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Serabi Gold PLC - London-based Brazil-focused gold miner - Finds porphyry at Matilda prospect in the northern Brazilian state Para. ‘Assay results from the first-pass three-hole diamond drilling programme into the Matilda prospect confirm the discovery of a copper-silver-molybdenum porphyry system,’ it explains. Porphyry copper deposits can contain elements such as gold, silver and molybdenum.
Hole 22-MT-001 had the highest proven average grade of copper equivalent at 1.02% at a length of 117.25 metres. ‘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 programme forward,’ says Chief Executive Officer Mike Hodgson. In April, the miner found up to 258.24 grammes of gold per tonne at the Toucano prospect, around 1.9 miles north-west of the Matilda prospect.
Current stock price: 40.60 pence, down 1.0% on Tuesday
12-month change: down 38%
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