High-Grade Eploration Drilling Extends Lodes At Depth And Potentially Along Strike
Brazilian-focused gold mining and development company Serabi Gold plc (AIM:SRB, TSX:SBI) has confirmed depth and plunge continuity of the high grades in the Mogno and Ipe lodes through a combination of surface and underground exploration drilling.
Drilling on the Mogno and Ipe veins at the Palito Mine has confirmed depth extensions by over 100m below the lowest mined level. Furthermore, step out drilling indicates additional payable ore shoots up to 600m along strike in both directions.
Significant down plunge intersections on the Mogno lode from underground exploration drilling include:
- 0.75m @ 39.96 g/t Au
- 0.50m @ 12.52 g/t Au
- 1.00m @ 51.76 g/t Au
- 0.85m @ 35.31 g/t Au
- 1.25m @ 17.29 g/t Au
Down plunge intersections on the Ipe lode from underground drilling include:
- 2.05m @ 13.54 g/t Au
- 0.89m @ 36.62 g/t Au
CEO, Mike Hodgson, said surface drilling has highlighted a number of potential new ore shoots along strike on both lodes. On the Ipe vein, with hole PDD0565 intersectin 0.95m @ 3.49g/t Au 600m to the NW of the mine current development, and PDD0573 intersecting 1.25m @ 3.64g/t Au 400m to the SE of the current mine development, opening up the possibility of a very significant resource increase.
On the Mogno Vein previous drilling undertaken in 2018 also indicated this vein to be gold bearing 600 metres to the SE of the current mining area with PDD0533 having intersected 0.5m @ 1.38g/t Au whilst PDD0534 intersected 0.5m @ 2.06g/t Au.
“The Ipe and Mogno lodes are increasing their contribution of the Palito Mine ore feed due to their relative shallow depth and high grades,” Mr Hodgson said.
“Both these veins are being mined less than 200 metres from surface so are easily accessed and with the main ramp already deepened to over 350 metres from surface, both Ipe and Mogno do not require much capital development.
“Both shoots are extremely rich in both gold and copper with grades similar to the G3 vein which was a major contributing vein to Palito production in previous years. The confirmation that these veins are continuing at depth is excellent news and bodes well for the future of the operation. Furthermore, the drill results indicate significant potential to extend resources laterally along strike.
“We will continue drill testing these strike extensions over the coming months, and if we see a replication of the ore shoots currently being mined, this will confirm the potential for these two vein structures to continue make a major long-term contribution to gold production.
“With drilling still ongoing at the Sao Chico and Sao Domingos prospects and a fourth rig arriving in June, we look forward to providing further exploration results to the market over the coming months.”
