Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Serabi Gold reports progress at Palito complex
(Sharecast News) - Serabi Gold updated the market on its regional exploration campaign at the Palito complex in the Tapajos region of Para State in northern Brazil on Monday, reporting significant progress and findings. The AIM-traded firm said the induced polarisation (IP) programme conducted in December over the São Domingos property identified a substantial chargeability anomaly measuring one kilometre long by 0.25 kilometres wide.
That anomaly, which underlay several areas of artisanal activity, showed promise for potential mineral deposits.
Following up on that discovery, a wide-spaced auger programme was undertaken, with holes spaced about 100 metres apart and reaching depths of up to seven metres.
Notable intercepts from the programme included one metre at 18.46 grams of gold per tonne, two metres at 0.18 grams of gold per tonne, and several others, indicating the presence of gold mineralisation in the area.
Furthermore, significant progress was reported in interpreting the extensive soil geochemistry database, covering over 70% of Serabi's permit portfolio.
That effort led to the identification of multiple geochemical alteration systems, including the Copper Hill, Ganso, and Calico targets, among others.
Recent drilling at the Ganso Target, located 13 kilometres northeast of the Matilda copper target, suggested the presence of an upper alteration zone typical of a copper porphyry system, opening up new possibilities for both epithermal gold and porphyry copper-gold mineralisation.
Moreover, recent diamond drilling at the Matilda target demonstrated mineralisation extending to over 150 metres depth, with the final hole intercepting significant mineralisation, including 144 metres at 0.26% copper and 0.06 grams of gold per tonne, and 32 metres at 0.40% copper and 0.10 grams of gold per tonne.
"The new IP geophysics and soil geochemistry results, combined with the historic high-grade results from 2021, make São Domingos a highly compelling target," said chief executive officer Mike Hodgson.
"This new data set has helped us understand better the past successful drilling results of 2021.
"We have revised our initial geological interpretation and are a significant step closer to identifying the source that has supported extensive artisanal workings in the area."
Hodgson said Serabi had only just started "unlocking" the potential of the district, adding that the discovery of the alkalic porphyry style copper-gold deposit at Matida was highly significant for the district and for the company.
With more targets defined, he said the firm was conscious of the need to continue focussed exploration with the objective of demonstrating the viability of at least one target.
"Whilst Vale have, during this week, informed us that they wish to withdraw from the exploration alliance, we do have a number of other groups keen to partner with us on the exploration for copper mineralisation.
"We remain excited, and these other companies seem to share our optimism, for discovering commercial copper porphyry mineralisation in our Tapajos tenements.
"We have very much enjoyed working with Vale and from Serabi's perspective achieved a key objective of significantly advancing our understanding of Matilda as well as identifying other potential targets for copper porphyry mineralisation during the past 12 months."
At 1027 BST, shares in Serabi Gold were down 3.6% at 67p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.