Drilling confirms new Porphyry discovery at Matilda

Serabi Gold plc

Drilling confirms new Porphyry discovery at Matilda

Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining and development company, is pleased to update the market on the successful maiden drill programme of the Matilda Prospect within the Palito Complex in the Tapajos region of Para State, Northern Brazil.

A PDF version of this release including all images can be accessed using the following link - https://bit.ly/3unOYcZ

Highlights

• Assay results from the first-pass three-hole diamond drilling programme into the Matilda Prospect confirm the discovery of a Cu-Au-Mo porphyry system. Anomalous mineralisation was encountered along the entire length of each hole with average grades of each hole over 0.2% copper equivalent (“Cu Eq”)¹:

  • 234.20m @ 0.26% Cu Eq (22-MT-001)

  • 210.57m @ 0.20% Cu Eq (22-MT-002)

  • 250.75m @ 0.23% Cu Eq (22-MT-003)

• Higher grade copper equivalent intercepts include

  • 7.55m @ 0.52% Cu Eq from 57.00m (22-MT-001)

  • 21.00m @ 0.44% Cu Eq from 113.00m including 7.85m @ 0.67% Cu Eq from 113.00m and 3.60m @ 1.02% Cu Eq from 117.25m (22-MT-001)

  • 19.08m @ 0.51% Cu Eq from 215.12m (22-MT-001) and open at depth

  • 19.40m @ 0.35% Cu Eq from 38.25m including 8.75m @ 0.43% Cu Eq from 38.25m (22-MT-002)

  • 4.45m @ 0.57% Cu Eq from 77.30m (22-MT-002)

  • 2.75m @ 0.73% Cu Eq from 193.85m (22-MT-002)

  • 37.05m @ 0.37% Cu Eq from 43.40m including 2.50m @ 0.50% Cu Eq from 43.40m (22-MT-003)

  • 22.90m @ 0.47% Cu Eq from 127.10m (22-MT-003)

• Drilling targeted the high grade portion of a 2.5km by 1.2km Cu-Au soil geochemical anomaly although the area with the highest magnetic signature remains untested.

• Follow-up work to initially focus on higher definition of magnetics and soil geochemistry to help target the next drilling programme.

• Matilda represents one of five compelling, zoned multi-element, soil geochemical anomalies defined by the exploration team in recent years along the margins of a 40km magnetic high.

Mike Hodgson CEO said

“It is obviously great news to confirm the discovery of a porphyry on our property. We now plan to follow-up with infill geophysical and geochemical surveys to help us better understand where we are within the system and focus future drilling. Significantly, the three holes completed to date targeted the geochemical high, but the core of the magnetic high has yet to be tested. We have engaged a number of external porphyry experts to assist us with moving this exciting programme forward.

“This is a very promising time for Serabi and between this discovery, the excellent progress with the development of Coringa, improved production from the Palito Complex, and advancing all our high priority regional targets, we look forward to updating all our stakeholders.”

¹ Copper equivalent grades calculated using spot metal prices as at 29 June 2022 of Gold: US$1,817/ ounce, Copper: US$3.81/ pound and Molybdenum: US$19.73/ pound.

Background

The Matilda Prospect is centered ~5km west-northwest, along the strike projection of the Sao Chico Mine, and 3km east – southeast of the Toucano Prospect drilled in 2021 which returned significant gold results hosted within breccia zones including 7.15m @ 258.24g/t Au (news release dated 07 April 2021).

Matilda was identified through systematic soil sampling on a 400m by 50m regional grid along the westward extension of the Sao Chico vein zone aimed at infilling data gaps within the regional geochemical coverage. The prospect was subsequently infilled to a 200m by 50m spacing following the identification of the Matilda and Matilda South Cu-Au-Mo anomalies.

Matilda manifests as a 2.5km by 1.2km, crescent shaped, 200ppm Cu in soil geochemical anomaly, elongated in a NW-SE direction. It is coincident with anomalous Au, Mo (offset to the west), W, Te, K (+/- Ag, Sn, Be, Ba, Mg) and depletion of Bi, Sb, Zn, Pb & Mn in comparison to the surrounding host rocks.

Three angled drill holes totalling 695.55m were completed in April 2022 targeting below the centre of the geochemical anomaly. Hole 22-MT-001 was drilled to 234.2m towards the east, intersecting vein arrays in a sub-parallel orientation, subsequently holes 22-MT-002 (210.57m) and 22-MT-003 (250.78m) were drilled to the south to intersect the vein arrays perpendicularly. Hole 22-MT-003 was drilled perpendicular to hole 22-MT-001 to better test the mineralisation encountered in the earlier hole.

Figure 1:   Plan of Matilda target showing geochemistry, geophysics and drill hole traces.
To access an image of Matilda target showing geochemistry, geophysics and drill hole traces
please use the following link: https://bit.ly/3AxItYK

The intersected geology is indicative of a Cu-Au-Mo porphyry system, with classical veinlets, stockwork and stringers (including A, B, EB and M-type veins) with extensive chalcopyrite (+/- bornite) and molybdenite mineralisation in all three holes within a potassic altered monzogranite host. Future exploration will target a number of aspects of this mineralisation including:

• identifying the intrusions that caused the mineralising event where an increase in mineralised vein density would be expected more proximally

• targeting the blind magnetic highs flanking the central Cu-Au soil anomaly, potentially indicative of a magnetite alteration and better mineralisation

• testing the core of the slightly offset Mo soil anomaly

• identifying a more bornite rich zones

• targeting the Matilda South Cu-Au-Mo soil anomaly, potentially a second porphyry mineralised centre.
  
  

A number of experienced independent porphyry experts have been engaged to assist with analysing the results of the first three drill holes and developing the subsequent phase of exploration.

Matilda represents one of five compelling, zoned multi-element, soil geochemical anomalies defined by the exploration team in recent years along the margins of a 40km magnetic high.

Figure 2: Photographs illustrating chalcopyrite mineralisation within A-, EB- and M-veins
To access an image of chalcopyrite mineralisation within A-, EB- and M-veins
please use the following link: https://bit.ly/3OXqBdU

Abbreviations: Qtz – Quartz, Cpy – Chalcopyrite, Mt – Magnetite, Bt - biotite

Figure 3: Photographs illustrating molybdenite and chalcopyrite mineralisation within B-veins.
To access an image of molybdenite and chalcopyrite mineralization within B-veins.
please use the following link: https://bit.ly/3yEqpeb

Abbreviations: Qtz – Quartz, Cpy – Chalcopyrite, Mo – Molybdenite

Figure 4: Photographs illustrating bornite mineralisation within A-veins.
To access an image of bornite mineralisation within A-veins
please use the following link: https://bit.ly/3yilfDt

Abbreviations: Qtz – Quartz, Bn – Bornite

Below we present assay results for the entire three holes given the significance of the intervals drilled and the fact that anomalous mineralisation was encountered throughout each hole.

Table 1: Drill hole collars.

Hole	East (UTM-WGS84)	West (UTM-WGS84)	RL	Dip/ Azimuth (°/°UTM)	Depth (m)
22-MT-001	609070	9292172	294.8	60/ 90 incl.	234.20
22-MT-002	608975	9292462	280.0	60/ 173.6 incl.	210.57
22-MT-003	609120	9292222	298.0	60/ 180 incl.	250.78

Table 2: Drill hole assay results from hole 22-MT-001.

From (m)	To (m)	Interval (m)	Gold grade (ppb)	Copper grade (ppm)	Molybdenum grade (ppm)	Copper equivalent grade (%)
0	1	1	85	458	52.1	0.13%
1	2	1	98	474	57.2	0.15%
2	3	1	102	501	57.3	0.15%
3	4	1	72	446	53.1	0.12%
4	5	1	79	457	54.5	0.13%
5	6	1	85	490	54.4	0.14%
6	7	1	112	456	49.5	0.15%
7	8	1	85	449	56.2	0.13%
8	9	1	88	582	58.5	0.15%
9	10	1	76	735	56.3	0.16%
10	11	1	119	728	38.6	0.18%
11	12	1	122	673	34.9	0.17%
12	13	1	75	695	40	0.14%
13	14	1	76	704	40.2	0.14%
14	15	1	89	726	31.6	0.15%
15	16	1	73	682	34.4	0.14%
16	17	1	69	640	75.7	0.15%
17	18	1	60	587	75	0.14%
18	19	1	63	607	215	0.22%
19	20.1	1.1	38	552	137	0.15%
20.1	21.4	1.3	60	702	42.3	0.13%
21.4	22.15	0.75	129	1025	8.35	0.20%
22.15	23.15	1	306	1665	35.1	0.40%
23.15	24.15	1	31	1045	4.66	0.13%
24.15	25	0.85	29	935	7.69	0.12%
25	26	1	31	502	8.39	0.08%
26	27	1	14	258	16.5	0.04%
27	28	1	26	355	21.5	0.06%
28	29	1	38	1015	115	0.19%
29	30	1	38	850	4.51	0.11%
30	31	1	23	692	10.3	0.09%
31	32	1	23	651	16.55	0.09%
32	33	1	17	447	9.12	0.06%
33	34	1	16	357	9.63	0.05%
34	35	1	29	518	3.92	0.07%
35	36	1	20	544	1.93	0.07%
36	37	1	22	633	11.25	0.08%
37	37.7	0.7	31	782	94.8	0.15%
37.7	39	1.3	44	1390	58.7	0.20%
39	40	1	48	1340	16.9	0.18%
40	41	1	56	1525	10.2	0.20%
41	42	1	46	929	23.9	0.14%
42	43	1	63	1555	34.5	0.22%
43	44.25	1.25	67	1570	102.5	0.26%
44.25	44.75	0.5	52	2100	71.4	0.28%
44.75	46	1.25	45	2720	30.6	0.32%
46	47	1	118	2150	55.6	0.33%
47	48	1	61	1865	38.7	0.25%
48	49	1	30	1180	49.3	0.16%
49	50.1	1.1	73	1095	80.2	0.20%
50.1	51.4	1.3	33	1660	44.7	0.21%
51.4	52.4	1	18	1350	8.63	0.15%
52.4	53.4	1	26	1185	34	0.15%
53.4	54.7	1.3	34	1090	98.8	0.18%
54.7	56	1.3	55	1065	84	0.19%
56	57	1	73	2060	11.9	0.26%
57	58	1	108	3100	25	0.40%
58	59	1	103	2950	11.25	0.37%
59	60	1	67	2250	49.3	0.30%
60	60.9	0.9	56	1535	50.8	0.22%
60.9	61.8	0.9	95	2190	12.1	0.29%
61.8	62.5	0.7	54	1790	32.1	0.23%
62.5	63.25	0.75	380	8590	13.05	1.13%
63.25	64.55	1.3	318	8210	104	1.10%
64.55	65	0.45	59	1590	17.95	0.21%
65	66	1	49	1250	7.2	0.16%
66	67	1	72	1225	11.4	0.18%
67	68	1	56	1830	11.05	0.23%
68	69.3	1.3	26	950	40.1	0.13%
69.3	70	0.7	36	925	12.2	0.12%
70	71	1	63	1635	20.1	0.22%
71	72	1	71	2430	8.86	0.30%
72	73	1	87	2180	69.5	0.31%
73	74	1	153	4790	20.2	0.60%
74	75	1	178	6290	29.9	0.77%
75	76	1	71	2480	108.5	0.35%
76	77	1	90	2770	75.5	0.38%
77	77.8	0.8	47	1535	107.5	0.24%
77.8	78.6	0.8	56	1650	294	0.36%
78.6	79.45	0.85	42	1690	29.8	0.21%
79.45	80.35	0.9	47	1865	117	0.28%
80.35	81.35	1	87	2840	33	0.36%
81.35	82.35	1	82	2450	61	0.33%
82.35	83.35	1	164	3870	48.5	0.53%
83.35	84.55	1.2	30	1210	175	0.23%
84.55	85.75	1.2	25	979	16.55	0.12%
85.75	87	1.25	65	2090	18.55	0.26%
87	88	1	96	2990	24.7	0.38%
88	89	1	84	3110	17.4	0.38%
89	90	1	53	1865	10.4	0.23%
90	91	1	51	1600	6.3	0.20%
91	92	1	44	1630	12.8	0.20%
92	93	1	65	2120	19.05	0.27%
93	94	1	59	1815	29.2	0.24%
94	95	1	54	1685	7.11	0.21%
95	96	1	67	1250	2.84	0.17%
96	96.6	0.6	35	959	3.55	0.12%
96.6	97.9	1.3	52	1640	5	0.20%
97.9	99	1.1	38	1255	92.6	0.20%
99	100	1	33	1110	10.8	0.14%
100	101	1	23	871	1205	0.73%
101	102	1	17	726	65.2	0.12%
102	103	1	21	853	40.1	0.12%
103	104	1	27	1095	16.15	0.14%
104	105	1	28	1090	11.7	0.13%
105	106	1	64	1720	71.6	0.25%
106	107	1	47	1495	6.88	0.19%
107	108	1	74	2630	57.4	0.34%
108	109	1	29	1080	42.4	0.15%
109	110	1	26	811	5.73	0.10%
110	111	1	22	1035	17.35	0.13%
111	112	1	51	1535	5.12	0.19%
112	113	1	23	911	3.76	0.11%
113	114	1	100	3510	41.3	0.44%
114	115	1	158	4980	33.2	0.63%
115	116	1	34	983	6.69	0.13%
116	117.25	1.25	69	1890	184	0.33%
117.25	118	0.75	268	7960	42.1	1.00%
118	119	1	273	9550	38.2	1.16%
119	120	1	236	6840	6.5	0.85%
120	120.85	0.85	264	8690	5.57	1.06%
120.85	121.85	1	29	1010	10.2	0.13%
121.85	122.55	0.7	39	1140	11.5	0.15%
122.55	123.55	1	40	1690	33.4	0.21%
123.55	124.25	0.7	31	1120	9.53	0.14%
124.25	125.15	0.9	31	1085	16.05	0.14%
125.15	126.15	1	239	6680	20.2	0.84%
126.15	127	0.85	88	2990	10.75	0.37%
127	127.55	0.55	92	2840	3.63	0.35%
127.55	128.25	0.7	57	1930	72.9	0.27%
128.25	128.9	0.65	149	3910	12.8	0.50%
128.9	129.6	0.7	137	4260	41.2	0.54%
129.6	130	0.4	86	2800	6.89	0.34%
130	130.45	0.45	32	1075	9.6	0.13%
130.45	131.45	1	132	3580	16.2	0.46%
131.45	132	0.55	19	731	68.6	0.12%
132	133	1	78	2470	16.45	0.31%
133	134	1	41	1385	121	0.23%
134	134.75	0.75	43	1445	141.5	0.25%
134.75	136	1.25	58	2110	69.4	0.29%
136	137	1	32	974	10.7	0.13%
137	138	1	53	1680	46.2	0.23%
138	139.25	1.25	49	1580	18.45	0.20%
139.25	140.25	1	21	925	7.07	0.11%
140.25	141.25	1	37	1410	16.4	0.18%
141.25	142.25	1	24	922	11.8	0.12%
142.25	143.25	1	25	945	18.5	0.12%
143.25	144.25	1	53	1875	194	0.32%
144.25	145.25	1	37	1135	16.1	0.15%
145.25	146.25	1	26	1105	38.3	0.15%
146.25	147.3	1.05	52	1285	44	0.19%
147.3	148.25	0.95	37	1255	74.9	0.19%
148.25	149.25	1	44	1500	193.5	0.28%
149.25	150.25	1	69	2010	43.1	0.27%
150.25	150.75	0.5	36	1255	53.9	0.18%
150.75	152	1.25	11	184.5	32.3	0.04%
152	153	1	15	665	10.2	0.08%
153	154	1	26	206	15.35	0.05%
154	155	1	11	457	9.61	0.06%
155	156	1	14	481	22.2	0.07%
156	157	1	18	354	16.45	0.06%
157	158	1	14	799	8.1	0.09%
158	158.7	0.7	9	668	9.05	0.08%
158.7	159.35	0.65	46	219	25.2	0.07%
159.35	160	0.65	48	1630	34.1	0.21%
160	160.35	0.35	12	346	65.2	0.08%
160.35	161	0.65	71	1995	90.1	0.30%
161	161.7	0.7	104	4020	143	0.55%
161.7	163	1.3	7	177	9.77	0.03%
163	164	1	20	709	32.7	0.10%
164	165	1	12	523	14.2	0.07%
165	166	1	14	651	5.08	0.08%
166	167.1	1.1	17	942	21.5	0.12%
167.1	167.4