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LONDON - Serabi Gold plc (AIM:SRB, (TSX:SBI), OTCQX:SRBIF) announced an updated mineral resource and reserve estimate for its Palito Mine in Brazil, reporting a 4% increase in total mineral inventory to 552,300 ounces of gold.
The updated estimate, with an effective date of April 1, 2025, shows Proven and Probable Reserves of 162,600 ounces (706,000 tonnes at 7.2 g/t Au), representing over six years of operations at current production levels. This compares to 206,400 ounces reported in July 2023.
Measured and Indicated Resources increased 3% to 388,400 ounces (1,252,900 tonnes at 9.6 g/t Au) compared to December 2023 figures. Inferred Resources grew 7% to 163,900 ounces (690,200 tonnes at 7.4 g/t Au).
"This updated Mineral Resource demonstrates Serabi’s ability to replenish resources on a consistent basis," said Mike Hodgson, CEO of Serabi Gold. "The Company has a strong track record of maintaining a ~500koz ounces total mineral inventory at the Palito Complex."
The company noted that the updated resource estimate does not include results from a $9 million brownfield surface exploration drill program that began in March 2025. Approximately half of this budget will be used at Palito to test extensions of known orebodies.
NCL Ingeniería y Construcción SpA prepared the mineral resource and reserve estimation and is expected to issue a new 43-101 Technical Report within 45 days.
The updated estimates were prepared using a gold price of $2,000/oz for reserves and $2,500/oz for resources, with a Brazilian Real to U.S. Dollar exchange rate of 5.5:1 for reserves and 6.0:1 for resources.
Serabi Gold is focused on the Tapajós region in Para State, northern Brazil, and has consistently produced 30,000 to 40,000 ounces of gold per year from the Palito Complex, according to the company’s press release statement.
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