Business
Update on Geophysical Survey at Palito
Update on Geophysical Survey at Palito.
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\n update ON GEOPHYSICAL SURVEY AT PALITO GOLD PROJECT, BRAZIL\nSerabi, the AIM-traded gold exploration and production company, announces a\nProgress Update Report on the Company's 100% owned Palito gold project in the\nTapajos region of northern Brazil.\n\nHighlights\n * Drilling expected to commence in July 2010\n * 9 drill ready targets identified from initial survey over 14 EM anomalies\n * To the east of Palito a chargeable complex, containing at least 6 discrete,\n sub-parallel, chargeable bodies, has been found\n * Further IP surveys planned to further extend and delineate some of the\n anomalies identified\n\n\nFurther to the Company's press release of 9 April, the initial follow-up\nground-induced polarisation (\"IP\") geophysical survey at the Company's Jardim do\nOuro project in the state of Para, Northern Brazil, which commenced in\nmid-March, has now been completed and the interpretation of the results\nundertaken.\n\nThis Survey was a follow-up to the company's successful airborne Electromagnetic\n(\"VTEM\") geophysical survey, which had highlighted a significant number of\ngeophysical targets within close proximity to its Palito mine, of which the\nCompany had prioritized 18 targets that it believed merited further evaluation.\n\nThe IP Survey focused on 3 main areas lying within 5km of the Palito plant and\ninfrastructure, parts of which fall within the existing mining lease. These\nthree areas covered 14 of the18 initial VTEM targets. Data interpretation and\nintegration of the recent IP results with all other pre-existing exploration\ndatasets has delineated at least nine significant targets warranting drill\ntesting at the earliest opportunity. These anomalies exhibit high chargeability\n- low resistivity attributes, properties one would expect to find associated\nwith sulphide bodies and which are characteristics of the gold bearing sulphide\nbodies found at Palito.\n\nMike Hodgson, Chief Executive of Serabi Mining, commented:\n\"The Company views these results with great optimism and excitement. To be\nrewarded with 9 drill targets from a ground survey testing an initial 14\nanomalies was well beyond the expectations we had at this stage. Furthermore,\nit has demonstrated that using EM as a fir...