LONDON (Alliance News) - Serabi Gold PLC on Wednesday said it has received the first batch of results from its exploration drilling on the Sao Chico gold mine in Brazil.
The programme, which started in April, comprised of 5,000 metres of drilling over 35 holes targeting the strike and depth extension of the main vein at the project as well as some infill drilling.
The first batch of results are as follows:
- Hole 15-SC-070 produced 192.35 grammes of gold per tonne.
- Hole 15-SC-087 produced 90.41 grammes of gold per tonne.
- Hole 15-SCUD-004 produced 293.71 grammes of gold per tonne.
- Hole 15-SCUD-005 produced 125.52 grammes of gold per tonne.
- Hole 15-SC-093 produced three sets of results from different intervals, including 155.37 grammes, 242.68 grammes and 105.18 grammes of gold per tonne.
"This third drilling campaign over the Sao Chico gold deposit has continued to record some excellent high-grade intersections. The campaign has been directed at exploring the strike and dip extension of the main vein as well as some closer spaced infill drilling to assist mine design in this maiden year of mine development and production," said Chief Executive Mike Hodgson.
"These results, in conjunction with the on-going underground mine development, is enabling the company to build up a better understanding of the nature of the high-grade gold mineralization at Sao Chico," he added.
Serabi shares were trading down 3.6% to 3.49 pence per share on Wednesday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Serabi (SRB)