- Serabi Gold (TSX:SBI), a Canadian microcap gold stock, is announcing a significant increase to the mineral resource estimate for its Palito complex in Brazil
- Measured and indicated resources of 377,800 ounces of gold are up by 50 per cent from the December 2021 estimate with 3 km of strike still to be explored
- Serabi Gold is a gold exploration and production company focused on deposits in Brazil
- Serabi Gold stock (TSX:SBI) has fallen by 26.36 per cent over the past five years
Serabi Gold (TSX:SBI), a Canadian microcap gold stock, is announcing a significant increase to the mineral resource estimate for its Palito complex in Brazil.
The new NI 43-101 estimate features:
- Measured and indicated (M&I) resources of 377,800 ounces of contained gold, up by 50 per cent from the December 2021 estimate
- The M&I resources’ average grade of 10.08 g/t is up by 93 per cent from the previous figure of 5.23 g/t
- Inferred resources of 153,900 ounces of gold
- The inferred resources’ average grade of 7.01 g/t is up by 45 per cent from the previous figure of 4.83 g/t
The company expects an updated mineral reserve estimate and NI 43-101 technical report within the next 45 days. Management is forecasting an increase in the vicinity of 58,000 ounces of gold.
Palito’s vein structures, where the resource lies, are within an approximately 1 kilometre strike, with another 3 km to be tested for further resource upside.
“This significant increase in geological resources for the Palito deposit since the last published estimation as of December 2021 is the result of an aggressive underground drilling program over the last 18 months, which has clearly been very successful. I am pleased to report that we now have a total mineral resource inventory across Coringa and the Palito complex in excess of 1 million ounces,” Mike Hodgson, CEO of Serabi Gold, said in a statement.
“We have continually maintained that Palito is a long-life asset which can be difficult to demonstrate within a narrow vein underground deposit. When mining started in 2005, the maiden resource was approximately 400,000 ounces. With over 15 years of production during which more than 400,000 ounces have been mined, and to now have a new total mineral inventory in excess of 500,000 ounces, is not only extremely encouraging, but it clearly demonstrates the geological potential and a successful resource replacement strategy. We have no reason to believe this will not continue. It is also particularly pleasing to see a significant jump in grade,” he added.
Updated mineral resource estimate for the Palito complex
Comparison of mineral resources for the Palito complex with previous estimate
Serabi Gold is a gold exploration and production company focused on deposits in Brazil. Combined gold production from its Palito complex currently stands at 40,000 ounces per year.
Serabi Gold stock (TSX:SBI) is unchanged trading at $0.405 per share as of 10:15 am ET. The stock has fallen by 26.36 per cent over the past five years.
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