Operational & Corporate Update
Operational & Corporate Update
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 operational update on its activities in the Tapajós region of
Para State, Northern Brazil. (All financial amounts are
expressed in U.S. dollars unless otherwise indicated).
To access a PDF copy of this news release
including images please use the following link -
https://bit.ly/47pnbuX
HIGHLIGHTS
-
Construction of the classification plant at Coringa remains on
schedule and on budget. The crushing plant is expected to be
operational by the end of September, with the ore sorter scheduled
for commissioning in October.
- The updated
independent Preliminary Economic Assessment (PEA) covering the
Coringa project, being undertaken by NCL Ingeniería y Construcción
SpA of Santiago, Chile (“NCL”) is progressing well and the
Company continues to expect the release of results in
Q3-2024E.
- Encouraging
first results from a 3,500m exploration surface drill programme
targeting the southerly step-out and step-down extension beyond the
mine workings of the G3 vein at Palito. Highlight intersections
include:
- PDD0622
– 1.45m @ 43.72 g/t Au from 526m drilled depth
- PDD0625
– 1.00m @ 9.16 g/t Au from 169.7m drilled depth
- The Company
remains on track to achieve F2024 production guidance of 38,000 –
40,000 ounces.
- Cash balance of
$16 million as at August 31, 2024, representing an increase of $4.4
million for the year to date (net of capital expenditures).
- Serabi
Management will attend the Precious Metals Summit at Beaver Creek
as well as the OTC Markets Metals & Mining Virtual Investor
Conference and the Mining 121 Conferences in Singapore and
Dubai.
Mike Hodgson, CEO of Serabi,
commented:
“After a very satisfactory first half of the
year, we are enjoying another strong quarter as reflected by our
growing cash position, and projected activity for September should
ensure another successful quarter. We are making good
progress with the installation of the classification plant at
Coringa which will positively contribute to the fourth quarter of
this year. We plan to have the crusher commissioned by the end of
September which will allow us to commence crushing 50,000 tonnes of
low-grade ore that has been stockpiled to be passed through the ore
sorter, which remains on track for commissioning by the
manufacturer, COMEX, in October.
The ore sorter is rated at over 45 tonnes
per hour, so it will be able to accept all the run of mine (ROM)
ore coming from the Coringa mine as well as treat a substantial
part of the low-grade stock accumulated at the site over the past 2
years. For this reason, we are hopeful for a record Q4 production
from Coringa.
At Palito, we commenced brownfield exploration in June,
focussing on deep step-down and step-out drilling of the G3 vein
south of the mine workings. We have drilled 6 holes to date, with
results for 4, two of which (PDD0622 and PDD0625) have recorded
excellent intersections. Drilling will continue until October,
nevertheless this news has been sufficiently encouraging for us to
continue with the Palito main ramp at level -50m, which will
advance towards this exciting new area defined from this
drilling.”
Coringa Update
Construction of the classification plant
(crusher and ore sorter) at Coringa remains on schedule and on
budget. The ore sorter for Coringa has now been delivered to site
and the ground works required for installing the crushing plant and
the related infrastructure for the ore sorter are progressing well
with the intention that the plant can be operational during the
fourth quarter of this year, processing some of the lower grade
material that has been stockpiled at Coringa and boosting gold
production in that last three-month period.
Figure 1: Primary, secondary and tertiary crushers
in place at Coringa with conveyors being
installed
To access an image of the crushers
please use the following link -
https://bit.ly/4cURpHh
Figure 2: Ore sorter at Coringa awaiting
commissioning
To access an image of the ore
sorter please use the following link -
https://bit.ly/3ZetWO5
The updated independent PEA covering the Coringa
project, being undertaken by NCL is progressing well and the
company anticipates the release of the results later this month.
The PEA will formally document the Company’s plans to
pre-concentrate mined ore at the Coringa project using the
classification plant currently under construction and trucking the
preconcentrated product to the Palito Complex, 200km to the north
on a paved federal highway. The NI 43-101 compliant technical
report will incorporate a revised geological resource and economic
study including projected operating costs considering the planned
use of the classification plant and processing at Palito
Complex.
Palito Exploration Update
Encouraging first results from a 3,500m
exploration surface drill programme targeting the southerly
step-out and step-down extension beyond the mine workings of the G3
vein at Palito. Results are tabulated below:
|
Hole ID |
East |
North |
Final Depth |
From |
To |
Intercept |
Including |
|
PDD0622 |
634424 |
9301229 |
615.44 |
526.00 |
529.15 |
3.15m@20.47g/t |
1.45m@43.72g/t from 526.70m |
|
PDD0622 |
634424 |
9301229 |
615.44 |
595.55 |
596.55 |
1.00m@4.28g/t |
|
|
PDD0623 |
634290 |
9301341 |
548.55 |
515.40 |
516.85 |
1.45m@5.24g/t |
|
|
PDD0625 |
634707 |
9300946 |
521.52 |
168.80 |
171.5 |
2.7m@4.32g/t |
1.00m@9.16g/t from 169.7m |
This drill programme is targeting a previously
untested part of the G3 orebody. The lowest level on G3 is -50m.
The block being drilled is located a further 50m below that last
level, from elevation -100m to -300m. The block also lies 100m to
the south of the -50m level, and a strike length of 400m is being
tested. It is therefore a significant sized target to test, but
also close to mine infrastructure for access.
Corporate & Financial
Update
The Company’s cash balance at the end of August
2024 was $16.0 million, in comparison to the cash balance at the
end of December 2023 of $11.6 million, representing an increase of
$4.4 million for the year to date. The Company had a net cash
balance at the end of August 2024 (after interest bearing loans and
lease liabilities) of $9.9m (31 December 2023: net cash $5.0
million). As capital expenditures for the classification plant have
been largely spent and underground development at Coringa has been
accelerated, the Company expects the cash balance to continue to
grow.
With 18,010 ounces produced in H1-2024, the
Company is positioned to meet FY2024 guidance of consolidated gold
production of 38,000 – 40,000 ounces.
2024 Precious Metals Summit Beaver Creek
Conference, September 10-13, 2024
The Company is pleased to announce it will be
attending the 2024 Precious Metals Summit (“Beaver Creek”) in
Beaver Creek, Colorado being held September 10-13, 2024. Serabi
Gold’s CEO Mike Hodgson will be presenting on Wednesday, September
11th, at 3:45PM, Room 1.
The Precious Metals Summit Beaver Creek is the
world’s premier independent investment conference focused on
explorers, developers and emerging producers of gold, silver and
platinum group metals.
This by-invitation-only event will bring
together institutional investors, sell-side representatives and
corporate executives from senior precious metals companies with
management teams of close to 200 carefully selected, highly
prospective issuers representing the world’s mining and mineral
exploration sectors.
Upcoming Conference &
Events
In addition to Beaver Creek, the Company is
expected to be in attendance at the following conferences in
2024:
- 121 Mining
& Energy Investment Conference, Singapore (September 23-24,
2024)
- OTC Markets
Metals & Mining Virtual Investor Conference (October 1-3,
2024)
- Site Tour at
Palito Complex & Coringa (October 7-11, 2024)
- 2024 Precious
Metals Summit, Zurich (November 11-12, 2024)
- 121 Mining
Investment Conference, Dubai (November 19-20, 2024)
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
Clive
Line t
+44 (0)20 7246 6830
Finance
Director m
+44 (0)7710 151692
Andrew Khov
m
+1 647 885 4874
Vice President, Investor Relations &
Business Development
e
contact@serabigold.com
www.serabigold.com
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
Serabi Gold (LSE:SRB)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Serabi Gold (LSE:SRB)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024
