Serabi Gold PLC - Brazil-focused gold mining & development company - Says Palito complex has measured and indicated resources of 262,956 ounces of gold and inferred resources of 211,821 ounces. Notes a "significant" increase at Sao Chico, with measured and indicated resources more than doubling to 82,807 ounces of gold and the inferred resources almost doubling to 94,002 ounces. Says company mine development work and exploration programmes are underway to catch-up on lost time after being curtailed in 2020 due to the Covid-19 pandemic.
"We are fully funded to complete our 2021 exploration programme which will include 32,000 meters of diamond drilling over the course of the year. Much of this drilling will be focused on extensions to the Palito and Sao Chico orebodies which remain open along strike, laterally and at depth. This exploration programme will be the largest in the company's history and we are confident that it will deliver resource growth. In addition, we are working hard to catch up the mine development that was put on hold during the Covid-19 pandemic. This development not only opens up new areas of the mines but is an integral part of the conversion of resource blocks into reserve ounces," says Chief Executive Mike Hodgson.
Current stock price: 69.00 pence
Year-to-date change: down 28%
By Zoe Wickens; zoewickens@alliancenews.com
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Serabi (SRB)