Business
Exploration update
Exploration update.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n\n SERABI MINING plc (\"Serabi\" or \"the Company)\n Exploration results indicate new mining potential at Palito\n\n\nSerabi Mining plc (AIM:SRB) announces ongoing exploration success at\nthe Ruari's Ridge and Chico do Santo projects, which now provides a\nbasis for detailed evaluation and preliminary mining to commence\nduring the second half of the year, with the potential for full scale\nmining to start in 2008.\n\n\n * Drill and trench intersections at Ruari's Ridge confirm the\n presence of a major new mineralized zone, consisting of multiple\n veins that Serabi expects will form the basis of a new mining\n area\n * Results at Ruari's Ridge extends the inferred strike extension of\n high-grade gold/copper mineralisation by 300m to 950m strike and\n vertically by 100m to 300 metres\n * Extent and number of mineralised structures increases at the\n Chico do Santo project, with improved potential to establish a\n satellite mine in this area\n * A detailed evaluation programme will now commence at both\n projects with the objective of commencing full-scale mining in\n 2008\n\n\nWith increasing facilities coming into place, exploration and\nevaluation has been escalating during the past year across the Jardim\ndo Ouro district, the area immediately adjacent to Serabi's Palito\ngold mine. Resulting from this ongoing drill and trench results from\nthe Ruari's Ridge and Chico do Santo projects now indicate both have\ngood potential to be developed as satellite mines at the Palito\noperation.\n\nRuari's Ridge\n\nLocated approximately 500m south-west of the underground mining\noperation established on the Palito Main Zone (PMZ) mineralisation,\nthe Ruari's Ridge project was originally defined by a strong\ngold-in-soil geochemical anomaly, situated on the flank of a\nsignificant magnetic geophysical high; it is noteworthy that a\nsimilar geochemical anomaly has been identified just over 100m to the\nsouth-east but is yet to be tested. Preliminary drill results\nreported in the Company's Exploration Updates of 13 September, 2006\nand 26 March, 2007, identified sub-parallel zones of gold and copper\nmineralisation extending over 600m strike and 200m down dip. Initial\nPhase-2 follow-up drill and trench results now confirm the presence\nof at least three or four sub-parallel zones of gold-copper\nmineralisation which has exten...