t
| Date | 7 Apr 2025 |
| Time | 07:00:00 |
| Category | Miscellaneous |
| ID | nsm:1001078529-en.html |
Disseminated via GNW on 7 April 2025
Exploration update at Palito, Coringa and São Domingos
Serabi Gold plc (“Serabi” or the “Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian focused gold mining and development company, is pleased to provide an exploration update from its activities on its Palito Complex, Coringa Mine and São Domingos target in the Tapajós region of Pará State, Northern Brazil. The exploration results presented are related to the field works and the diamond drilling campaign initiated in the last quarter of 2024 (all financial amounts are expressed in U.S. dollars unless otherwise indicated).
Highlights
Mike Hodgson CEO commented: “With strong economic tailwinds and solid gold production growth expected to continue into 2025, Serabi is encouraged by excellent initial exploration results which are setting the Company off on its path to significantly grow resources as Phase II of our growth strategy.
The drilling results from the Senna orebody at the Palito Complex, as well as Jatobá and Galena in Coringa, confirm that we are progressing towards our goal of delineating a consolidated 1.5 to 2.0 million ounces in the coming years.
The results of the drilling at the São Domingos target were very positive. The exploration model shows a vertically oriented high-grade orebody that provides flexibility in the exploitation mining process, significantly increasing the mass and consequently the number of ounces produced. The planning team will evaluate the economics of the model, and we expect to have a reserve drilling and production plan soon.
In addition to the work being carried out on the brownfield targets, the exploration team is continuing interpretation work on the greenfield targets. An abundance of copper/gold targets found during the regional soil and drilling campaigns demonstrate the prospectivity of our property that is still underdeveloped and underexplored. We are in the final phase of maturing our targets to execute the regional exploration program in the oncoming years.”
Figure 1 - Map showing the exploration model for São Domingos target at Palito Complex.
The initial exploration model estimates a potential of 88.5 koz @ 13.83 g/t Au (orebody 1 out of 5 identified – refer to Figure 1 for further details) in a subvertical mineralised zone, which dips gently to the southwest. Readers should note that the potential volumes and grades set out in the table below are conceptual in nature as insufficient exploration has been completed to define a mineral resource and it is uncertain if a mineral resource estimate will be delineated.
To access an image of Figure 1, please use the following link
Source: Serabi Gold
Figure 2 - Map showing the geological map and main targets within the domains generated based on the interpretation of the regional work to date.
To access an image of Figure 2, please use the following link
Source: Serabi Gold
Detailed Results and Technical Discussion
São Domingos
The second phase of São Domingos drilling was completed in the period from November 2024 to February 2025 where 12 diamond drill holes were carried out for a total length of 3,769m. The samples underwent the entire QA/QC procedure and were analysed by an external laboratory. São Domingos is a target located only 12km from the São Chico mine infrastructure, which has all the necessary facilities and greatly facilitates the execution of exploration and exploitation activities. The exploration model was executed internally with the help of a specialised consultancy and follows best market practices.
The modelled zone has a pipe-like shape with a thickness that varies from 20m to 30m and a known dip-length of 155m. The zone is still open at depth and due to its average thickness, which is significantly greater than that found in the Palito bodies, opens the opportunity for a mining method of greater volume.
Highlighted intercepts are presented below:
| HOLE_ID | Obs | From | To | Interval (m) | Gold Grade (Au g / t) |
| 24-SD-016 | 193 | 194.65 | 1.65 | 80.5 | |
| 24-SD-019 |
77.72 | 78.80 | 1.08 | 1.41 | |
| and | 187.90 | 188.65 | 0.75 | 8.64 | |
| 24-SD-021 |
92.75 | 93.25 | 0.50 | 0.97 | |
| and | 109.80 | 110.45 | 0.65 | 7.74 | |
| and | 113.00 | 113.65 | 0.65 | 3.34 | |
| 24-SD-022 | 220.75 | 221.25 | 0.50 | 1.21 | |
| 24-SD-023 |
138.15 | 145.10 | 6.95 | 4.45 | |
| including | 143.20 | 144.55 | 1.35 | 19.97 | |
| 24-SD-024 |
186.45 | 189.70 | 3.25 | 4.03 | |
| including | 186.45 | 187.05 | 0.60 | 16.25 | |
| and | 193.75 | 194.28 | 0.53 | 5.29 | |
| and | 203.70 | 204.25 | 0.55 | 4.14 | |
| and | 207.00 | 207.55 | 0.55 | 1.46 | |
| and | 228.00 | 229.00 | 1.00 | 2.85 | |
| 24-SD-026 |
296.60 | 297.20 | 0.60 | 1.11 | |
| and | 314.00 | 318.30 | 4.30 | 10.77 | |
| including | 316.80 | 318.30 | 1.50 | 30.13 | |
| and | 329.00 | 329.75 | 0.75 | 42.30 |
Source: Serabi Gold
Brownfield Exploration
In early 2025, Serabi began executing its $9 million budget planned for the year. Two diamond drill rigs were deployed to the Palito Complex and two more to the Coringa Mine. Both programmes began in January with 14,000m scheduled for brownfields at Palito Complex and 16,000m at Coringa Mine. The focus of the Palito Complex drilling is to add resources by testing the continuity of the main ore bodies at depth and along the structural trend, test new bodies parallel to the main northwest structure, and test the IP geophysical and geochemical targets generated in 2024 in the west-northwest portion of the Palito Complex. For Coringa, the plan in the first half of the year is to add ounces by testing the extension of the main orebodies and their connections along the main structure. The second half of the year at Coringa is expected to test the targets generated with the IP that will begin Q2-2025 after the rainy season.
Figure 3 - Image showing the location of main Palito orebodies with drilling results above 5g/t Au.
To access an image of Figure 3, please use the following link
Source: Serabi Gold
For Palito, a total of 2,670m has been drilled in 4 holes in the Piaui target and 3 holes in the Senna target, totalling 1,479m and 1,191m, respectively. Initial results available to the Company are encouraging. The Piaui target returned low grades despite the presence of 1-2 meters thickness of hydrothermal alteration with high sulphide content of around 5%-10%. Initial interpretations are the Piaui orebody appears to be a low-grade orebody with high potential to contain supergene resources in its upper oxidized zone.
The Senna orebody has 2 holes in progress (25-SE-002 and 25-SE-003) and one completed (25-SE-001). The results of the first drill hole, 25-SE-001, returned 3.4m @ 6.93 g/t Au from 274m, including 0.6m @ 27.17 g/t Au from 274m and 1.05m @ 6.42 g/t Au from 276m from the Palito Complex lab. These results are encouraging and show the potential for the extension of the Senna orebody to the northwest and consequently for the addition of resources in the area. 25-SE-002 is testing the south continuation of the orebody while 25-SE-003 is an extension of the 25-SE-001 to the north.
Figure 4 - Section showing the 25-SE-001 orebody in red, with the Senna samples on right side.
To access an image of Figure 4, please use the following link
Source: Serabi Gold
For Coringa, the low-grade orebody Valdete was tested with 2 drill holes and 354m and results confirm the potential for a low-grade orebody. Additionally, 1 drill hole with 216m was drilled in Serra, 2 drill holes in Galena-Mãe de Leite trend with a total of 674m and 534m in 3 diamond drill holes in the Jatobá target totalling 1,778m of diamond drilling.
Internal laboratory results are available only for Valdete, JA-003 at Jatobá target, and GA-001 at Galena target drill holes. JA-003 returned 0.5m @ 27.78 g/t Au from 120m while GA-001 returned 0.5m @ 52.07 g/t au from 150m. Jatobá is a body parallel to the Serra body, approximately 400m to the north, which, until now, has not yet been tested with drilling. It has a narrow surface expression, but the third drilling of the campaign brings new perspectives on the potential of this body in depth. The drilling in Serra in its southeast portion returned interesting hydrothermal with the potential to contain economic results but results are still pending.
Figure 5 – Map showing the location of Coringa targets, the drilling and platform status
To access an image of Figure 5, please use the following link
Source: Serabi Gold
The drilling at Coringa continues along the Galena-Mãe de Leite trend and more drilling is scheduled for the Serra target. The results from Jatobá target will be evaluated to determine the next steps. Figure 6 demonstrates the brecciated shape with disseminated sulfides.
Figure 6 – Jatobá Vein
To access an image of Figure 6, please use the following link
Source: Serabi Gold
IP Survey
During 2024, 64,550 linear meters of ground geophysics (IP induced polarization) were surveyed in the Palito region. The IP method is effective in Palito ore bodies as a pathfinder for mineralization due to the presence of sulphides and their association with gold.
The IP survey took place in the west-northwest portion of the Palito mine with the objective of searching for the extension of the Palito ore bodies in this direction.
The results show encouraging chargeability anomalies that were integrated with the surface geochemistry data to determine the best locations for drilling. This drilling is expected in Q2-2025 as soon as the accesses and drill platforms are prepared and the wet season ends, with the bodies closest to the infrastructure to be initially tested. Onça will be the first target from the interpretation made. Onça is interpreted as the Piaui extension and has an anomalous signature in the IP and significant gold soil anomalies on surface.
Figure 7 – Map showing IP chargeability anomaly, gold in soils with Palito drill hole locations with the main orebodies. Onça will be the first IP target to be tested.
To access an image of Figure 7, please use the following link
Source: Serabi Gold
Regional data interpretation
The regional geological framework for the Serabi areas has been interpreted and approximately 70 targets were generated and ranked according to the geochemical results, the level of detail of the geological knowledge, the amount of geological data and location within defined clusters. A work program is being generated and whilst this is outside the current budgeted brownfield programme, we estimate an initial 18-month programme of 30,000m ($10M) would be required as first phase to advance these anomalies into prospects.
Figure 8 – Map depicting the location of the targets interpreted.
To access an image of Figure 8, please use the following link
Source: Serabi Gold
About Serabi Gold plc
Serabi Gold plc is a gold exploration, development and production company focused on the prolific Tapajós region in Pará State, northern Brazil. The Company has consistently produced 30,000 to 40,000 ounces per year with the Palito Complex and is planning to double production in the coming years with the ramp up of the Coringa Mine. Serabi Gold plc recently made a copper-gold porphyry discovery on its extensive exploration licence. The Company is headquartered in the United Kingdom with a secondary office in Toronto, Ontario, Canada.
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 Andrew Khov, Vice President, Investor Relations & Business Development.
Enquiries
SERABI GOLD plc
Michael Hodgson t +44 (0)20 7246 6830
Chief Executive m +44 (0)7799 473621
Andrew Khov m +1 647 885 4874
Vice President, Investor Relations &
Business Development
e [email protected]
BEAUMONT CORNISH Limited
Nominated Adviser & Financial Adviser
Roland Cornish / Michael Cornish t +44 (0)20 7628 3396
PEEL HUNT LLP
Joint UK Broker
Ross Allister 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 - Europe
Gordon Poole / Emily Hall t +44 (0)20 3757 4980
HARBOR ACCESS
Financial PR – North America
Jonathan Patterson / Lisa Micali t +1 475 477 9404
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:
| “actinolite” | amphibole silicate mineral commonly found in metamorphic rocks, including those surrounding cooled intrusive igneous rocks |
| “Ag” | means silver. |
| “alkalic porphyry” | A class of copper-porphyry mineral deposits characterised by disseminated mineralisation within and immediately adjacent to silica-saturated to silica-undersaturated alkalic intrusive centres and being copper/gold/molybdenum-rich. |
| “albite” | is a plagioclase feldspar mineral |
| “aplite” | An intrusive igneous rock in which the mineral composition is the same as granite, but in which the grains are much finer |
| “argillic alteration” | is hydrothermal alteration of wall rock which introduces clay minerals including kaolinite, smectite and illite |
| “AISC” | means All-In Sustaining Cost – a non IFRS performance measurement established by the World Gold Council |
| “ANM” | means the Agencia Nacional de Mineral. |
| “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. |
| “biotite” | A phyllosilicate mineral composed of a silicate of iron, magnesium, potassium, and aluminum found in crystalline rocks and as an alteration mineral. |
| “breccia” | a rock composed of large angular broken fragments of minerals or rocks cemented together by a fine-grained matrix |
| “brecciation” | Describes the process where large angular broken fragments of minerals or rocks become cemented together by a fine-grained matrix. |
| “CIM” | means the Canadian Institute of Mining, Metallurgy and Petroleum. |
| “CIP” or “Carbon in Pulp” | means a process used in gold extraction by addition of cyanide. |
| “chalcopyrite” | is a sulphide of copper and iron. |
| “copper porphyry” | copper ore body formed from hydrothermal fluids. These fluids will be predated by or associated with are vertical dykes of porphry intrusive rocks |
| “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 matrix |
| “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 orebody 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. |
| “epidote” | is a calcium aluminium iron sorosilicate mineral |
| “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. |
| “gold equivalent” | refers to quantities of materials other than gold stated in units of gold by reference to relative product values at prevailing market prices. |
| “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 like granite. |
| “hectare” or a “ha” | is a unit of measurement equal to 10,000 square metres. |
| “hematite” | is a common iron oxide compound |
| “igneous” | is a rock that has solidified from molten material or magma. |
| “indicated mineral resource” | is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough for geological and grade continuity to be reasonably assumed. |
| “inferred mineral resource” | is that part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. |
| “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. |
| “lithocap” | Lithocaps are subsurface, broadly stratabound alteration domains that are laterally and vertically extensive. They form when acidic magmatic-hydrothermal fluids react with wallrocks during ascent towards the paleosurface. |
| “measured mineral resource” | is that part of a mineral resource for which quantity, grade or quality, densities, shape, and physical characteristics are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical and economic parameters, to support production planning and evaluation of the economic viability of the deposit. The estimate is based on detailed and reliable exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes that are spaced closely enough to confirm both geological and grade continuity. |
| “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. |
| “mineral reserve” | is the economically mineable part of a measured or indicated mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A mineral reserve includes diluting materials and allowances for losses that may occur when the material is mined. |
| “mineral resource” | is a concentration or occurrence of diamonds, natural solid inorganic material or natural fossilised organic material including base and precious metals, coal, and industrial minerals in or on the Earth’s crust in such form and quantity and of such a grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a mineral resource are known, estimated or interpreted from specific geological evidence and knowledge. |
| “Mo-Bi-As-Te-W-Sn” | Molybdenum-Bismuth-Arsenic-Tellurium-Tungsten-Tin |
| “magnetite” | Magnetic mineral composed of iron oxide found in intrusive rocks and as an alteration mineral. |
| “monzodiorite” | Is an intrusive rock formed by slow cooling of underground magma. |
| “monzogranite” | a biotite rich granite, often part of the later-stage emplacement of a larger granite body. |
| “mt” | means million tonnes. |
| “NI 43-101” | means Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects. |
| “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. |
| “paragenesis” | Is a term used to describe the sequence on relative phases of origination of igneous and metamorphic rocks and the deposition of ore minerals and rock alteration. |
| “phyllic alteration” | is a hydrothermal alteration zone in a permeable rock that has been affected by circulation of hydrothermal fluids |
| “porphry” | any of various granites or igneous rocks with coarse grained crystals |
| “ppm” | means parts per million. |
| “proterozoic” | means the geological eon (period) 2.5 billion years ago to 541 million years ago |
| “pyrite” | an iron sulphide mineral |
| “quartz-alunite ± kaolinite” | Alunite is a hydroxylated aluminium potassium sulfate mineral. It presence is typical in areas of advanced argillic alteration and usually accompanied by the presence of quartz (a crystalline silica mineral) and sometimes kaolinite.(a clay mineral). |
| “saprolite” | is a weathered or decomposed clay-rich rock. |
| “scapolites” | are a group of rock-forming silicate minerals composed of aluminium, calcium, and sodium silicate with chlorine, carbonate and sulfate |
| “sulphide” | refers to minerals consisting of a chemical combination of sulphur with a metal. |
| “tailings” | are the residual waste material that it is produced by the processing of mineralised rock. |
| “tpd” | means tonnes per day. |
| “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. |
| “vuggy” | a geological feature characterised by irregular cavities or holes within a rock or mineral, often formed by the dissolution or removal of minerals leaving behind empty spaces |
Assay Results
Assay results reported within this release include those provided by the Company's own on-site laboratory facilities at Palito and have not yet 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 recognized standard, the independent authors of such a statement would not use Palito assay results without sufficient duplicates from an appropriately certificated laboratory.
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. Several 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.
Notice
Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release
