Announcement Date: 2022-03-07
Announcement Type: Deposit Estimation
Announcement Code: NI43-101
Company name: Serabi Gold Plc
Project name: Palito
Location: Brazil
Commodities: Gold
Highlight: Updated Resource and Reserve Estimates for Project
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: 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 2021. “The Palito Complex has a long history of reserve and resource replenishment and it is pleasing to demonstrate this once again, through this positive reserves and resource update. Our global mineral resources have remained relatively stable and our global mineral reserve has increased by 9% despite mine depletion. To do this against the backdrop of supply chain issues on essential equipment during 2021 post pandemic is commendable. “2022 promises to be another year of further consolidation as the ongoing supply chain issues diminish. We will be expecting to accelerate our exploration and development activities and further grow the resources throughout the year. The Palito and Sao Chico orebodies remain open along strike, laterally and at depth. We look forward to updating the market with our exploration results throughout the year and are confident these will lead to a growth in both our reserves and resources and demonstrate that the Palito and Sao Chico deposits remain long-life assets.” Updated Reserves and Resources Table 1 below sets out the updated Mineral Reserve and Resources Estimate for Palito and Sao Chico as at 31 December 2021 (“December 2021 MRE”). A comparison with the previously reported Mineral Reserve and Resource Estimate as at 31 December 2020 published on 29 March 2021 (the “December 2020 MRE”) is set out in the Appendix. The Mineral Reserve and Resources Estimate for Coringa has not been updated.
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