Serabi Mining discovers areas of interest

Serabi Gold, the Brazilian focused exploration company, has discovered areas of geological interest in the results of its recently completed 2011 'Eastern Block' induced polarization (IP) ground geophysical survey in the Jardim do Ouro project.

The results indicate a number of IP chargeability anomalies which correspond with airborne electromagnetic (VTEM) geophysical anomalies discovered in the 2008 & 2011 surveys.

These VTEM anomalies were targeted as part of the company's ongoing strategy to develop a pipeline of exploration targets, to complement the ongoing mine site exploration programme, the firm said.

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The IP survey identified four anomalies which demonstrated both robust chargeability and coincident resistivity and two of these targets are of particular interest for future exploration.

In a statement the firm said: "The decision to extend our programme and subsequent ground geophysics IP survey over the Eastern Block area has been more than vindicated by these results.

"We are most encouraged by the tenor of the two anomalies that lie towards the north of the eastern block, as they exhibit many of the same characteristics of the Currutela, Piaui and Espeto discoveries, as well as those of the Palito Gold Deposit itself."

The share price rose 1.27% to 10p by 08:32.

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