PRESS RELEASE 24 JANUARY 2012
SERABI GOLD plc ("Serabi" or "the Company")
High Grade Intersections from Palito Extension Drilling Confirmed
Serabi Gold plc (AIM:SRB, TSX:SBI and SBI.WT), the Brazilian focused gold exploration Company is pleased to announce final independent laboratory analytical results from shallow extension drilling on the south-eastern strike extension of the Palito deposit which confirm the previously announced preliminary high grade gold and copper results.
The shallow extension program was completed for a total of 8 holes and 937m (PDD0519-PDD0526) in October 2011. The Company announced preliminary assays on 24 November 2011 and the final 30gram fire assay results have now been received from the ALS Minerals laboratory in Vancouver.
Mike Hodgson, Chief Executive, commented:"As I mentioned in our initial release of 24 November 2011, these high grade results continue to demonstrate the prospectivity that exists along strike from Palito and south into the Espeto and Currutela prospects with high grade drill intersections having been reported. We are increasingly confident that the existing Palito gold resource will extend towards the Espeto prospect located some 800 metres to the south east, and beyond to Curretela a further 900 metres along strike. These results also appear to demonstrate the high grade pay shoots that typify the Palito resource. Having developed an understanding of the cyclicity of these high grade shoots in the mine, we can now tailor our follow up
exploration accordingly to effectively define these potential pay shoots. The confirmation of preliminary results re-enforces the value of the Palito laboratory facility in providing reliable and rapid turnaround in results and enabling the flexibility to rapidly direct exploration to the most prospective areas in the Company's projects and maintain the agility to garner the most from new exploration information generated."
Significant assay results confirmed by ALS and saprolite intersections are tabled below;
Hole | East (UTM) | North (UTM) | RL (UTM) | Depth (m) | Dip/Azm | From (m) | To (m) | Width (m) | Palito Au g/t | Palito Cu % | ALS Au g/t | ALS Cu % |
PDD0519 634410 9300977 204 126.30 -64/211 4.80 5.65 0.85 0.54 0.00 -(2) -(2) | ||||||||||||
96.39 | 97.11 | 0.72 | 9.26 | 0.40 | 8.91(3) | 0.76 | ||||||
PDD0520 634367 9300979 209 124.85 -69/211 No significant Assays | ||||||||||||
PDD0521 | 634367 | 9300980 | 209 | 75.10 | -58/208 | 0.80 | 1.43 | 0.63 | 0.88 | 0.00 | -(2) | -(2) |
11.90 | 12.87 | 0.97 | 0.90 | 0.00 | -(2) | -(2) | ||||||
PDD0522 | 634300 | 9301054 | 224 | 150.10 | -64/210 | 100.25 | 100.75 | 0.50 | 0.75 | 0.00 | 0.87 | 0.00 |
104.86 | 105.76 | 0.90 | 20.60 | 3.56 | 21.60 | 4.63 | ||||||
PDD0523 634270 9301072 223 105.30 -49/210 8.90 9.90 1.00 0.71 0.00 -(2) -(2) | ||||||||||||
71.21 | 72.57 | 1.36 | 48.07 | 2.64 | 43.24 | 2.92 | ||||||
including | 72.00 | 72.57 | 0.57 | 103.94 | 6.04 | 90.90 | 6.51 |
PDD0524 634270 9301073 223 150.00 -68/211 No significant Assays
PDD0525 634339 9300992 215 84.80 -48/225 0.00 0.60 0.60 0.84 0.00 -(2) -(2)37.94 | 38.57 | 0.63 | 0.98 | 0.03 | 1.515 | 0.01 | ||||||
72.45 | 73.45 | 1 | 1.18 | 0 | 1.02 | 0.00 | ||||||
76.26 | 77.26 | 1 | 2.29 | 0.01 | 2.18 | 0.01 | ||||||
PDD0526 | 634339 | 9301001 | 215 | 120.50 | -69/211 | 66.15 | 68.01 | 1.86 | 4.3 | 0.09 | 5.22 | 0.15 |
including | 66.15 | 66.96 | 0.81 | 6.89 | 0.13 | 8.79 | 0.26 |
(2) This sample was recovered from weathered near surface (saprolite) material. Saprolite samples are not submitted for independent analysis. (3) fire assay with AAS finish returned an analysis of >10g/t, however final analysis determination via gravimetric finish reported a grade <10g/t.
The preliminary results reported by the Palito laboratory using aqua regia analysis are in line with expectations of the potential variations that could be expected from using this method. On average Au assays reported of greater than 0.5g/t Au were within 10% of the fire assay results received from ALS Chemex laboratory and on average a 8% upgrade was achieved with the fire assay technique for the assay results tabled above. Copper grades reported by ALS were subject to a 30% upgrade compared with the Palito laboratory results where preliminary grades exceed 0.1%.
SERABI GOLD PLC2nd Floor, 30-32 Ludgate Hill, London EC4M 7DR This document is not intended to and does t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 e contact@serabimining.com www.serabigold.com not amount to an invitation or inducement to Registered Office 66 Lincoln's Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
PRESS RELEASE 24 JANUARY 2012
SERABI GOLD plc ("Serabi" or "the Company")
Enquiries
SERABI GOLD plc
Michael Hodgson t +44 (0)20 7246 6830Chief Executive m +44 (0)7799 473621
Clive Line t +44 (0)20 7246 6830Finance Director m +44 (0)7710 151692
e contact@serabigold.com www.serabigold.com
BEAUMONT CORNISH Limited
Nominated AdviserRoland Cornish t +44 (0)20 7628 3396
Michael Cornish t +44 (0)20 7628 3396
FOX DAVIES CAPITAL Ltd
UK BrokerSimon Leathers t +44 (0)20 3463 5010
Jonathan Evans t +44 (0)20 3463 5010
Copies of this release are available from the Company's website at www.serabigold.com
Forward-looking statementsThis 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.
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
The assay results reported in the table within this release
include those provided by the Company's own on-site
laboratory facilities. Serabi closely monitors the
performance of its own facility against results from
independent laboratory analysis for quality control purposes
In 2008 NCL (Brasil) Ltda, the author of the Company's
independent technical reports produced in compliance with
Canadian National Instrument 43-101 reviewed and compared
over 1,000 sample results of the Palito laboratory against
results obtained by an independent laboratory using fire
assay. They noted that when discarding from the
sample population all results of less than 0.7g/t "the
repeatability improves significantly reaching the generally
accepted limits of variance (90% of the samples with
HARD<20%)".Further details are set out in their report NI
43.101 TECHNICAL REPORT
FOR THE JARDIM DO OURO PROJECT, PARA STATE, BRAZIL dated
December 9,
2010 and available on the Company's website.
During 2011 the Company has continued to monitor the
performance of its own laboratory against results reported by
the Company's independent laboratory and have concluded that
by eliminating from its sample population all results of less
than 0.3 g/t there remains good correlation and for higher
grade gold values the tendency is for the Company's own
results to be under-reported due to the improved gold
recovery that can be obtained using fire assay methods.
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 would 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.
ENDS
SERABI GOLD PLC2nd Floor, 30-32 Ludgate Hill, London EC4M 7DR This document is not intended to and does t +44 (0)20 7246 6830 f +44 (0)20 7246 6831 e contact@serabimining.com www.serabigold.com not amount to an invitation or inducement to Registered Office 66 Lincoln's Inn Fields, London, WC2A 3LH Company Number 5131528 subscribe for shares in Serabi Gold plc
distribué par | Ce noodl a été diffusé par Serabi Gold plc et initialement mise en ligne sur le site http://www.serabigold.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-24 10:57:39 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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