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Serabi Gold plc (TSX:SBI,LSE:SRB) announced initial results from surface drilling at its Brazil-based Sao Chico gold mine. According to the company, the results are helping it build a better understanding of the high-grade gold mineralization located there.
Serabi Gold plc (TSX:SBI,LSE:SRB) announced initial results from surface drilling at its Brazil-based Sao Chico gold mine. According to the company, the results are helping it build a better understanding of the high-grade gold mineralization located there.
As quoted in the press release:
A drilling programme of approximately 5,000 metres, totaling some 35 holes, has been ongoing since April this year, targeting the strike and depth extension of the known Sao Chico Main Vein, as well as some infill drill holes. The longitudinal section and drill plan reproduced within this release summarise the drilling undertaken to date.
Drill highlights are as follows:
Mike Hodgson, CEO of Serabi, commented:
This high grade gold mineralisation is dominantly hosted in a consistent two to eight metre wide alteration zone, which itself is visually easily identifiable. However, the high grade gold zones within this alteration zone are much less so, and as result the mining operations will require on-lode development at regular vertical intervals, with regular channel sampling and in-fill drilling between these levels to best define the high grade gold mineralisation. This approach is allowing us to readily identify stoping blocks and optimize what are some exceptionally high gold grades.
Considering the need to drill a tighter drill pattern at Sao Chico, at least in the short-term , the drilling campaign has had to change focus from step out exploration drilling to more in-fill drilling. The Company has therefore taken the view that with this change in priority, the planned resource update be deferred until 2016. This will allow us time to complement the surface drilling campaign with underground lode-development. We also feel, with gold prices being volatile and all gold juniors facing considerable economic headwinds, that the Company should be minimizing discretionary costs and an independent technical report falls into that category.
Click here to read the full Serabi Gold plc (TSX:SBI,LSE:SRB) press release.