9th Sep 2025 12:25
(Clarifies that the 2025 programme is set to end at the end of 2025.)
(Alliance News) - Serabi Gold PLC on Tuesday said it is excited about the "strong" exploration results it has seen so far as it provided an update for brownfield drilling campaigns at Palito Complex and Coringa in the Tapajos region of the Para State in northern Brazil.
The Brazil-focused gold miner said it found 151.00 grammes of gold per tonne from 60.68 metres.
Serabi highlighted "significant" extensions of the Senna orebody to the north and south at Palito Complex.
The company said its objective of the drill programme and a similar programme in 2026 is to grow its current group mineral inventory to around 1.5 million ounces from 1 million ounces. The 2025 programme is set to end at the end of 2025, while the 2026 programme is expected to start in the second quarter of 2026 after the rainy season.
Chief Executive Officer Mike Hodgson said: "The success is not limited to Coringa, as at Palito Complex, we focused on the Serra zone, which was mined during 2013-2017. The zone was always open along strike, but wasn't drilled until now due to previous cash constraints. We are excited about the strong exploration results we've seen to date and remain committed to further advancing our projects in a clear path toward resource growth to deliver long-term value for our shareholders."
Serabi shares were 4.3% higher at 229.50 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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