Business
Updated Mineral Reserves and Resources for Pali...
Updated Mineral Reserves and Resources for Pali....
About this update from Serabi Gold Plc
[{"type":"text","content":"\n \n \n Updated Mineral Reserves and Resources for Palito Complex as at December 2020\n \n \n \n \n For immediate release\n \n 29 March 2021\n \n Serabi Gold plc\n (“Serabi” or the “Company”)\n \n \n Serabi Gold Reports Mineral Reserves and Resources at its Palito Complex as at December 2020\n \n Serabi Gold plc (AIM:SRB, TSX:SBI), the Brazilian-focused gold mining and development company, today reported its updated Mineral Reserves and Resources estimate at Palito and Sao Chico as of 31 December 2020.\n \n Highlights\n \n \n Total Measured and Indicated Resources of 262,956 ounces and Inferred Resources of 211,821 ounces.\n Significant increase in the Sao Chico resources with the Measured and Indicated Resource more than doubling to 82,807 ounces and the Inferred Resource almost doubling to 94,002 ounces following successful exploration programme in 2019.\n Accelerated mine development and exploration programmes underway to catch up activity that was curtailed in 2020 to mitigate risks and impacts of COVID-19 pandemic and is expected to support further resource growth.\n \n \n Mike Hodgson CEO commented: \n \n “The Palito Complex has a long history of reserve and resource replenishment and it is pleasing to demonstrate this once again. Our global mineral resources have remained relatively stable despite mine depletion and although the reported reserves are lower than we would normally expect, this is a direct result of the measures we took to safeguard our operation in the face of the COVID-19 pandemic.\n “Following the successful equity raise of US$17.5 million announced on 2 March 2021, 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.\n...