Multiple Significant Trends Recorded At Palito
Brazilian-focused gold mining and development company Serabi Gold plc (AIM:SRB, TSX:SBI) has received further positive results from its ongoing regional exploration activity at its Calico target, which is located just 5km from the Palito Operation and Processing plant.
In addition, initial regional soil geochemistry on the Sao Chico/Sao Domingos trend has recorded multiple significant gold and multi-element anomalies within this highly prospective mineralised corridor.
CEO, Mike Hodgson, said the significant geochemical gold-in-soil anomalies at Calico is now very significant over a two kilometre by two kilometre area.
Values as high as 0.8g/t gold have been recorded, better than have been seen in any soils over the Palito orebody, with first pass drill-testing of the Calico prospect planned in the coming months.
“These positive results from the regional programmes at Calico and Fofoca are very encouraging,” Mr Hogson said.
“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. Both Calico and Fofoca fall into this category.
“At Calico the results to date are very compelling and, even at this early stage, lead us to start drawing positive comparisons with the Palito orebody. The Calico location was first observed as a significant electromagnetic anomaly from the airborne survey completed in 2018. In the Tapajos, such electromagnetic highs are typically indicators of sulphide bodies, which, as we see at Palito and Sao Chico and elsewhere, can often be gold-bearing.
“Calico is located just five kilometres from Palito, and in the past months we have completed follow-up terrestrial geophysical and geochemical surveys. The soil geochemistry programme defined several highly interesting anomalies, namely Calico, Juca and Forquilha, of which Calico is the most significant. Measuring two kilometres by two kilometres and with soil assays as high as 0.8g/t, this anomaly is comparable to the geochemical anomaly over the Palito orebody.
“This geochemical survey has now been complemented by IP which has proven to be very effective at Palito. The IP has highlighted a series of NW-SE anomalies, some sited within the bounding gold soil anomaly at depth and some adjacent to the soil anomalies. The orientation of these IP anomalies is consistent with broader regional structural fabric and the trend of the veins at Palito, just five kilometres away.
“Given its proximity to Palito and the fact that it shares many similar characteristics including what seems to be a similar geochemical and geophysical signature, we plan to conduct some initial first pass drilling during the coming months.”
“The geochemical survey at Fofoca, located in the eastern part of the Sao Domingos tenement acquired by the Company in late 2020, is still in progress. The initial results have defined a number of new geochemical anomalies outside the multiple past and present artisanal mining areas. The survey will continue with a follow-up drill programme to be undertaken once this is completed.”
