Serabi Gold (SBI) has announced positive results from exploration activity at its Calico target.
The Calico target is located 5km from the Palito Operation and Processing plant.
- Identification of significant geochemical gold-in-soil anomalies at Calico, Juca and Forquilha, of which Calico is now very significant over a two-kilometre by two-kilometre area. Values as high as 0.8g/t gold have been recorded, better than have been seen in any soils over the Palito orebody.
- Subsequent terrestrial geophysics survey using Induced Polarisation (“IP”) covering the Calico soil anomaly has identified multiple chargeability anomalies.
- Both results are very comparable in terms of scale and signature to the Palito orebody, a 600,000-ounce resource, being mined today.
- First pass drill-testing of the Calico prospect is planned in the coming months.
- Multi-element soil anomalies confirm strike extension of known gold occurrences at the Fofoca prospect on the Sao Chico/ Sao Domingos trend.
Mike Hodgson, CEO of Serabi commented, "These positive results from the regional programmes at Calico and Fofoca are very encouraging. After the interruptions to the exploration campaign of 2020 due to the pandemic, this year we are embarking on the most substantial exploration effort seen by Serabi to date.
“Calico is located just five kilometres from Palito, and in the past months, we have completed follow-up terrestrial geophysical and geochemical surveys. Measuring two kilometres by two kilometres and with soil assays as high as 0.8g/t, this anomaly is comparable to the geochemical anomaly over the Palito orebody.
Given its proximity to Palito and the fact that it shares many similar characteristics including what seems to be a similar geochemical and geophysical signature, we plan to conduct some initial first pass drilling during the coming months."
With favourable geological mapping, coincidental IP anomalies and gold geochemical anomalies, the Company will be focussing on first pass drill testing of these targets in the coming months.
Serabi Gold (SBI) opened trading at C$1.54.