Business
Statement re Update on Palito Gold Project
Statement re Update on Palito Gold Project.
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n\n\n\n\n SERABI MINING plc\n (\"Serabi\" or \"the Company\")\n Update on Palito Gold Project, Brazil\n\nSerabi , the AIM-traded gold exploration and production company is pleased to\nprovide a progress update on the Company's 100% owned Palito gold project in the\nTapajos region of northern Brazil.\n\nSerabi announce that, in accordance with its 2010 exploration work programme\n(set out in the Company's press release of 28 January 2010), the initial\nfollow-up ground-induced polarisation (\"IP\") geophysical survey at the Company's\nJardim do Ouro project in Para, Northern Brazil commenced in mid-March. This is\nthe next stage of a systematic exploration programme with the objective of\nbuilding Serabi's resources to 1.5 million ounces through the identification of\nsatellite ore deposits in close proximity to its Palito gold mine.\n\nGeophysical contractor, Fugro, mobilised to site in mid-March to undertake this\ninitial survey totalling 45 line km, which is estimated to be completed during\nthe latter part of May. The area covered by this initial survey all lies within\na 3km radius of the Palito Mine. The planned survey area covers 10 of the 18\nprioritised target anomalies identified during the 2008 airborne Electromagnetic\n(\"EM\") geophysical survey undertaken by the Company.\n\nThe IP survey lines are spaced 200m apart, perpendicular to the dominant\nmineralised trends. Further infill lines at 100m spacing maybe required to\nbetter define any anomalous zones, which will be drill-tested in 2010 and 2011.\nAs at 31 March, 37 line km of the initial 45 line km had been opened for access\nand prepared with 19.5 line km pegged and a total of 14 line km having been\nsurveyed. Subject to weather conditions, the Company expects that approximately\n1.0 line km can be surveyed daily.\n\nThe resulting data is being streamed live to the Company's geophysical\nconsultants off-site for immediate assessment thus enabling the survey programme\nto be amended, where appropriate, as results are generated. Diamond drilling\ncontractors are currently scheduled to mobilize to Palito in June 2010 to\ncommence drilling the best integrated geophysical and geological targets.\n\nBackground\n\nPalito  and near mine mineralised zones are characterised by quartz-sulphide and\nmassive sulphide veins. The v...