Matilda Copper Project – Exploration results confirm project potential

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Matilda Copper Undertaking – Exploration outcomes verify challenge potential

Serabi Gold plc (AIM: SRB, TSX: SBI), the Brazilian-focused gold mining and improvement firm, is happy to offer an exploration replace from its actions on the Matilda Copper Prospect (“Matilda”) within the Tapajos area of Para State, Northern Brazil. Matilda is being explored as a part of the Exploration Alliance between Serabi and Vale SA

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To entry a PDF copy of this information launch together with all photographs please use the next hyperlink – https://bit.ly/47aVgNr

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Highlights

• The 2023 drilling programme within the Matilda district commenced in April and was accomplished in November with a complete of seven,597.21 meters drilled from 21 holes and was accomplished in two phases. The primary part comprised drill holes 23-MT-001 to 23-MT-010 and the second part drill holes 23-MT-011 to 23-MT-021(determine 1).
• Drilling focussed on the primary Matilda soil geochemistry anomaly, which was initially examined in 2022 with three exploration holes.
• So far the corporate has obtained outcomes from 19 of the 21 drill holes executed at Matilda, 12 of which have returned encouraging grades above 0.2% Copper (“Cu”) over downhole intervals higher than 10m.
• Vital intercepts from the second part of drilling embody.
  • Gap 23-MT-010 – 21.45m @ 0.40% Cu and 0.11 g/t gold (“Au”) from 95.55m
  • Gap 23-MT-015 – 25.00m @ 0.34% Cu and 0.09 g/t Au from 107.00m
  • Gap 23-MT-016 – 34.00m @ 0.34% Cu and 0.10 g/t Au from 142.00m
• The drilling so far has delineated a shallow mineralised zone with an exploration goal with a possible vary of between 21 million tonnes (“Mt”) @ 0.40% Cu as much as 81Mt @ 0.28% Cu. Along with this zone, the system is open to the NW, SE and at depth. This potential quantity and grade is nevertheless, conceptual in nature as inadequate exploration has been accomplished to outline a mineral useful resource and it’s unsure if a mineral useful resource estimate will likely be delineated.
• Along with Matilda, the Firm continues to research different copper/gold programs in the identical geological surroundings with anomalies and optimistic outcomes derived from exploration, significantly in Ganso and Cinderela targets (see information launch 2 November 2023).
• In November 2023, a 26 kilometre terrestrial geophysics Induced Polarisation (IP) Pole-Dipole survey was accomplished over Matilda as a part of geological investigation. Serabi is presently processing, integrating, and deciphering the info which will likely be used for drillhole focusing on within the 2024 programme.

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Mike Hodgson CEO commented.

“We’re excited concerning the optimistic outcomes we now have obtained from the Matilda prospect and to intersect porphyry mineralisation in 12 out of 19 holes is a really encouraging certainly. The drilling has continued to increase our geological understanding of the system.

“We imagine that the Matilda prospect remains to be in its infancy and has far more to ship. Usually, first stage drilling into porphyry programs could be within the area of 15,000-20,000 metres, so we’re delighted with these outcomes after simply 7,500 metres. The drilling signifies the copper potential stays open alongside the strike and at depth, particularly due to outcomes obtained for the current holes MT-018 and MT-012. Matilda’s geological characterisation as an Alkalic Porphyry type system helps information our exploration technique and means that additional outcomes can come from deeper drilling.

“Moreover, the invention of latest potential porphyry programs at Ganso and Cinderela, along with the opposite discoveries within the area, are advancing the Tapajos province as an rising copper province within the north of Brazil, and Serabi’s land bundle and high quality knowledge places us in an excellent place to benefit from this. The Firm’s publicity to base metallic demand by the Vale alliance in addition to its development in gold manufacturing primarily at Coringa positions the corporate nicely, and we look ahead to an thrilling yr in 2024.”

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Determine 1: Location of drill holes executed within the 2022 and 2023 drill programmes at Matilda

To entry a picture of Determine 1 please use the next hyperlink – https://bit.ly/48p8Eim

Detailed Outcomes and Technical Dialogue

The Section 2 drilling programme focussed on evaluating the extents of the mineralised system on the Matilda Prospect in addition to figuring out key exploration vectors that can be utilized to focus on greater grade mineralisation.

The outcomes obtained so far are from the shallowest a part of the system, clustered inside a big floor geochemistry footprint measuring 4,000 metres by 2,500 metres. Holes 23-MT-011, 23-MT-012 and 23-MT-18 recommend potential to increase to the ENE and WSW, while the mineralisation additionally stays open at depth,

Drillholes 23-MT-010, 23-MT-011 and 23-MT-012 stepped out to the north of the recognized mineralisation and all returned grades of over 0.35% Cu inside intervals higher than 10m, indicating the system is open to the north and north-west.

Drillholes 23-MT-015, 23-MT-016, 23-MT-017 and 23-MT-019 have been drilled to check the lateral extents of the higher-grade core intercepted in drillholes 23-MT-004 and 23-MT-006, drilled in the course of the first part of drilling. All 4 drillholes intercepted zones over 20m of 0.34% Cu together with discrete zones of as much as 1.3% Cu, indicating that the higher-grade zone is persistently mineralised. 23-MT-021 was drilled beneath holes 23-MT-004 and 23-MT-006 to check the zone at depth and is pending assay outcomes.

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Drillhole 23-MT-018 stepped out to the east of recognized mineralisation and returned grades of as much as 0.33% Cu over 16m, indicating that the system is open to the east.

These new outcomes have prolonged mineralisation to over 1 kilometre alongside a WNW-ENE trending de-magnetised zone. The system stays open to west, east, north, and at depth (determine 2), and drilling has not but delineated the scale of the system.

Determine 2: Drill gap areas over magnetic picture exhibiting 1200 metres lengthy, northwest oriented demagnetisation development.

To entry a picture of Determine 2 please use the next hyperlink – https://bit.ly/47kemBb

Drilling has intercepted slender zones of high-grade copper mineralisation associated to potassic (Okay-feldspar, biotite) and overprinting chlorite ± epidote, Okay-feldspar, albite, scapolite alteration, in addition to porphyry type quartz veinlets and magnetite breccias. Sturdy “pink rock” (hematite dusting of feldspar) alteration generally kinds a halo to mineralised zones. These types of alteration and mineralisation share many traits with silica-saturated alkalic porphyries resembling in Canada (e.g. Mount Milligan, B.C.) and Australia (e.g. NorthPark’s, NSW). These alkalic programs usually have complicated alteration assemblages and small floor footprints, nevertheless, are sometimes vertically intensive, with excessive grade Cu-Au cores. They’re additionally, usually related to breccias and a number of dyke like orebodies moderately than single shares as generally seen in typical calc-alkaline porphyry programs.

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The mineralisation intersected has been interpreted as alteration “offshoots” that lie above and laterally to the primary porphyry core which is believed to be at depth. Porphyry type veinlets and alteration have been intercepted in each drillhole, even the drillholes with out vital intercepts, which signifies the dimensions of the system. The outcomes from the 2023 programme, mixed with the dimensions of the floor geochemical anomaly signifies the potential for top grade core zones with a number of “offshoots” inside a broad, alteration halo.

So far, the causative intrusion(s) haven’t been intercepted in drilling and stay a key exploration goal for big volumes of financial grade mineralisation. The 2024 drilling programme will goal to combine all present knowledge and take a look at deeper elements of the system, the place the slender mineralisation “offshoots” are interpreted to coalesce. It would additionally goal to proceed evaluating the extents and scale of the system and take a look at the a number of intrusive centres throughout the Matilda District indicated by the geophysics and soil geochemistry, thereby rising the drill goal pipeline.

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Analysis of the core by each Serabi’s and Vale’s geologists and geological consultants has offered a consensus that the setting and mineralisation type is according to a silica-saturated alkalic porphyry-like system, and modelling of the particular copper intercepts. The assumptions and premises of this geological mannequin are being utilized by the exploration staff to combine and mannequin the exploration knowledge. Modelling of mineralisation intercepts by the Vale’s exploration staff suggests an exploration goal for potential for mineralisation with quantity of as much as roughly 81Mt @ 0.28% Cu (determine 3 and 4).   This potential quantity and grade is nevertheless conceptual in nature as inadequate exploration has been accomplished to outline a mineral useful resource and it’s unsure if a mineral useful resource estimate will likely be delineated.

Determine 3: Drill part with 23-MT-001, 004 & 006 and copper outcomes plotted over the magnetic susceptibility mannequin. Drill gap 21 is pending outcomes, however core logging signifies anomalous sulphides within the zone.

To entry a picture of Determine 3 please use the next hyperlink – https://bit.ly/3vbjHwW

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Determine 4: Mineralisation envelopes modelled for Matilda totalling roughly 81Mt @ 0.28% Cu. Modelling makes use of 0.15% Cu cut-off for composites, minimal true width of 10m and most inside waste of 15m.

To entry a picture of Determine 4 please use the next hyperlink – https://bit.ly/3GLq1Oz

The Matilda pole-dipole induced polarisation (IP) geophysical survey accomplished 6 strains totaling 26 kilometres, in an approximate grid of 400m x 200m (determine 5). The IP geophysics has been processed and built-in with the magnetic susceptibility, geological and geochemical knowledge obtainable. This may present a foundation to plan the 2024 exploration drilling marketing campaign aiming for the extensions of the present mineralization zones and their potential supply.

Determine 5: exhibiting the IP surveyed strains on high of the geochemistry footprint of Matilda.

To entry a picture of Determine 5 please use the next hyperlink – https://bit.ly/3RNnyt4

The Firm continues to research the potential for different porphyry copper and epithermal gold programs inside Serabi’s massive exploration license portfolio, and additional potential targets have been recognized. Preliminary drilling at Ganso, situated 13 kilometres NE from Matilda intersected a thick zone of superior argillic alteration. On going drilling at Ganso has intersected hematitic breccias with phyllic alteration and porphyry type B-veins. This probably suggests a porphyry kind system at depth. Drilling is in progress and information is anticipated in Q1 of 2024. Soil sampling at Leticia has indicated a really massive intrusive middle in the same structural setting to Matilda. An preliminary area go to indicated outcrops like these seen at Ganso, related to the zone of superior argillic alteration. On the southern flank of this intrusive centre, there’s a 4km lengthy, WNW trending soil gold anomaly simply north of a sub-parallel drainage with intensive garimpeiro workings. Simply to the south, the soil sampling program has delineated a sequence of small intrusive shares related to magnetic anomalies. One in all these is related to a Copper-Molybdenum anomaly. The Firm will look to undertake additional evaluations of all of those targets as half its 2024 exploration program (determine 6).

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Determine 6: exhibiting the situation of Cinderela associated to São Chico base camp and Matilda porphyry system.

To entry a picture of Determine 6 please use the next hyperlink – https://bit.ly/48rajE1

Matilda Drill Outcomes: Intersections included in mineralisation wireframes to mannequin the copper potential.

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The knowledge contained inside this announcement is deemed by the Firm to represent inside data as stipulated beneath the Market Abuse Laws (EU) No. 596/2014 because it kinds a part of UK Home Legislation by advantage of the European Union (Withdrawal) Act 2018.

The one that organized for the discharge of this announcement on behalf of the Firm was Clive Line, Director.

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Enquiries

SERABI GOLD plc
Michael Hodgson        t +44 (0)20 7246 6830
Chief Govt        m +44 (0)7799 473621

Clive Line        t +44 (0)20 7246 6830
Finance Director        m +44 (0)7710 151692

        e contact@serabigold.com

        www.serabigold.com

BEAUMONT CORNISH Restricted
Nominated Adviser & Monetary Adviser
Roland Cornish / Michael Cornish        t +44 (0)20 7628 3396

PEEL HUNT LLP
Joint UK Dealer
Ross Allister        t +44 (0)20 7418 9000

TAMESIS PARTNERS LLP
Joint UK Dealer
Charlie Bendon/ Richard Greenfield        t +44 (0)20 3882 2868

CAMARCO
Monetary PR
Gordon Poole / Emily Corridor                t +44 (0)20 3757 4980

Copies of this announcement can be found from the Firm’s web site at www.serabigold.com.

See www.serabigold.com for extra data and comply with us on twitter @Serabi_Gold

GLOSSARY OF TERMS

The next is a glossary of technical phrases:

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Assay Outcomes
Assay outcomes reported inside this launch embody these offered by the Firm’s personal on-site laboratory amenities at Palito and haven’t but been independently verified. Serabi carefully screens the efficiency of its personal facility in opposition to outcomes from impartial laboratory evaluation for high quality management goal. As a matter of regular apply, the Firm sends duplicate samples derived from quite a lot of the Firm’s actions to accredited laboratory amenities for impartial verification. Since mid-2019, over 10,000 exploration drill core samples have been assayed at each the Palito laboratory and licensed exterior laboratory, normally the ALS laboratory in Belo Horizonte, Brazil. When evaluating vital assays with grades exceeding 1 g/t gold, comparability between Palito versus exterior outcomes file a mean over-estimation by the Palito laboratory of 6.7% over this era. Based mostly on the outcomes of this work, the Firm’s administration are glad that the Firm’s personal facility reveals sufficiently good correlation with impartial laboratory amenities for exploration drill samples. The Firm would anticipate that within the preparation of any future impartial Reserve/Useful resource assertion undertaken in compliance with a recognised normal, the impartial authors of such a press release wouldn’t use Palito assay outcomes with out enough duplicates from an appropriately certificated laboratory.

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Ahead-looking statements
Sure statements on this announcement are, or could also be deemed to be, ahead trying statements. Ahead trying statements are identified by their use of phrases and phrases resembling ‘‘imagine’’, ‘‘may’’, “ought to” ‘‘envisage’’, ‘‘estimate’’, ‘‘intend’’, ‘‘might’’, ‘‘plan’’, ‘‘will’’ or the unfavourable of these, variations, or comparable expressions, together with references to assumptions. These forward-looking statements will not be primarily based on historic info however moderately on the Administrators’ present expectations and assumptions relating to the Firm’s future development, outcomes of operations, efficiency, future capital, and different expenditures (together with the quantity, nature, and sources of funding thereof), aggressive benefits, enterprise prospects and alternatives. Such ahead trying statements reflect the Administrators’ present beliefs and assumptions and are primarily based on data presently obtainable to the Administrators. A number of elements may trigger precise outcomes to vary materially from the outcomes mentioned within the forward-looking statements together with dangers related to vulnerability to common financial and enterprise circumstances, competitors, environmental and different regulatory adjustments, actions by governmental authorities, the supply of capital markets, reliance on key personnel, uninsured and underinsured losses, and different elements, a lot of that are past the management of the Firm. Though any forward-looking statements contained on this announcement are primarily based upon what the Administrators imagine to be affordable assumptions, the Firm can not guarantee buyers that precise outcomes will likely be according to such ahead trying statements.

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Certified Individuals Assertion
The scientific and technical data contained inside this announcement has been reviewed and accredited by Michael Hodgson, a Director of the Firm. Mr Hodgson is an Financial Geologist by coaching with over 30 years’ expertise within the mining trade. He holds a BSc (Hons) Geology, College of London, a MSc Mining Geology, College of Leicester and is a Fellow of the Institute of Supplies, Minerals and Mining and a Chartered Engineer of the Engineering Council of UK, recognizing him as each a Certified Individual for the needs of Canadian Nationwide Instrument 43-101 and by the AIM Steerage Be aware on Mining and Oil & Fuel Firms dated June 2009.

Neither the Toronto Inventory Change, nor every other securities regulatory authority, has accredited or disapproved of the contents of this information launch

Attachment

• Matilda exploration update – Dec 2023

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