160 0.65 48 1630 34.1 0.21%
160 160.35 0.35 12 346 65.2 0.08%

160.35

161

0.65

71

1995

90.1

0.30%

161

161.7

0.7

104

4020

143

0.55%
161.7 163 1.3 7 177 9.77 0.03%
163 164 1 20 709 32.7 0.10%
164 165 1 12 523 14.2 0.07%
165 166 1 14 651 5.08 0.08%
166 167.1 1.1 17 942 21.5 0.12%

167.1

167.4

0.3

68

9680

55.4

1.04%
167.4 168.6 1.2 20 1130 16.9 0.14%
168.6 169.65 1.05 30 1080 34.3 0.15%

169.65

170.8

1.15

68

2910

34.7

0.36%
170.8 172 1.2 60 2270 18.95 0.28%

172

173

1

145

4630

85

0.61%
173 174 1 68 1895 41.6 0.26%

174

175

1

104

3550

46.9

0.45%
175 176 1 54 1590 168 0.28%

176

177

1

50

933

557

0.42%
177 178 1 25 696 223 0.20%

178

178.8

0.8

58

1435

812

0.60%
178.8 180 1.2 48 1535 72.7 0.22%

180

180.9

0.9

66

3200

149

0.44%
180.9 182 1.1 2.5 144 7.17 0.02%
182 183 1 5 293 3.89 0.03%
183 184.2 1.2 5 37.6 4.71 0.01%
184.2 185.4 1.2 5 105 3.27 0.02%
185.4 186.6 1.2 30 1535 49.3 0.20%
186.6 187.6 1 56 2030 75.1 0.28%

187.6

188.65

1.05

84

2770

82.2

0.38%
188.65 189.5 0.85 35 1275 77.2 0.19%
189.5 190.5 1 45 1650 68.2 0.23%

190.5

191.5

1

61

2600

197.5

0.40%
191.5 192.5 1 41 1865 41.5 0.24%
192.5 193.35 0.85 40 1390 59.9 0.20%
193.35 194 0.65 56 2100 48 0.27%

194

195

1

56

2040

215

0.35%

195

196.15

1.15

60

1985

120

0.30%
196.15 196.55 0.4 28 911 95.6 0.16%
196.55 197.55 1 18 1275 67.1 0.17%
197.55 198.55 1 12 809 80.4 0.13%
198.55 199.55 1 22 1215 70.9 0.17%
199.55 200.6 1.05 18 1185 26.7 0.14%

200.6

201.6

1

43

6890

109

0.78%
201.6 202.5 0.9 13 663 29.5 0.09%
202.5 203.5 1 15 704 29.9 0.10%
203.5 204.6 1.1 21 541 76 0.11%
204.6 205.5 0.9 21 1090 30.8 0.14%
205.5 206.55 1.05 15 764 7.86 0.09%
206.55 207.5 0.95 32 1735 109 0.25%
207.5 208.25 0.75 23 1295 16.7 0.15%
208.25 209.25 1 24 943 15.1 0.12%
209.25 210.1 0.85 31 1695 74.1 0.23%

210.1

211.1

1

62

3600

31.8

0.42%
211.1 212 0.9 15 862 6.7 0.10%
212 213 1 16 1195 26.3 0.14%
213 214 1 16 856 51.3 0.12%
214 215.12 1.12 5 202 2.67 0.03%

215.12

216

0.88

115

3250

14.8

0.41%
216 217.15 1.15 65 1940 27 0.25%
217.15 218.45 1.3 24 1265 16.5 0.15%
218.45 219.3 0.85 92 1850 23.2 0.26%
219.3 220.3 1 117 4110 23 0.50%
220.3 221.3 1 102 4090 45.1 0.50%
221.3 222.6 1.3 57 1965 28.3 0.25%

222.6

223.3

0.7

83

2580

172

0.40%

223.3

224.4

1.1

346

11350

9.81

1.25%

224.4

225.4

1

507

15350

10

1.36%
225.4 226 0.6 58 1620 6.72 0.21%

226

227

1

105

4130

31

0.50%

227

227.75

0.75

45

2610

17

0.30%
227.75 228.6 0.85 51 1545 16.15 0.20%
228.6 229.45 0.85 44 1310 4.77 0.16%

229.45

230

0.55

170

4860

806

1.02%

230

230.35

0.35

135

4500

19.25

0.55%

230.35

231.4

1.05

132

3580

15.5

0.46%
231.4 232.2 0.8 0 1825 18.3 0.19%

232.2

232.8

0.6

406

14000

89

1.33%
232.8 233.5 0.7 0 1120 13.55 0.12%
233.5 234.2 0.7 15 437 3.78 0.06%
Assays provided by ALS Laboratories. 48 element four acid Inductively Coupled Plasma Mass Spectrometry (ICP-MS) with 50g fire assay for gold completed at ALS Belo Horizonte. Samples exceeding 1% copper using the ICP-MS methodology were re-assayed using the ore grade Cu-OG62 methodology at the ALS Lima.

Copper equivalent grades calculated using spot metal prices as at 29 June 2022 of Gold: US$1,817/ ounce, Copper: US$3.81/ pound and Molybdenum: US$19.73/ pound.



Table 3: Drill hole assay results from hole 22-MT-002.


From



(m)

To



(m)

Interval



(m)

Gold grade



(ppb)

Copper grade



(ppm)

Molybdenum grade



(ppm)

Copper equivalent grade



(%)
0 1 1 89 530 19.8 0.13%
1 2 1 99 519 20.6 0.13%
2 3 1 77 507 19.05 0.11%
3 4 1 81 520 19.6 0.12%
4 5 1 92 505 18.55 0.12%
5 6 1 83 512 19.35 0.12%
6 7 1 80 518 19.45 0.12%
7 8 1 85 512 20.1 0.12%
8 9 1 81 513 19.85 0.12%
9 10 1 104 639 21.1 0.15%
10 11 1 96 691 21.9 0.15%
11 12 1 125 806 38.3 0.19%
12 13 1 86 740 19.85 0.14%
13 14 1 63 829 12 0.13%
14 15 1 54 1055 21.2 0.15%
15 16 1 48 983 18.6 0.14%
16 17 1 102 1040 93.4 0.22%
17 18 1 219 940 44.2 0.27%
18 19 1 142 972 26 0.21%
19 20 1 99 1275 15.8 0.20%
20 21.2 1.2 100 1405 28.3 0.22%
21.2 22.2 1 55 1500 6.04 0.19%
22.2 23.37 1.17 97 1625 6.01 0.23%
23.37 24.55 1.18 40 1545 39.5 0.20%
24.55 25.8 1.25 33 1275 15.55 0.16%
25.8 27 1.2 24 1195 7.78 0.14%
27 27.4 0.4 11 550 2.91 0.06%
27.4 28.25 0.85 26 453 3.32 0.07%
28.25 29.2 0.95 57 861 9.46 0.13%
29.2 30.4 1.2 7 655 2.31 0.07%
30.4 30.95 0.55 2.5 667 1.87 0.07%
30.95 31.95 1 44 443 2.76 0.08%
31.95 32.85 0.9 7 825 2.3 0.09%
32.85 34 1.15 7 1090 4.63 0.12%
34 35 1 9 798 4 0.09%
35 36 1 7 153 4.8 0.02%
36 36.76 0.76 7 54.3 6.55 0.01%
36.76 37.06 0.3 2.5 28.8 2.66 0.01%
37.06 37.75 0.69 35 1555 7.77 0.18%
37.75 38.25 0.5 33 1925 4.43 0.22%
38.25 39 0.75 168 4650 6.86 0.59%
39 40 1 54 1630 3.12 0.20%
40 40.9 0.9 101 4010 48.4 0.50%
40.9 41.4 0.5 236 8750 20.5 1.05%
41.4 42 0.6 195 6930 44 0.85%
42 42.5 0.5 133 4600 20.7 0.56%
42.5 42.87 0.37 64 1995 7.21 0.25%
42.87 44 1.13 204 1615 12.05 0.31%
44 45 1 57 1985 54.9 0.27%
45 46 1 64 2470 6.88 0.30%
46 47 1 80 2860 23.2 0.35%
47 48 1 44 1680 7.91 0.20%
48 49 1 37 1360 15.45 0.17%
49 50 1 59 1795 32.3 0.24%
50 51 1 27 969 12.3 0.12%
51 52.1 1.1 80 2450 18.05 0.31%
52.1 53 0.9 45 1770 4.93 0.21%
53 54 1 42 1485 9.22 0.18%
54 55 1 165 4640 70.8 0.62%
55 56 1 70 1865 59.7 0.27%
56 56.95 0.95 105 3970 14.4 0.48%
56.95 57.65 0.7 90 2810 44.9 0.37%
57.65 58.95 1.3 2.5 50.5 15.3 0.01%
58.95 60.25 1.3 5 17.3 21.4 0.02%
60.25 61.45 1.2 5 17.3 1.6 0.01%
61.45 62.5 1.05 6 13.4 5.65 0.01%
62.5 63.4 0.9 37 1025 28.2 0.14%
63.4 64.5 1.1 33 775 35.1 0.12%
64.5 65.6 1.1 56 1360 4.49 0.18%
65.6 66.85 1.25 187 5370 29.2 0.68%
66.85 68 1.15 24 561 2.72 0.07%
68 69 1 38 1185 9.65 0.15%
69 70 1 50 1335 5 0.17%
70 71 1 64 1320 5.45 0.18%
71 72 1 29 834 10.65 0.11%
72 73 1 15 461 10.7 0.06%
73 74 1 40 1155 5.67 0.15%
74 75 1 24 482 4.59 0.07%
75 76 1 46 1145 22.8 0.16%
76 77.3 1.3 37 1045 5.19 0.13%
77.3 78.5 1.2 103 2840 20.4 0.37%
78.5 79.5 1 137 4270 22.6 0.53%
79.5 80.5 1 170 4940 117.5 0.67%
80.5 81.75 1.25 190 5690 27.3 0.72%
81.75 83 1.25 37 1060 2.65 0.13%
83 84 1 45 1375 4.11 0.17%
84 85 1 22 665 15.7 0.09%
85 86 1 58 1710 15.2 0.22%
86 87 1 47 1365 16.85 0.18%
87 88 1 31 803 18 0.11%
88 89 1 48 1505 18.3 0.19%
89 90 1 0 1945 160.5 0.28%
90 91 1 41 1260 14.1 0.16%
91 92 1 36 1145 49.3 0.17%
92 92.9 0.9 65 1230 50.3 0.19%
92.9 93.9 1 27 746 6.67 0.10%
93.9 94.8 0.9 27 786 5.06 0.10%
94.8 96.1 1.3 24 654 176 0.17%
96.1 97 0.9 110 4370 12.5 0.52%
97 98 1 48 1675 13.5 0.21%
98 99 1 45 1635 12.95 0.20%
99 100 1 26 1230 10.7 0.15%
100 101 1 29 1180 5.93 0.14%
101 102 1 44 1640 13.65 0.20%
102 103 1 32 997 19.35 0.13%
103 104 1 64 2050 20.9 0.26%
104 104.55 0.55 86 3070 41.2 0.39%
104.55 105 0.45 37 1245 5.81 0.15%
105 106 1 26 756 9.01 0.10%
106 107.25 1.25 48 1170 2.21 0.15%
107.25 108.2 0.95 58 2180 14.6 0.27%
108.2 108.8 0.6 83 3280 32.9 0.40%
108.8 109.8 1 136 3620 9.45 0.46%
109.8 110.8 1 67 2110 5.57 0.26%
110.8 111.8 1 47 1515 6.74 0.19%
111.8 112.8 1 72 2110 46.7 0.29%
112.8 114 1.2 57 1675 6.25 0.21%
114 114.75 0.75 43 1120 3.23 0.14%
114.75 115.6 0.85 64 2040 1.86 0.25%
115.6 116.55 0.95 42 2100 65.4 0.27%
116.55 117.3 0.75 34 966 2.54 0.12%
117.3 118 0.7 67 1235 2.3 0.17%
118 119.3 1.3 47 1255 16.35 0.17%
119.3 120.3 1 28 942 16.1 0.12%
120.3 121.3 1 43 1475 13.15 0.18%
121.3 122.15 0.85 30 1030 30.8 0.14%
122.15 123.15 1 17 730 9.09 0.09%
123.15 124.15 1 18 573 40.2 0.09%
124.15 125 0.85 44 1495 72.3 0.22%
125 126 1 49 2070 22.3 0.25%
126 127 1 40 1630 16.85 0.20%
127 127.8 0.8 41 1630 22.1 0.20%
127.8 128.7 0.9 26 774 14.6 0.10%
128.7 129.75 1.05 49 1705 28.2 0.22%
129.75 130.75 1 30 1195 127.5 0.21%
130.75 132 1.25 74 1800 274 0.37%
132 133 1 63 2050 41.3 0.27%
133 134 1 34 1865 74.8 0.25%
134 134.9 0.9 122 1330 52 0.24%
134.9 135.54 0.64 35 1780 83.6 0.25%
135.54 136 0.46 18 518 25.9 0.08%
136 137 1 19 529 59.4 0.10%
137 138 1 13 557 227 0.18%
138 139 1 16 476 19.3 0.07%
139 140 1 11 343 8.35 0.05%
140 141 1 11 469 62.4 0.09%
141 142 1 9 509 16.95 0.07%
142 143 1 10 459 12.15 0.06%
143 144.21 1.21 9 282 4.4 0.04%
144.21 145.5 1.29 25 905 31.4 0.12%
145.5 146.3 0.8 37 977 4.86 0.13%
146.3 147.3 1 45 1215 21.3 0.16%
147.3 148.3 1 16 433 9.89 0.06%
148.3 149.15 0.85 34 1480 19.8 0.18%
149.15 150 0.85 52 1995 16.45 0.24%
150 150.81 0.81 41 1285 28.9 0.17%
150.81 152 1.19 35 1150 106.5 0.19%
152 152.32 0.32 17 996 149 0.19%
152.32 152.75 0.43 28 1385 209 0.27%
152.75 154 1.25 7 667 18.35 0.08%
154 155 1 2.5 244 157 0.11%
155 156 1 36 836 6.39 0.11%
156 157 1 21 281 10.85 0.05%
157 158 1 11 291 38.8 0.06%
158 159 1 14 301 49.8 0.07%
159 160.07 1.07 13 379 9.89 0.05%
160.07 161 0.93 41 1620 59.9 0.22%
161 162.1 1.1 26 637 43.9 0.10%
162.1 162.92 0.82 29 850 95.8 0.15%
162.92 163.85 0.93 29 808 28.4 0.12%
163.85 165 1.15 27 1155 29.1 0.15%
165 166 1 22 672 30.3 0.10%
166 167 1 33 920 41.2 0.14%
167 168 1 29 1040 9.25 0.13%
168 169.25 1.25 37 1230 27 0.16%
169.25 170.2 0.95 57 1985 17.15 0.25%
170.2 171.2 1 63 2220 40.5 0.29%
171.2 172.15 0.95 51 2060 24.5 0.25%
172.15 173.4 1.25 55 2460 267 0.42%
173.4 174.55 1.15 23 190.5 14.7 0.04%
174.55 175.55 1 23 159.5 5.13 0.03%
175.55 176.55 1 40 797 7.29 0.11%
176.55 177.45 0.9 55 2070 67 0.28%
177.45 178.35 0.9 243 1955 13.8 0.37%
178.35 179.35 1 80 2690 30.9 0.34%
179.35 180 0.65 428 4930 19.95 0.80%
180 181 1 54 675 10.7 0.11%
181 182 1 230 3150 11.35 0.48%
182 183.12 1.12 76 2040 60.5 0.29%
183.12 184.2 1.08 43 1645 49.6 0.22%
184.2 185 0.8 59 3090 9.46 0.35%
185 186 1 47 1325 40.4 0.19%
186 187 1 26 1065 17.95 0.13%
187 188 1 53 1340 14.95 0.18%
188 189.25 1.25 63 1940 14.1 0.25%
189.25 190.5 1.25 57 1545 25.2 0.21%
190.5 191.25 0.75 66 1670 20.2 0.22%
191.25 192.25 1 50 1505 10 0.19%
192.25 193.1 0.85 31 1155 8.83 0.14%
193.1 193.85 0.75 44 2030 26.5 0.25%
193.85 195 1.15 392 9610 43 1.26%
195 195.6 0.6 131 3410 22 0.44%
195.6 196.6 1 84 2450 9.73 0.31%
196.6 197.65 1.05 57 1130 14.8 0.16%
197.65 198.65 1 43 1355 81.7 0.21%
198.65 199.65 1 30 719 77 0.13%
199.65 200.05 0.4 39 1250 260 0.29%
200.05 200.5 0.45 53 1080 128 0.21%
200.5 201.4 0.9 37 799 83.4 0.15%
201.4 202.45 1.05 34 842 22.4 0.12%
202.45 203 0.55 31 723 10.05 0.10%
203 204 1 27 944 9.33 0.12%
204 205 1 34 866 96.6 0.16%
205 206 1 32 766 77.4 0.14%
206 207 1 21 626 6.2 0.08%
207 208 1 31 711 8.31 0.10%
208 209 1 43 1060 68 0.17%
209 210 1 39 979 49.7 0.15%
210 210.57 0.57 14 382 17 0.06%
Assays provided by ALS Laboratories. 48 element four acid Inductively Coupled Plasma Mass Spectrometry (ICP-MS) with 50g fire assay for gold completed at ALS Belo Horizonte. Samples exceeding 1% copper using the ICP-MS methodology were re-assayed using the ore grade Cu-OG62 methodology at the ALS Lima.

Copper equivalent grades calculated using spot metal prices as at 29 June 2022 of Gold: US$1,817/ ounce, Copper: US$3.81/ pound and Molybdenum: US$19.73/ pound.



Table 4: Drill hole assay results from hole 22-MT-003.


From



(m)

To



(m)

Interval



(m)

Gold grade



(ppb)

Copper grade



(ppm)

Molybdenum grade



(ppm)

Copper equivalent grade



(%)
0 1 1 118 450 44.5 0.15%
1 2 1 104 465 44.1 0.14%
2 3 1 0 462 44.5 0.07%
3 4 1 75 453 45 0.12%
4 5 1 98 439 43 0.13%
5 6 1 91 420 43.5 0.13%
6 7 1 74 446 41.5 0.12%
7 8 1 83 454 45.5 0.13%
8 9.2 1.2 95 457 43.9 0.13%
9.2 10.46 1.26 57 529 46 0.12%
10.46 11.66 1.2 93 589 44 0.15%
11.66 12.8 1.14 114 701 52.8 0.18%

12.8

14

1.2

458

839

39.2

0.42%
14 15 1 156 822 40.9 0.21%
15 16.2 1.2 127 709 34.7 0.18%
16.2 17 0.8 171 1010 29.9 0.24%
17 18 1 120 1120 16.75 0.20%
18 19 1 113 1690 23.7 0.26%
19 20 1 99 1610 25.6 0.24%
20 21 1 79 1345 15.3 0.20%
21 21.8 0.8 74 1475 11.6 0.20%
21.8 22.5 0.7 69 1245 26.5 0.19%
22.5 23.25 0.75 43 1160 21.4 0.16%
23.25 24 0.75 82 1585 42 0.24%
24 25 1 115 1025 23.8 0.19%
25 25.6 0.6 69 1015 4.93 0.15%
25.6 26.85 1.25 78 1090 57.3 0.19%
26.85 28 1.15 46 1710 42.8 0.23%

28

28.8

0.8

146

2060

33.3

0.32%

28.8

29.4

0.6

121

2130

81.9

0.34%

29.4

30.3

0.9

62

2290

66

0.31%
30.3 31.2 0.9 59 1625 162.5 0.29%
31.2 31.5 0.3 23 589 7.31 0.08%
31.5 32.5 1 15 339 4.55 0.05%
32.5 33.5 1 46 183.5 2.1 0.05%
33.5 34.1 0.6 44 731 22.5 0.12%
34.1 35.2 1.1 24 627 27.2 0.09%
35.2 36.4 1.2 53 661 29.9 0.12%
36.4 37.6 1.2 20 613 6.32 0.08%
37.6 38.8 1.2 151 680 13 0.18%
38.8 40 1.2 41 625 30.6 0.11%
40 40.65 0.65 98 669 27.1 0.15%
40.65 41.7 1.05 17 1015 22.3 0.12%
41.7 42.6 0.9 23 931 25.6 0.12%
42.6 43.4 0.8 17 722 40.4 0.10%

43.4

44.3

0.9

42

1630

440

0.42%

44.3

45.1

0.8

96

3460

671

0.76%

45.1

45.9

0.8

65

1575

255

0.33%
45.9 47 1.1 57 1840 14.95 0.23%

47

48

1

70

2220

88.3

0.32%
48 49 1 34 1380 28 0.18%
49 50 1 33 1815 58.6 0.23%
50 50.95 0.95 48 1935 13.8 0.23%
50.95 52 1.05 39 1460 45.1 0.20%

52

53

1

82

2750

2710

1.74%
53 53.85 0.85 77 2310 17.15 0.29%

53.85

55

1.15

120

6760

236

0.88%

55

56

1

48

2310

74.3

0.30%
56 57 1 67 2090 12.9 0.26%

57

58

1

49

2060

223

0.36%
58 59 1 59 1895 14.55 0.24%

59

60.15

1.15

68

3210

27.2

0.38%

60.15

61

0.85

53

2380

77.3

0.31%

61

62

1

60

2790

24.8

0.33%

62

63

1

100

2560

59.1

0.36%
63 64.1 1.1 0 2240 27.5 0.24%

64.1

65

0.9

110

3000

11.5

0.38%
65 66 1 76 1405 13 0.20%

66

67.15

1.15

97

2520

23

0.33%

67.15

68

0.85

543

1040

13.55

0.49%
68 69.1 1.1 35 579 61.1 0.11%

69.1

69.9

0.8

86

3360

44.4

0.42%

69.9

71

1.1

118

3330

32

0.43%
71 71.8 0.8 80 1575 116 0.27%

71.8

73

1.2

112

2200

60.7

0.33%
73 74 1 33 710 43.3 0.12%
74 75 1 40 977 55.4 0.15%
75 76.15 1.15 23 1375 53.2 0.18%

76.15

76.9

0.75

65

2390

159

0.37%
76.9 78.15 1.25 34 1355 41.1 0.18%
78.15 79 0.85 43 1520 63.4 0.21%

79

80

1

270

5220

35.3

0.73%

80

80.45

0.45

154

4880

70.2

0.63%
80.45 81 0.55 21 781 128 0.16%
81 82 1 8 415 58.4 0.08%
82 83 1 7 1425 32.3 0.16%
83 84 1 14 429 40.8 0.07%
84 85 1 13 740 70.5 0.12%
85 86 1 8 273 13.45 0.04%
86 87.2 1.2 11 497 13.2 0.06%
87.2 87.9 0.7 18 401 35.9 0.07%
87.9 89 1.1 13 566 12.45 0.07%
89 90 1 151 622 23.3 0.18%
90 91 1 42 614 7.83 0.09%
91 92 1 22 616 9.01 0.08%
92 93 1 18 592 7.21 0.08%
93 94 1 34 789 10.6 0.11%
94 95 1 28 656 7.97 0.09%
95 96.25 1.25 45 719 303 0.26%
96.25 97 0.75 45 1175 133 0.22%
97 98 1 29 1335 34.2 0.17%
98 99 1 51 1520 38.3 0.21%
99 100.2 1.2 46 1410 123.5 0.24%
100.2 100.9 0.7 32 1075 21 0.14%
100.9 102 1.1 62 2140 53.2 0.28%
102 103 1 46 1115 38.5 0.16%
103 103.65 0.65 71 2200 16.4 0.28%

103.65

104.6

0.95

107

3150

116

0.45%
104.6 105.75 1.15 37 917 94.2 0.17%
105.75 106.65 0.9 26 559 129 0.14%
106.65 107.7 1.05 20 904 130.5 0.17%
107.7 108.85 1.15 34 1190 101.5 0.20%
108.85 110 1.15 24 1150 86.4 0.18%
110 111 1 0 844 22.7 0.10%
111 112 1 44 1555 37 0.21%
112 113 1 26 1025 33.2 0.14%
113 114 1 51 1530 13.2 0.20%
114 115 1 34 873 148 0.19%
115 115.95 0.95 43 1285 49.2 0.18%
115.95 117 1.05 44 1410 88.8 0.22%
117 117.95 0.95 33 844 38.8 0.13%
117.95 119.05 1.1 21 478 57.3 0.09%
119.05 120 0.95 16 356 9.74 0.05%
120 121.1 1.1 28 684 14.65 0.10%
121.1 122 0.9 16 687 32 0.10%
122 123.1 1.1 33 1025 6.54 0.13%
123.1 124 0.9 67 1270 37.1 0.19%
124 125 1 55 1240 13.35 0.17%
125 126 1 45 1635 127.5 0.26%
126 127.1 1.1 37 1015 13.9 0.13%
127.1 128 0.9 83 2170 14.4 0.28%

128

129

1

153

5280

147.5

0.71%

129

129.5

0.5

155

4850

208

0.70%
129.5 130 0.5 53 1520 101.5 0.24%
130 131.1 1.1 78 2060 75.8 0.30%
131.1 132 0.9 62 2000 64.2 0.28%

132

133

1

97

3670

291

0.59%

133

134.1

1.1

144

4060

83.1

0.55%

134.1

135

0.9

108

2390

37.7

0.33%
135 135.9 0.9 69 1585 13.75 0.21%

135.9

136.75

0.85

112

2250

42.5

0.32%

136.75

137.45

0.7

153

4140

42.6

0.54%
137.45 138.25 0.8 64 1820 83.9 0.27%
138.25 139.1 0.85 61 1365 25.8 0.19%
139.1 139.77 0.67 36 916 84.4 0.16%
139.77 141 1.23 45 1315 79.6 0.20%
141 142.2 1.2 109 1825 42.5 0.28%

142.2

143

0.8

251

8210

87.4

1.04%

143

144

1

214

8420

59.7

1.02%
144 145 1 41 1475 34.8 0.19%

145

146

1

126

3910

39.6

0.50%

146

147

1

217

6530

56.9

0.83%

147

148

1

266

8430

55.6

1.06%

148

149

1

149

3980

35.4

0.52%

149

150

1

83

2510

22.9

0.32%
150 151.05 1.05 40 1780 85.9 0.25%
151.05 151.8 0.75 37 1410 110.5 0.22%
151.8 153 1.2 31 2000 95.5 0.27%
153 154.1 1.1 35 1295 46.6 0.18%
154.1 154.7 0.6 53 1570 12.55 0.20%
154.7 155.4 0.7 54 1590 61.9 0.23%
155.4 156 0.6 32 840 64.7 0.14%
156 157 1 17 592 20 0.08%
157 158 1 18 680 67.9 0.12%
158 158.9 0.9 17 548 5.14 0.07%
158.9 160 1.1 19 667 33.9 0.10%
160 161 1 16 705 6.32 0.08%
161 162 1 11 393 171.5 0.14%
162 163 1 20 572 18.35 0.08%
163 164 1 15 529 38.9 0.08%
164 165 1 13 453 11.05 0.06%
165 166 1 23 1170 38 0.15%
166 167 1 24 791 7.12 0.10%
167 168 1 31 928 43.5 0.14%
168 169 1 18 1550 14.85 0.18%
169 170.15 1.15 19 985 22.1 0.12%
170.15 171.05 0.9 29 1880 44.2 0.23%
171.05 171.8 0.75 20 1335 9.3 0.15%
171.8 173 1.2 19 1160 35.7 0.15%
173 174 1 24 1095 192 0.23%
174 174.75 0.75 23 1110 274 0.27%
174.75 176 1.25 18 640 27.4 0.09%
176 177 1 18 746 10.95 0.09%
177 178 1 24 826 40.1 0.12%
178 179 1 316 558 6.37 0.28%
179 180 1 116 569 27.6 0.15%
180 181 1 55 1065 9.58 0.15%
181 182 1 49 1265 23.8 0.17%
182 182.8 0.8 25 766 39.1 0.11%
182.8 183.8 1 59 1845 66.8 0.26%

183.8

185

1.2

61

2190

171.5

0.35%
185 186 1 40 1260 41.9 0.18%
186 187 1 44 1215 38 0.17%
187 187.65 0.65 41 1035 86.9 0.18%

187.65

188.48

0.83

55

1605

243

0.32%
188.48 189.15 0.67 25 743 24.6 0.10%
189.15 190 0.85 40 1245 62.9 0.18%
190 191 1 30 805 30.1 0.12%
191 192 1 37 920 50.8 0.14%
192 193 1 41 1225 73.7 0.19%
193 194 1 33 1770 147 0.28%
194 195 1 26 1300 278 0.29%
195 196 1 33 1335 90.6 0.20%
196 197 1 37 1160 28.8 0.16%
197 198 1 51 1110 52.9 0.17%
198 199 1 27 752 26.6 0.11%
199 199.85 0.85 31 1170 22.9 0.15%

199.85

200.95

1.1

37

1285

305

0.31%
200.95 202 1.05 30 901 46 0.13%
202 203 1 30 939 49.6 0.14%
203 203.75 0.75 25 812 44.9 0.12%
203.75 205 1.25 49 643 68.6 0.13%
205 205.8 0.8 30 1395 56.4 0.19%
205.8 206.85 1.05 24 1285 229 0.26%
206.85 208 1.15 36 1605 126 0.25%
208 209 1 26 984 56.9 0.15%
209 210.15 1.15 18 942 136 0.18%
210.15 211 0.85 20 941 46.8 0.13%
211 212 1 41 1425 104.5 0.23%
212 213 1 30 976 95 0.17%

213

214

1

42

1805

172

0.30%
214 215 1 28 921 59.1 0.14%
215 216 1 21 1610 38.7 0.20%
216 217 1 22 773 18.2 0.10%
217 218 1 10 381 92.2 0.09%

218

219

1

25

5070

65.5

0.56%

219

220

1

14

505

515

0.33%
220 221 1 28 1540 79.3 0.21%
221 222 1 34 1755 87.8 0.24%
222 223 1 29 1125 199.5 0.24%
223 224 1 18 959 156.5 0.19%
224 224.95 0.95 64 1405 104 0.24%

224.95

226

1.05

146

2480

41.4

0.37%
226 227 1 39 1180 64.4 0.18%
227 228 1 23 548 20.6 0.08%
228 229 1 24 910 296 0.26%
229 230 1 30 633 85.4 0.13%
230 231 1 14 622 33.9 0.09%
231 232 1 18 724 27.6 0.10%
232 233 1 43 1440 172 0.26%
233 234 1 24 694 62.6 0.12%
234 235 1 34 725 54.2 0.12%
235 236 1 27 1755 25.8 0.21%
236 237 1 17 780 48.7 0.12%
237 238 1 33 859 16.25 0.12%
238 239 1 30 1385 101 0.21%

239

240

1

72

8140

299

1.02%
240 241 1 27 2280 49.5 0.27%
241 242 1 43 1610 74 0.23%
242 243 1 22 768 35.8 0.11%
243 244 1 24 1045 52.4 0.15%

244

245

1

22

2270

191.5

0.34%
245 246 1 17 948 109 0.16%
246 246.8 0.8 21 1095 143 0.20%
246.8 248 1.2 22 805 172 0.18%
248 249 1 21 951 128 0.18%
249 250 1 18 1040 109.5 0.17%
250 250.75 0.75 20 1190 117.5 0.19%
Assays provided by ALS Laboratories. 48 element four acid Inductively Coupled Plasma Mass Spectrometry (ICP-MS) with 50g fire assay for gold completed at ALS Belo Horizonte. Samples exceeding 1% copper using the ICP-MS methodology were re-assayed using the ore grade Cu-OG62 methodology at the ALS Lima.

Copper equivalent grades calculated using spot metal prices as at 29 June 2022 of Gold: US$1,817/ ounce, Copper: US$3.81/ pound and Molybdenum: US$19.73/ pound.

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.


E


nquiries


SERABI GOLD plc



Michael Hodgson


t +

44 (0)20 7246 6830

Chief Executive

m

+44 (0)7799 473621


Clive Line


t +

44 (0)20 7246 6830

Finance Director

m

+44 (0)7710 151692


e

[email protected]



www.serabigold.com


B


EAUMONT CORNISH Limited



Nominated Adviser & Financial Adviser


Roland Cornish / Michael Cornish

t

+44 (0)20 7628 3396


PEEL HUNT LLP



Joint


UK Broker


Ross Allister / Alexander Allen

t

+44 (0)20 7418 9000


TAMESIS PARTNERS LLP



Joint UK Broker


Charlie Bendon/ Richard Greenfield

t

+44 (0)20 3882 2868


CAMARCO



Financial PR


Gordon Poole / Emily Hall

t

+44 (0)20 3757 4980

Copies of this announcement are available from the Company’s website at

www.serabigold.com

.


See



www.serabigold.com



for more information and follow us on twitter @Serabi_Gold


GLOSSARY OF TERMS

The following is a glossary of technical 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.

“Ba”
means barium.

“Be”
means beryllium.

“Bi”
means bismuth.


CIM

means the Canadian Institute of Mining, Metallurgy and Petroleum.


chalcopyrit

e”
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 matrixi


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.

“K”
means potassium

“Mg”
means magnesium


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.

“Mn”
means manganese

“Mo”
means molybdenum

“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.

“Pb”
means lead


ppm

means parts per million.


saprolite

is a weathered or decomposed clay-rich rock.

“Sb”
means antimony

“Sn”
means tin


sulphide

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




Te



means tellurium


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.

“W”
means tungsten

“Zn”
means zinc


Assay Results


Assay results reported within this release are those provided by the ALS laboratories in Belo Horizonte, Brazil and Lima, Peru.


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.


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 30 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.


Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release


Attachment


Primary Logo