AGM Statement
Serabi Gold plc (AIM:SRB, TSX:SBI), the
Brazilian-focused gold mining and development company, advises that
at 2:00 pm today (UK time), it will be holding its Annual General
Meeting.
The following is the text of the
statement that will be made by Mr. Mike Hodgson, the Chief
Executive of the Company.
Highlights of the statement
are:
- The Company
remains on target to achieve production guidance for 2024.
- Activity
accelerated at Coringa as production ramp up continues.
- New Preliminary
Economic Assessment (“PEA”) of Coringa being produced, reflecting
the current operating plan and lower upfront capital costs for the
project.
- The ore sorter
for Coringa is now on site and the civil works for this and the
crushing plant are advancing well.
- Two surface
exploration rigs operating with focus on the headframe exploration
around the current Palito deposit and proving the potential of the
Sao Domingos prospect
Text of statement
“Good afternoon and thank you for attending our
Annual General Meeting.
“I am pleased to report that production for the
year to date continues to be encouraging and we remain on target to
achieve production guidance for 2024.
“The Coringa Gold Operation continues to perform
very well. Following the renewal of the GU underground trial mining
licence for a further three year period in January of this year, we
have accelerated activity at the mine, with an increased rate of
mine development and additional mine crews to execute the mine
development. This is all with the objective of ramping up Coringa
to commercial production, as we continue to execute on our organic
growth plans.
“At the same time, we are undertaking an
underground drilling programme targeting the depth extension of the
known mineralisation at Coringa, which is expected to increase the
mineral resource and the mine life. The results of this drill
programme are being collated and shared with the independent
geological consultancy NCL, who are preparing a new NI 43-101
Technical Report. We anticipate this report will be issued during
Q3, and will be shortly followed by a new Preliminary Economic
Assessment (“PEA”) of Coringa. This PEA will document the revised
business plan we have for Coringa, where only crushing and ore
sorting will be undertaken at site, and a ‘pre-concentrated ore’
will be trucked from Coringa to Palito for processing. The new PEA
will allow us to provide investors with an independent view of the
economic benefits of this revised business plan and the
significantly lower up front capital investment.
“At Palito, the operation has continued
according to plan, but we have had to process lower grades than
forecast as we have been forced to ‘bulk mine’ a geologically
complex area, and this has brought greater dilution than planned.
But with new areas being developed, we anticipate grades improving
as we return to exclusively selective mining.
“The ore sorter for Coringa is now on site and
the civil works for this and the crushing plant are advancing well.
Our plan remains to have the ore sorter operational for the fourth
quarter but we expect that we can complete the crushing plant
earlier, crush some of the lower grade ore, and establish a
stockpile ready to feed the ore sorter as soon as it is ready for
operation. The ore sorter itself is fully containerised and
identical to the equipment at Palito. It has already been
operationally tested and initially calibrated at the factory.
Therefore, we anticipate a low-risk commissioning period.
“Whilst we are still working through the process
of receiving the Installation Licence, we are also pursuing a
doubling of the capacity of the current GU trial mining licence in
parallel. Based on the test results, an increased limit of 100,000
tonne per annum of transported ore could be equivalent to
approximately 200,000 tonnes of ore extracted from the mine, which
is more than adequate to allow us to realise our 2025 production
plans from a mining license perspective.
“The indigenous impact study (“the ECI”) was
completed and a copy protocoled with FUNAI, the government agency
for the indigenous communities. We are waiting on their feedback,
and in time, their approval of the study, including the mitigation
and community plans that we have proposed to adopt. As we expected,
the ECI concluded that the project is expected to have only minimal
impacts on the indigenous communities whose villages are located
further to the east of the BR163 highway than the project itself.
As a result, traffic to and from the mine does not need to pass
through or even come close to these communities.
“With the rainy season now over, we are stepping
up our exploration activity with two surface rigs now operating at
Palito and the surrounding area. Our key focus for a 2024 drilling
campaign is on the headframe exploration around the current Palito
deposit and doing more work to prove up the potential of the Sao
Domingos prospect on the south western part of our exploration
tenements.
“I remain very optimistic for the rest of 2024
and beyond. Coringa is shaping up to be an excellent, low risk
project, and I think that there is significant potential for
further resource growth along the eight kilometre garimpo trend as
well as discovering additional parallel vein structures to add
considerable mine life at Coringa. As we have seen at Palito, where
there is similar growth potential, I anticipate this will be a long
life asset and with systematic exploration, we will continue to be
able to replenish and grow the resource base for both projects,
Both Palito and Coringa, in my opinion, have the potential to host
over one million ounce gold deposits and over the next couple of
years, I hope we can achieve this.”
The person who arranged for the release of this
announcement on behalf of the Company was Clive Line, Director.
Enquiries
SERABI GOLD plcMichael
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
Andrew Khov
m
+1 647 885 4874Vice President, Investor Relations & Business
Development e
contact@serabigold.com
www.serabigold.com
BEAUMONT CORNISH LimitedNominated
Adviser & Financial AdviserRoland Cornish / Michael
Cornish t
+44 (0)20 7628 3396
PEEL HUNT LLPJoint UK
BrokerRoss
Allister t
+44 (0)20 7418 9000
TAMESIS PARTNERS LLPJoint UK
BrokerCharlie Bendon/ Richard
Greenfield t
+44 (0)20 3882 2868
CAMARCOFinancial PR -
EuropeGordon Poole / Emily
Hall t
+44 (0)20 3757 4980
HARBOR ACCESS Financial PR – North
AmericaJonathan 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 ResultsAssay 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 statementsCertain 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 StatementThe 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.
NoticeBeaumont 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
Grafico Azioni Serabi Gold (TSX:SBI)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Serabi Gold (TSX:SBI)
Storico
Da Dic 2023 a Dic 2024
