Q3-2024 Production Results and Operational Highlights
Q3-2024 Production Results and Operational
Highlights
Serabi Gold plc (“Serabi” or the
“Company”) (AIM:SRB, TSX:SBI, OTCQX:SRBIF), the Brazilian
focused gold mining and development company, is pleased to announce
the Company’s third quarter production results and operating
highlights for FY2024 (all financial amounts are expressed in
U.S. dollars unless otherwise indicated).
QUARTER HIGHLIGHTS
- Highest
quarterly gold production year to date of 9,489 ounces for
Q3-2024.
- Released results
of the updated pre-economic assessment (“Updated PEA”) for its
currently producing Coringa Gold operation (“Coringa”), prepared by
NCL Ingeniería y Construcción SpA of Santiago, Chile (“NCL”).
Highlights include:
-
Annual production of 28,000oz in 2025, ramping up to 36,000oz per
year between 2026 and 2031 with an 11-year mine life until 2034 at
an average life of mine AISC of $1,241/oz;
- After-tax
NPV10% of $145M with average life of mine annual free
cash flow of $19M using a long-term gold price of $2,100/oz.
- Construction of
the classification plant (crusher and ore sorter) progressing on
time and budget; Commissioning trials of the crusher already
ongoing. The ore sorter remains on track to being fully operational
during Q4.
- Cash as at 30
September 2024 was $20.0M vs cash as at 31 December 2023 of
$11.6M.
- Net cash balance
at quarter end (after interest bearing loans and lease liabilities)
of $14.0M (31 December 2023: net cash $5.0M)
- The Company is
reiterating FY2024 consolidated gold production guidance of 38,000
– 40,000 ounces.
Mike Hodgson, CEO of Serabi,
commented:
“The third quarter has been our best
quarterly production year to date with close to 9,500 ounces
generated. The process plant again performed admirably with another
quarter recording approximately 55,000 milled tonnes (600 tonnes
per day). Mine output also exceeded 58,000 tonnes.
The Coringa orebody continued to perform
well with production principally now coming from levels 290m and
260m. The main Serra ramp has now reached level 165m and with
development on levels 225m, 195m and 165m the mine is being
developed well ahead of production. As mentioned in the past, the
conversion of inferred resources into reserves at Coringa is close
to 90% and therefore, the return of mineral reserves per metre
developed is highly beneficial.
The classification plant being assembled at
Coringa is now close to completion and remains on track to being
operational during Q4. The Company plan to pre-concentrate mined
ore at Coringa and truck this preconcentrated product to the Palito
plant, 200km to the north, has been formally documented in the
forthcoming Updated PEA. The full NI 43-101 compliant Technical
Report will be issued by November 21 at the latest.
We are tracking well towards guidance, and
with the classification plant progressing according to plan at
Coringa, we remain very optimistic for the remainder of the
year. We look forward to seeing the
classification plant being operational next quarter, and hopefully
what will be a great end to the year.”
SUMMARY PRODUCTION STATISTICS FOR 2024 AND
2023 |
|
|
Qtr 1 |
Qtr 2 |
Qtr 3 |
YTD |
Qtr 1 |
Qtr 2 |
Qtr 3 |
Qtr 4 |
Full Year |
|
2024 |
2024 |
2024 |
2024 |
2023 |
2023 |
2023 |
2023 |
2023 |
|
Group |
|
|
|
|
|
|
|
|
|
|
|
Gold
production (1)(2) |
Ounces |
9,007 |
9,003 |
9,489 |
27,499 |
8,005 |
8,518 |
8,738 |
7,891 |
33,153 |
|
Mined
ore |
Tonnes |
56,296 |
59,564 |
58,862 |
174,721 |
41,546 |
41,022 |
44,744 |
49,541 |
176,853 |
|
|
Gold grade (g/t) |
5.31 |
5.06 |
5.48 |
5.28 |
6.49 |
6.94 |
6.64 |
5.22 |
6.28 |
|
Milled
ore |
Tonnes |
54,521 |
55,192 |
54,579 |
164,292 |
39,004 |
41,116 |
43,092 |
48,988 |
172,201 |
|
|
Gold grade (g/t) |
5.38 |
5.31 |
5.59 |
5.42 |
6.75 |
6.84 |
6.72 |
5.31 |
6.35 |
|
Horizontal development |
Metres |
3,087 |
3,481 |
3,146 |
9,714 |
2,464 |
2,977 |
2,923 |
3,134 |
11,498 |
|
(1) The
table may not sum due to rounding.
(2) Production
numbers are subject to change pending final assay analysis from
refineries.
OPERATIONAL RESULTS
Total production for the third quarter was 9,489
ounces. Total ore mined during the quarter was 58,862 tonnes at
5.48 g/t compared to 59,564 tonnes at 5.06 g/t of gold for the
second quarter of 2024.
The Palito orebody continued to perform
satisfactorily with good mine outputs, but not at forecast grades.
The problems highlighted in the previous quarterly report cited the
need to bulk mine the Chica da Santa sector where selective mining
had originally been planned. This resulted in lower than budgeted
grades due to unavoidable dilution. As the Company ramps up the
development of Coringa, several crews have been redeployed and, as
a result, development and production levels at Palito have
decreased slightly. A return to mined grades of 6.00g/t is forecast
with the opening of the Barichello sector which will contribute a
significant volume of production for 2025.
The process plant performance has been
exceptional with another approximately 55,000 tonnes milled during
the quarter equivalent to 600 tonnes per day, this has been an
exceptional effort, brought about by exceptional crushing
performance and better preventative maintenance programmes which
have dramatically reduced mill downtime. We have now had a
consistent nine months of throughput at these new record
levels.
The Palito Complex process plant treated 54,579
tonnes of ROM ore during the quarter, with an average grade of 5.59
g/t of gold, compared with 55,192 tonnes at 5.31 g/t in the second
quarter of 2024.
A total of 3,146 metres of horizontal
development has been completed for the quarter of which, 1,957
metres was ore development. The balance is the ramp, crosscuts and
stope preparation development.
The Coringa orebody continues to perform very
well, with mined grades averaging 6.44 g/t for the quarter.
Production is focused on the uppermost levels 320m, 290m and 260m,
with development now complete or very nearly on levels 225m and
195m. The newest level 165m is now under development as the main
ramp continues to advance towards level 130m. Coringa
has 2½ fully developed levels ahead of stoping.
UPDATED CORINGA PEA RESULTS
(October 7, 2024 News
Release)
Highlights:
-
Annual production is estimated at 28,000oz in 2025, and then
averages 36,000oz per year between 2026 and 2031 with an 11-year
mine life until 2034
-
Average Life of Mine (“LOM”) All-In Sustaining Cost (“AISC”) of
$1,241/oz including royalties and refining costs using the Base
Case gold price.
-
The updated Mineral Resource Inventory at Coringa, upon which the
Updated PEA is based were as follows:
-
Measured & Indicated Resources (M&I) 795kt @ 7.03g/t gold
(179koz contained);
-
Inferred Resources 1,454kt @ 5.81g/t gold (271koz contained);
-
Mine plan utilises 145koz M&I and 241koz Inferred which equates
to 81% of the total M&I resource inventory and 89% of the
inferred resource.
-
Average LOM gold grades from the mine of 5.38 g/t, which are
increased to 8.50 g/t after ore sorting, producing a total gold
production of 363koz.
-
Under the Base Case scenario, the operation underscores robust
economics:
-
Post-tax NPV10% of $145M;
-
Average annual free cash flow of $19M;
-
Sustaining Life of Mine (“LOM”) capital expenditures of $87M to be
funded from project cash-flow;
-
Mining is by underground shrinkage stoping using a cut-off grade of
3.16 g/t gold. Resource widths and grades within the Updated PEA
mine plan have been further diluted to 1 metre minimum mining
widths.
An interview with Mike Hodgson by Crux
Investor discussing the PEA can be accessed here:
https://youtu.be/gnWhxMMfMB8
An interview with Mike Hodgson by BRR
Media discussing the PEA can be accessed here:
https://brrmedia.news/Coringa_PEA
The Updated PEA was completed by NCL Ingeniería
y Construcción SpA (“NCL”) of Santiago, Chile, Serabi’s independent
engineering consultant.
The full NI 43-101 compliant Technical Report,
supporting the economic results and including the updated mineral
resource statement is being prepared by NCL and is required to be
published with 45 days, with an expected release no later than
November 21, 2024. A further news release will be made when it
becomes available with copies available on the Company’s website
and on SEDAR+.
Table 1 – Summary of Updated PEA Results
(in Millions)
Gold Price (per ounce) |
$1,950 |
BASE CASE
$2,100 |
$2,280 |
SPOT
$2,600 |
Pre-tax NPV5% |
$193 |
$230 |
$275 |
$356 |
Pre-tax NPV10% |
$151 |
$181 |
$217 |
$281 |
Post-tax NPV5% |
$159 |
$184 |
$214 |
$267 |
Post-tax NPV10% |
$125 |
$145 |
$169 |
$211 |
Project Post-tax Cash Flow |
$210 |
$242 |
$281 |
$350 |
Avg. Annual Free Cash Flow |
$16 |
$19 |
$22 |
$27 |
Avg. Gross Revenue |
$52 |
$56 |
$61 |
$69 |
Table 2 – Coringa Updated PEA - Base
Case Metrics
|
Unit |
Amount |
Gold Price |
$/oz |
$2,100 |
Cut-off grade |
g/t |
3.16 |
Run of Mine (ROM) Material to Process |
Tonnes |
2,232,919 |
Mining Method |
Method |
Shrinkage Stoping |
Annual Throughput at 100% Capacity |
Tonnes |
215,000 |
Ore Sorter Efficiency (Tonnes) |
% |
61% |
Ore Sorter Upgrade |
x |
1.59 |
Process Gold Recovery |
% |
97% |
Total Gold Production (Recovered) |
Ounces |
363,108 |
Mine Life |
Years |
11 |
Sustaining Capital Expenditures |
$M |
$87 |
Mine Closure Costs |
$M |
$1 |
Cash Operating Costs (inc. Royalty + TC/RCs) |
$/oz |
$965 |
All In Sustaining Cost (inc. Royalty + TC/RCs) |
$/oz |
$1,241 |
Exchange Rate |
R$:US$ |
5.5 |
Royalties |
% |
4.00% |
Profits Tax Rate |
% |
34% |
*Base Case Metrics are from year
2025+
Table 3 - Coringa Updated Mineral
Resource Estimate
Classification
|
Quantity |
Grade |
Contained Metal |
|
Gold |
Gold |
000 't |
g/t |
000' oz |
Measured Resources |
172 |
8.96 |
49 |
Indicated Resources |
623 |
6.49 |
130 |
Measured & Indicated Resources |
795 |
7.03 |
179 |
Inferred Resources |
1,454 |
5.81 |
271 |
(1) Mineral Resources are not Mineral Reserves and
have not demonstrated economic viability. Mineral Resources are
reported inclusive of Mineral Reserves. All figures are rounded to
reflect the relative accuracy of the estimates. Mineral Resources
are reported within classification domains inclusive of in-situ
dilution at a cut-off grade of 3.16g/t gold assuming an underground
extraction scenario, an operating cost of $107/t for mining,
crushing and sorting, sorting efficiency of 61% of the tonnes and
1.59 upgrade factor, $88/t for hauling to Palito, processing at
Palito plant and site costs, metallurgical recovery of 97%, 4% on
royalties and 2.3% for refining, insurance, freight and sales, and
a gold price of $1,950/troy oz.
(2) Serabi is the operator and owns 100% of the
Coringa Gold Project such that gross and net attributable mineral
resources are the same. The mineral resource estimate was prepared
by NCL Ingeniería y Construcción SpA in accordance with the
standard of CIM and Canadian National Instrument 43-101, with an
effective date of 6 April 2024 by Mr Nicolás Fuster, who is a
Qualified Person under the Canadian National Instrument 43-101.
(3) NCL believes that the resource estimates shown
in the table above meets the CIM standards for a resource estimate
based on CIM Standards of Mineral Resources and Reserves
Definitions and Guidelines adopted by the CIM council 10 May,
2014 |
CORINGA LICENCING
As reported last quarter, in January 2024, the
Company received the renewal of the GUIA trial mining license, for
a period of three years and it is under the GUIA license that
Coringa is operating. The Company has been invited and has applied
for an increase of the volume of ore that can be transported from
Coringa to Palito. With respect to progress on the Installation
License (LI), the Company along with its environmental consultancy,
Araca, has completed the Plano Basico Ambiental (PBA). This study
was incorporated into the Indigenous Impact Report (ECI) that was
submitted to FUNAI (the federal agency for indigenous communities)
in May 2024 for approval.
FINANCE UPDATE
Cash balances at the end of September 2024 were
$20.0M, in comparison to the cash balances at the end of December
2023 of $11.6M. On 7 January 2024, the Group completed a $5.0M
unsecured loan arrangement with Itau Bank in Brazil. The loan is
repayable as a bullet payment on 6 January 2025 and carries an
interest coupon of 8.47 per cent. The proceeds raised from the loan
are being used for working capital and secure adequate liquidity to
repay a similar arrangement which was repaid on 22 February
2024. The Company had a net cash balance at the end of
Q3-2024 (after interest bearing loans and lease liabilities) of
$14.0M (31 December 2023: net cash $5.0M). Cash generated in the
quarter was boosted by the realisation of inventory with sales
recognised in the quarter for 10,683 ounces compared with
production of 9,489 ounces. At an average price of $2,480 for the
quarter this represents approximately $3.0M.
FY2024 PRODUCTION GUIDANCE
The Company continues to estimate FY2024
consolidated gold production of 38,000 – 40,000 ounces.
About Serabi Gold plc
Serabi Gold plc is a gold exploration, development and production
company focused on the prolific Tapajós region in Para State,
northern Brazil. The Company has consistently produced 30,000 to
40,000 ounces per year with the Palito Complex and is planning to
double production in the coming years with the construction of the
Coringa Gold project. Serabi Gold plc recently made a copper-gold
porphyry discovery on its extensive exploration licence. The
Company is headquartered in the United Kingdom with a secondary
office in Toronto, Ontario, Canada.
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
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