Piaui Strike Length
could now extend to 1,400 metres
Additional drilling planned at Piaui and Currutela Prospects
Serabi Mining plc (AIM:SRB, TSX:SBI and SBI.WT),
the Brazilian focused gold exploration Company, is pleased to provide an update
on both the Piaui and Currutela
Prospect exploration activities.
A
recently completed geophysical Induced
Polarization (IP) survey has indicated the possibility that the recent Piaui discovery, which was initially estimated to have a
300 metre strike length could now extend to a strike length of over 1,400
metres. The same IP survey between the Curretela
prospect and the recent Espeto discovery indicates
strong geophysical anomalism between the two, a strike length of some
900m.
Mike Hodgson,
Chief Executive, commented:
"We
are very pleased by these results. The Piaui drilling
to date has rewarded us with some excellent intersections over the initial
target strike length of 300 metres, so the potential
to extend and test this zone over 1,400 metres is
highly encouraging.
In
addition, the obvious potential to explore the 3.5km strike length upon which
the Palito Main Zone (PMZ), Espeto and
Currutela prospects lies is clearly an exciting
proposition. We now have further indications from preliminary IP data
that the mineralised potential extends a further 500 metres east of Currutela, potentially making this fertile mineralised
structure over 4.0km in length and remaining open along strike".
Piaui
The
IP survey was carried out to the east of the Piaui
Prospect and delineated a 200 metre long chargeable anomaly, 400 metres along
strike from the original 2010 Piaui chargeable
anomaly. Initial discovery drilling of this anomaly in March 2011
returned significant intercepts including 1.93 metres @ 22.86g/t Au, 2.5 metres
@ 6.22g/t Au, 9.1 metres @ 2.24g/t au, 10.7 metres @ 1.17g/t Au and 4.5 metres
@ 2.75g/tAu (as detailed in the Company's news
release of 7 April 2011).
This
new target has the potential to extend the strike length of the Piaui target by at least a further 1,100 metres. The
newly defined IP target is also coincident with a 300ppb soil geochemistry
anomaly and a high priority electromagnetic (EM) anomaly derived from Serabi's 2008 Airborne Geophysical VTEM survey.
The
Company also completed a trench located 250 metres (TC056) to the west of the Piaui mineralisation, which subject to external assaying
has intersected anomalous gold bearing laterite material. Follow-up soil auger
geochemical sampling is planned around the trench area to ascertain the extent
of this geochemical anomalism in the coming months.
The
strike length of the potential mineralisation along the Piaui
trend from trench TC056 to the eastern extent of the recent IP anomaly
indicates a possible mineralised trend of 1,400 metres.
As
a direct result of this newly acquired geophysical and geochemical data, Serabi have extended their current 8,100 metres discovery
drill programme adding a further 2,000 metres of drilling with much of this
initially focussed on the Piaui mineralised target.
On 12 September 2011, a program of 1,700 metres of shallow infill and extension
drilling will commence at Piaui to test the central
300 metres strike of the prospect. A further 500 metres of drilling will
also target the new coincident anomaly area along strike to the east.
Currutela-Espeto-Palito
Serabi is also in
the process of continuing an ongoing IP survey between the recently
drilled Espeto prospect which returned a drill result
of 17.06 metres @ 1.17g/t Au (as detailed in the Company's news release dated
15 July 2011) and the Currutela prospect which has
returned drill results including 2.14 metres @ 12.92g/t Au, 0.76 metres @
5.30g/t Au, 1.20 metres @ 6.39g/t Au & 1.03 metres @ 5.10g/t Au (as
detailed in the Company's news releases of 13 June 2011 & 11 July
2011).
Results
to date demonstrate that a continuous chargeable zone exists between the two
prospects, having a strike length of some 900 metres. More significantly, the structural modelling supported by
drill intercepts, airborne magnetic surveying and this recent induced
polarization data suggest the Palito Main Zone (PMZ), Espeto and Currutela prospects
can be interpreted as the same structural mineralised zone, which has a strike
length of over 3.5 kms when measured from the most
westerly end of the Palito mineralisation to Currutela in the east. Once the IP programme is complete,
the results will be used to assist the optimisation of a follow up drill
programme.
The
plan that can be accessed using the link below illustrates the original Piaui IP anomaly, along with the latest IP survey extended
to the south east.
Enquiries:
Serabi
Mining plc
|
|
Michael
Hodgson
|
Tel:
+44 (0)20 7246 6830
|
Chief
Executive
|
Mobile:
+44 (0)7799 473621
|
|
|
Clive Line
|
Tel:
+44 (0)20 7246 6830
|
Finance
Director
|
Mobile:
+44 (0)7710 151692
|
|
|
Email:
contact@serabimining.com
|
|
Website:
www.serabimining.com
|
|
|
|
Beaumont
Cornish Limited
Nominated
Adviser
|
|
Roland
Cornish
|
Tel:
+44 (0)20 7628 3396
|
Michael
Cornish
|
Tel:
+44 (0)20 7628 3396
|
|
|
Fox Davies
Capital Ltd
UK
Broker
|
|
Simon
Leathers
|
Tel: +44 (0)20 3463 5010
|
Jonathan
Evans
|
Tel: +44 (0)20 3463 5010
|
|
|
Farm Street
Communications
Public
Relations
|
|
Simon
Robinson
|
Tel:
+44 (0)7593 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