Serabi Gold PLC [SBI-TSX; SRBIF-OTC; SRB-AIM] provided an update on the successful maiden drill program of the Matilda prospect within the 100%-owned Palito complex in the Tapajos region of Para state, northern Brazil.
Highlights: Assay results from the first-pass three-hole diamond drilling program into the Matilda Prospect confirm the discovery of a Cu-Au-Mo porphyry system. Anomalous mineralisation was encountered along the entire length of each hole with average grades of each hole over 0.2% copper equivalent (CuEq): 234.20 metres at 0.26% CuEq (22-MT-001); 210.57m at 0.20% CuEq (22-MT-002); 250.75m at 0.23% CuEq (22-MT-003).
Higher grade copper equivalent intercepts include 7.55m at 0.52% CuEq from 57.00m (22-MT-001); 21.00m at 0.44% CuEq from 113.00m including 7.85m at 0.67% CuEq from 113.00m and 3.60m at 1.02% CuEq from 117.25m (22-MT-001); 19.08m at 0.51% CuEq from 215.12m (22-MT-001) and open at depth; 19.40m at 0.35% CuEq from 38.25m including 8.75m at 0.43% CuEq from 38.25m (22-MT-002); 4.45m at 0.57% CuEq from 77.30m (22-MT-002); 2.75m at 0.73% CuEq from 193.85m (22-MT-002); 37.05m at 0.37% CuEq from 43.40m including 2.50m at 0.50% CuEq from 43.40m (22-MT-003); and 22.90m at 0.47% CuEq from 127.10m (22-MT-003).
Drilling targeted the high grade portion of a 2.5 km by 1.2 km copper-gold soil geochemical anomaly although the area with the highest magnetic signature remains untested. Follow-up work to initially focus on higher definition of magnetics and soil geochemistry to help target the next drilling program. Matilda represents one of five compelling, zoned multi-element, soil geochemical anomalies defined by the exploration team in recent years along the margins of a 40-km magnetic high.
Mike Hodgson, CEO, said: “It is obviously great news to confirm the discovery of a porphyry on our property. We now plan to follow-up with infill geophysical and geochemical surveys to help us better understand where we are within the system and focus future drilling. Significantly, the three holes completed to date targeted the geochemical high, but the core of the magnetic high has yet to be tested. We have engaged a number of external porphyry experts to assist us with moving this exciting program forward.
“This is a very promising time for Serabi and between this discovery, the excellent progress with the development of Coringa , improved production from the Palito Complex, and advancing all our high priority regional targets, we look forward to updating all our stakeholders.”