2023-10-06 08:54:05
(Alliance News) – Serabi Gold PLC said Friday its updated mineral resource estimate for the Palito complex indicated a “significant increase” in gold.
The Brazil-focused gold mining and development company said measured and indicated resources stood at 377,800 ounces of contained gold, an increase of 50% from the December 2021 estimate.
It said resources stood at 1.2 million tonnes at an average grade of 10.08 grams gold per tonne. She noted that the average reported grade of measured and indicated resources, 10.08 grams, increased from 5.23 grams previously.
It said there were additional inferred resources of 153,900 ounces, or 682,400 tonnes at an average grade of 7.01 grams per tonne. The average grade reported for inferred resources increased by 45%, from 4.8 grams to 7.01 grams.
Managing Director Mike Hodgson said: “This significant increase in the geological resources of the Palito deposit since the last estimate published in December 2021 is the result of an aggressive underground drilling program over the past 18 months, which has clearly been successful. I am pleased to announce that we now have a total mineral resource inventory for Coringa and the Palito Complex in excess of one million ounces.
“We have always maintained that Palito is a long-lived asset, which can be difficult to demonstrate in a narrow-veined underground deposit. When mining began in 2005, the initial resource was approximately 400,000 ounces. With over 15 years of production during which over 400,000 ounces have been mined, having today a total new mineral inventory of over 500,000 ounces is not only extremely encouraging, but it clearly demonstrates geological potential and a successful resource replacement strategy.
Mr Hodgson added there was “no reason to think this won’t continue”.
Serabi shares rose 5.1% to 27.60 pence each on Friday morning in London.
By Harvey Dorset, Alliance News reporter
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