Serabi strikes 'bonanza' grade gold in Brazil
Serabi Mining, the Brazil-focused gold exploration company, says test drilling suggests the size of its Palito deposit may be 80% greater than first thought.
Serabi Mining, the Brazil-focused gold exploration company, says test drilling suggests the size of its Palito deposit may be 80% greater than first thought.
The drilling programme, which began in late October and ran through to the middle of November, involved digging eight holes. Test results received from the first five have "returned Bonanza grade gold and high grade copper".
Serabi's chief executive Mike Hodgson said of the results:
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The grades are of course very pleasing and suggest that the high grade nature of the ore that makes Palito such a compelling opportunity continue along the mineralized zone. The relative shallowness of the intersections (mostly between 45 metres and 80 metres vertical depth) is also indicative of the possibility to initially use open pit mining methods which can reduce the complexity and risk of future mining operations."
Shares in Serabi rose 6.5% to reach 10.65p at 10.57.
BS
-
Rightmove: property asking prices hit record high
News Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
By Marc Shoffman Published
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published