Serabi Gold plc., - CEO, Mike Hodgson
CEO, Mike Hodgson
Source: Serabi Gold
Market Herald logo


Be the first with the news that moves the market
  • Serabi Gold (TSX:SBI) have released its latest surface and step out drilling results from Sao Chico
  • Sao Chico is the company’s currently operating underground mine in Brazil
  • Serabi has extended the known mineralised portion of the mine’s west wall by 75 metres
  • The company’s best result was an underground step out drill result of 1.37 metres at 28.77 grams per tonne gold
  • Serabi Gold (SBI) is up 3.4 per cent and trading for $1.49 per share, with a $87 million market cap

Serabi Gold (TSX:SBI) has released the latest assays from its Sao Chico exploration program.

Sao Chico is a currently operating underground mine in Brazil. The company drilled 10 underground holes at Sao Chico, along with a couple of surface drills.

Surface results included 5.30 metres at 12.10 grams per tonne gold, and 3.40 metres at 3.9 grams per tonne gold.

Step out drilling from the underground mine included 1.37 meters at 28.77 grams per tonne gold, and 2.72 metres at 5.06 grams per tonne gold.

The company believes this indicates that the main vein structure continues to host gold-bearing mineralisation for 375 metres, west of the current mine’s limits. This is an extension of 75 metres further than Serabi previously estimated.

Further to this, the company has been conducting an intensive geochemical program to the south at Palito. This program has been following up on previous EM results.

Serabi’s CEO, Mike Hodgson, said that underground drilling focused on the main vein’s shallow portion, beyond the mine’s western limit.

“Surface drilling targeted the deeper portion of the main vein and its westerly extension. Results demonstrate good depth and grade continuity, with intercepts of 5.30 metes at 12.10 grams per tonne gold and 3.40 metes at 3.94 grams per tonne gold.”

“The intercept in 20-SC-166 is 300 metres below surface, and immediately down dip of 20-SC-164 and 20-SCUD341 and 20-SCUD-343, with all holes demonstrating mineable widths and grades.

“Further west, we have new holes. These are the three most westerly holes and all three intersected the main vein with the clearly defined vein/alteration visible” Mike said.

Serabi Gold (SBI) is up 3.4 per cent and trading for $1.49 per share at 11:20am EDT.

More From The Market Herald

" Baru Gold granted legal production rights in Indonesia

Baru Gold has received official correspondence from MEMR confirming its legal status to operate and produce gold on Sangihe Island.

" Trailbreaker Resources Acquires Golden Sable Property in BC

Trailbreaker Resources (V.TBK) has acquired the Golden Sable property in south-central British Columbia.

" Appia Rare Earths & Uranium begins drilling at Alces Lake Project

Appia Rare Earths & Uranium Corp. (C.API) begins its 2023 exploration and drilling programs at its Alces Lake Project in Saskatchewan.

" New rare-earths discovery uncovered in Namibia

E-Tech Resources (TSXV:REE) reported drilling results from its Eureka Rare Earths project in Namibia.