SERABI MINING plc
("Serabi" or "the
Company")
DRILLING UPDATE - HIGH GRADE GOLD INTERSECTED AT CURRUTELA
Serabi
Mining plc (AIM:SRB, TSX:SBI and SBI.WT), the Brazilian focused gold
exploration Company, is pleased to announce further results from its ongoing
Phase 1 discovery drilling campaign at its 100% owned Jardim
do Ouro project in the Tapajos region. These
results covering a total of 7 further drill holes include the first 3 holes
into the Currutela target area, as well as completion
of the Piaui target (as set out in the announcement
dated 7 April 2011) and Panhandle targets.
Drilling has
commenced at the Currutela target area, with assay
results now received for three of the holes completed to date on this target.
Drilling has intersected multiple zones of hydrothermally altered granite.
These alteration zones appear to be very similar to those hosting
mineralization at the Palito deposit which lies along
strike some two kilometres to the northwest of the Currutela target.
A number of
promising assays have been returned to date including:
Prospect
|
Hole
|
East
|
North
|
RL
|
Hole Depth
|
Dip/Azm
|
From
|
To
|
Width
|
Au
|
|
|
(UTM)
|
(UTM)
|
(UTM)
|
(m)
|
|
(m)
|
(m)
|
(m)
|
g/t
|
Currutela
|
PDD0464
|
635621.41
|
9300232.70
|
235.18
|
251
|
-59/208
|
65.41
|
66.86
|
1.45
|
0.40
|
|
|
|
|
|
|
|
184.66
|
185.42
|
0.76
|
5.30
|
|
|
|
|
|
|
|
226.35
|
227.21
|
0.86
|
0.74
|
Currutela
|
PDD0465
|
635799.24
|
9300176.26
|
216.43
|
300
|
-48/024
|
208.54
|
210.68
|
2.14
|
12.92
|
|
|
|
|
|
|
including
|
208.54
|
209.54
|
1.00
|
25.60
|
Currutela
|
PDD0466
|
635853.56
|
9300262.83
|
253.26
|
275.1
|
-50/030
|
182.99
|
183.58
|
0.59
|
1.35
|
|
|
|
|
|
|
|
|
|
|
|
Note: Assay 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. All assays were completed by EcoTech Laboratory using a 30gm Fire Assay charge with an
AAS analysis.
The Company is
also pleased to report it has also increased drilling capacity with a second
contracted drill rig now operational at site. This increase will
accelerate the current 8,100m target testing drilling programme
on the 9 integrated geophysical/geological targets derived from the 2008
airborne VTEM survey and 2010 ground geophysical surveys. The Phase 1
discovery drilling programme is scheduled to complete
before the end of Q3 2011.
Mike Hodgson,
Chief Executive, commented:
"We have
eagerly awaited the drill assay results of the Currutela
target, as its geophysical and geochemical characteristics rank it as a very
prospective area.. We are therefore very pleased
to see all of the first three holes record successful intersections.
Thirteen holes in total are planned at Currutela,
testing a series of anomalies, hence it is too early to consider structural and
grade continuity within these first three holes. Nevertheless the geological
nature of the intersections appears much the same as the Palito
Resource, where mineralization has already been established over 1km. We
are therefore looking forward to the results from the remainder of the Currutela drill programme.
We are also delighted to have secured a second rig to accelerate drilling. With
current demand for drilling contractors given the levels of exploration
activity it is an excellent achievement. We remain committed to
completing the Phase 1 discovery drilling during Q3".
Assays have
been completed in respect of the final two holes at the Piaui
target, and the Phase 1 drilling here has now been completed. The two drill
holes tested the eastern strike extension of the anomaly (PDD0460 &
PDD0461), and intersected the same mylonitic,
hydrothermally altered zone within granodiorite,
which hosted gold mineralization in the previous five holes including 1.93 metres at 22.86g/t and 2.5 metres
at 6.22 g/t (as set out in the announcement dated 7 April 2011), demonstrating
the continuation of the host structure. However no significant assays were
reported from drill holes PDD0460 & PDD0461.
The host
structure has been intersected continuously along 450m of strike at the Piaui target, and remains open to the east and west.
Further trenching is programmed along these open strike extensions, where
coincident surface geochemistry indicates the structure is mineralized. In
addition a follow-up infill drilling programme,
targeted on the shallower portion of this mineralized structure is anticipated
to commence once the initial Phase 1 discovery drilling of the remaining
untested targets is completed.
A two hole drill programme was also
undertaken into the Pan Handle anomalous geophysical/geochemical target
(PDD0462 & PDD0463). No causative source for the anomaly was intersected
and no significant assays were returned.
The following
table sets out summary data for the Piaui and Pan
Handle drilling described above
Prospect
|
Hole
|
East
|
North
|
RL
|
Hole Depth
|
Dip/Azm
|
From
|
To
|
Width
|
Au
|
|
|
(UTM)
|
(UTM)
|
(UTM)
|
(m)
|
|
(m)
|
(m)
|
(m)
|
g/t
|
Piaui
|
PDD0460
|
633201.28
|
9300357.36
|
216.61
|
250.5
|
-52/028
|
No significant assays
|
Piaui
|
PDD0461
|
633322.01
|
9300302.85
|
219.86
|
300
|
-66/022
|
No significant assays
|
Pan
Handle
|
PDD0462
|
633399.28
|
9300867.07
|
299.08
|
126
|
-60/213
|
No significant assays
|
Pan
Handle
|
PDD0463
|
633559.75
|
9300750.30
|
272.21
|
201
|
-0.28
|
No significant assays
|
Enquiries:
Serabi
Mining plc
|
|
Michael
Hodgson
|
Tel:
020 7246 6830
|
Chief
Executive
|
Mobile:
07799 473621
|
|
|
Clive Line
|
Tel:
020 7246 6830
|
Finance
Director
|
Mobile:
07710 151692
|
|
|
Email:
contact@serabimining.com
|
|
Website:
www.serabimining.com
|
|
|
|
Beaumont
Cornish Limited
Nominated
Adviser
|
|
Roland
Cornish
|
Tel:
020 7628 3396
|
Michael
Cornish
|
Tel:
020 7628 3396
|
|
|
Hybridan
LLP
UK
Broker
|
|
Claire
Noyce
|
Tel: 020 7947 4350
|
|
|
Farm Street
Communications
Public
Relations
|
|
Simon
Robinson
|
Tel:
07593 340107
|
|
|
Fig House
Communications
Investor
Relations
|
|
Rebecca
Greco
|
Tel:
+ 1 416 822 6483
|
Copies of this release are available from the
Company's website at www.serabimining.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,
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.
Quality
Assurance and Quality Control Procedures Disclosure
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
Neither
the Toronto Stock Exchange, nor any other securities regulatory authority, has
approved or disapproved of the contents of this news release.
ENDS