LONDON (ShareCast) - (Sharecast News) - Brazil-focussed gold mining and development company Serabi Gold announced the completion of a terrestrial induced polarisation (IP) geophysical survey on Wednesday, covering the strike extent of the Sao Chico structural corridor, with a number of "significant" chargeability anomalies identified.
The AIM-traded firm said the Cinderella anomaly - a chargeability and conductive high more than seven kilometres long, trending north east to south west - was coincident with a "strong" magnetic anomaly as well as sporadic electromagnetic anomalies.

That triumvirate of geophysical signatures made it a "compelling" target, the Serabi board claimed.

It also said a two kilometre long, east-northeast to west-southwest trending, robust chargeability anomaly was coincident with a subtle magnetic high, and was situated two kilometres west of the Sao Chico.

An elongate chargeability anomaly was reported as lying on the western edge of the survey area, and a cluster of chargeability anomalies was said to be located in the northwest of the survey area and lying within the Sao Chico strike corridor.

Additionally, a chargeability/conductivity anomaly on the flanks of the Cinderella Anomaly was reported, also hosted within a magnetic high.

Serabi said an extensive surface geochemistry programme would now be undertaken, to identify and refine drilling targets for 2019.

"As the images demonstrate, the results from this survey have been excellent, and better than we would have expected at the outset," said Serabi Gold chief executive officer Mike Hodgson.

"The survey has shown abundant, high quality chargeability anomalies to the south, east and west of the Sao Chico Deposit.

"As I noted following our news release of 20 November, the multiple anomalies that the airborne survey has generated are very exciting, but I feel that this cluster of IP anomalies all located in our exploration tenements, and all within seven kilometres of the Sao Chico deposit, is very significant."

Hodgson said he had "always considered" that Sao Chico had "very good" potential, with the results opening up the possibility for the discovery of a number of new orebodies which, though needing further evaluation, he believed could provide "rapid and significant" resource growth.

"The Cinderella shear is a very prominent anomaly that we first reported in our news release of 20 September when we reported the first results from this IP survey.

"It has also been highlighted in the results obtained from the airborne survey and we have also now extended its strike in this second part of the IP survey.

"A coincidental linear anomaly which now extends for seven kilometres and where there has been historical artisanal mining activity around the areas that drain from the anomaly, make it an extremely significant anomaly."

In addition, Hodgson noted that the company had the "excellent" A, B and C anomalies along strike and to the west of the Sao Chico orebody, which had "excellent" chargeability properties indicative of sulphide mineralisation.

"We hope that, following further evaluation, these will evolve to be gold hosting bodies much like the adjacent Sao Chico orebody.

"This survey has provided us with some real potential," Hodgson commented.

"The next steps will be an extensive surface geochemistry programme, which we anticipate will further refine the anomalies and provide better target drilling definition for programmes to be undertaken later during 2019."

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