(Alliance News) - Serabi Gold PLC on Friday announced "significant" anomalies have been found at the Calico, Juca and Forquilha targets, five kilometres from its Palito operation and processing plant in Brazil.
The Brazil-focused gold mining & development company said it has identified significant geochemical gold-in-soil anomalies at Calico, Juca and Forquilha, with Calico now having very significant gold-in-soil anomalies over a two kilometre by two kilometre area. Values as high as 0.8 grams per tonne of gold have been recorded, better than have been seen in any soils over the Palito orebody, it added.
Serabi Gold also said a subsequent terrestrial geophysics survey using induced polarisation covering the Calico soil anomaly has identified multiple "chargeability" anomalies, while multi-element soil anomalies confirm strike extension of known gold occurrences at the Fofoca prospect.
The company said the results are "very comparable in terms of scale and signature to the Palito orebody, a 600,000 ounce resource, being mined today."
"These positive results from the regional programmes at Calico and Fofoca are very encouraging. After the interruptions to the exploration campaign of 2020 due to the pandemic, this year we are embarking on the most substantial exploration effort seen by Serabi to date. Whilst a key focus will be targeting resource growth at the existing Palito and Sao Chico orebodies, a significant part of the exploration programme is more regionally focussed whilst still within 20 kilometres of these producing orebodies. The geochemical survey at Fofoca, located in the eastern part of the Sao Domingos tenement acquired in late 2020, is still in progress," said Chief Executive Mike Hodgson.
Looking ahead, Serabi Gold said plans for first pass drill-testing of the Calico prospect will take place in the coming months.
Shares in Serabi Gold were up 4.4% at 91.90 pence in London on Friday.
By Zoe Wickens; zoewickens@alliancenews.com
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Serabi (SRB)