- Serabi Gold (SBI) provided an exploration update from its Palito Mine in the Tapajos region of Para State, Northern Brazil
- The UK-based gold mining and development company unearthed high-grade intercepts from the recent underground drilling, as well as some previous surface and underground drilling
- Zonta is a new zone discovered between Senna, the project’s most westerly developed vein, and the Piaui zone, which was drilled earlier this year
- Serabi Gold is unchanged, trading at $0.35 at 1:40 p.m. ET
Serabi Gold (SBI) provided an exploration update from its Palito Mine in the Tapajos region of Para State, Northern Brazil.
The UK-based gold mining and development company unearthed high-grade intercepts from the recent underground drilling, as well as some previous surface and underground drilling:
- 0.55 metre at 55.99g/t Au from 397.15 metres (PDD0289)
- 0.75 metre at 34.75g/t Au from 217.00 metres (PUD0793)
- 1.00 metre at 36.46g/t Au from 223.55 metres (PUD0801)
- 1.20 metre at 10.65g/t Au from 300.80 metres (PUD0803)
- 1.00 metre at 10.69g/t Au from 234.45 metres (PUG009)
The Zonta Vein lies 100 metres further west of the Senna Vein, which is in production, and, once developed, is projected to be the most westerly production vein at Palito.
Serabi CEO Mike Hodgson called these excellent results from underground drilling at the Palito Mine. He noted that this recent phase of drilling has intersected the Zonta Vein, an orebody that the team had previously identified with limited surface drilling but had never properly drill tested. Most significantly, Zonta lies west of the Palito mine, meaning this is a new zone discovered between Senna – the project’s most westerly developed vein and the Piaui zone, which was drilled earlier this year. With minimal information between Zonta and Piaui, there is a high possibility of finding multiple veins as the team develops the mine.
“Of further interest is the depth of some of these intercepts in the Zonta Vein. Hole PUD 0803 is 400 metres below surface, the deepest intercept in all of the Palito veins, recording 10.65 g/t over 1.20 metres and therefore indicating the veins remain robust at depth,” he added. “Access and development of the Zonta vein are already underway with a simple crosscut from the Senna Vein. and the resulting resource will make a meaningful contribution to our forthcoming mineral resource update and gold production in 2023 and 2024.”
Serabi Gold is unchanged, trading at $0.35 at 1:40 p.m. ET.