RE: So undervalued21 Dec 2021 08:34
Mike Hodgson, CEO of Serabi, commented:
“These recent assay results into the newly identified Gabi Vein at Sao Chico are very exciting. They clearly illustrate the lateral potential that exists at Sao Chico. With multiple payable drill hole intercepts into the vein covering a strike length of over 1,000 metres and depth of 400 metres, it demonstrates potential to add significant additional mineral resources from this new ore zone, which also appears amenable to selective mining. With the Gabi Vein just 70 metres south of current mine development, access is simple and during the early part of 2022 confirmatory infill drilling will be conducted.
“Coringa mine development is continuing as planned and I was at site last week to observe progress first hand. I am delighted to report we are scheduled to intersect the first of three veins at approximately 340 metres RL elevation before the end of the year. The ground conditions are excellent, and after installing some initial rock support around the portal, the Coringa rock conditions look every bit as good as we see at Palito. I will be looking forward to reporting on the first intersections into the Serra zone early in the new year.
“Staying with Coringa, on 6 December we were subject to informal news in Brazil, that suggested the granting of future licenses at our Coringa project would be dependent upon the completion of an indigenous impact study. I can confirm that today all current licenses are valid and in good standing, and it remains very much business as usual at Coringa, with the mine under development. Contrary to the news reports we are advised that a formal decision by all three judges that are considering the matter has yet to be made and to date all prior court hearings have suggested an indigenous impact study will not be required. Nonetheless following meetings with the regulatory authorities and the indigenous communities during the third quarter of 2021, Serabi undertook to voluntarily initiate a study to assist the regulatory authorities with their consideration of the Installation Licence application. We therefore do not expect these reported matters to adversely impact the granting of the Installation Licence and are still planning to commence construction of the Coringa processing plant in the middle of 2022.”
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