Business
Exploration Update - 22 July 2008
Exploration Update - 22 July 2008.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\nSerabi Mining plc ('Serabi' or 'The Company')\n\nSerabi Mining plc (AIM : SRB) announces exploration developments from\nthe Palito mining district and other Tapajos regional projects.\nHighlights of exploration in the first half of 2008 include:\n\n- extensive strike and plunge extensions of the high-grade G3 and\nJatoba mineralised zones to the south-east of the Palito mine;\n- high-grade mineralisation continues on strike in both directions at\nthe Palito West zone, remaining open at depth, while the discovery of\nadditional high-grade parallel zones demonstrates the potential for\nmultiple mineralised zones in this area;\n- electromagnetic geophysics technique confirmed as a prime\nexploration tool for rapid identification of mineralisation; further\ndrill testing of anomalies expected to commence before year-end\nfollowing detailed interpretation of potential targets;\n- detailed drilling at the Ruari's Ridge prospect confirms new\nresource potential for shallow saprolite and oxide mineralisation in\nthe Palito district; and\n- regional project screening indicates widespread gold occurrences at\nPison, with high expectations for exploration starting at the Rio\nMarupa project, one of the more prospective, historic high-grade\nartisanal production areas in the Tapajos.\n\nCommenting on these exploration results Mike Hodgson, Chief Executive\nOfficer of Serabi Mining plc, said:\n\n\"Serabi has significantly stepped up its exploration programme over\nthe past year with success on a number of fronts that continue to\npoint to near term potential at Palito, as well as the wider\nopportunities in the long term.\n\nFollowing our recently announced Ore Reserve & Mineral Resource\nUpdate at Palito to March 31, subsequent drilling results continue to\nindicate good potential for additional resources, particularly to the\nsouth of the PMZ and along the very high-grade Palito West zone.\nUnderground development towards Palito West has already commenced and\nis expected to intersect the said mineralisation by year-end.\nDevelopment east of the PMZ into the Jatoba orebody similarly\ndemonstrates the Company's ability to quickly turn discoveries into\nreserves and production. Furthermore, although relatively small, the\ndiscovery of oxide resources at Ruari's Ridge forms a useful\nsupplementary source of ore and we are now t...