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(Alliance News) - Serabi Gold PLC on Friday said it has made further progress on its exploration of the Piaui prospect in the Palito project, Brazil, with diamond drilling continuing to define mineralisation.
The Brazil-focused gold miner noted that shallow drilling had confirmed the continuity of three parallel mineralised structures and identified further smaller parallel zones.
In drill hole PDD0619 for instance, visible gold was encountered within a zone grading 2.6 metres at 13.37 grams per tonnes, including 0.8 metres grading 33.74 grams per tonne from 28.5 metres.
"The Piaui prospect is shaping up to be an excellent near mine opportunity for Serabi. This excellent set of drill results supports the strong results generated in 2011 with high grades over significant mineable widths. Piaui is close to the existing mine infrastructure and therefore can be brought into the mine plan in a short period of time and at low capital cost. We look forward to updating the market with further results when we complete a phase of deeper drilling later in the year," said Chief Executive Officer Mike Hodgson.
Shares in Serabi Gold were down 3.8% at 50.98 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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