- Results from a review of Serabi Gold’s first quarter operational and development activities include higher than estimated gold production levels
- New development and operational activities included exploration drilling, a terrestrial geophysical survey, and a soil sample geochemical survey
- The company also completed a placement of new ordinary shares in March 2021, raising gross proceeds of £12.5 million
- Serabi Gold is a UK-based gold exploration and production company involved in the evaluation and development of gold deposits in Brazil
- Serabi Gold (SBI) opened trading at $1.35 per share
Results from a review of Serabi Gold’s first quarter operational and development activities include higher than estimated gold production levels.
The company’s mining facilities in the Tapajos region of Para State, Northern Brazil produced 8,087 ounces of gold, an 11 per cent improvement on gold production Q4 of 2020.
Mike Hodgson, CEO of Serabi Gold, commented,
“It has been a very encouraging start to 2021 from an operational perspective, with over 8,000 ounces of gold produced, comfortably exceeding our internal forecast. After the challenges of 2020, this first quarter was expected to deliver the lowest level of gold production for 2021 so achieving a 16 per cent improvement on our internal budget represents an excellent result.”
In total, 41,462 tonnes of run of mine ore were processed through the plant from the Palito and São Chico orebodies, with an average grade of 6.27 g/t of gold.
Development highlights include exploration drilling on the Toucano trend at São Domingos, completion of a terrestrial geophysical survey at the company’s Calico prospect, and a soil sample geochemical survey undertaken in the eastern area of the São Domingos tenement.
Mr. Hodgson added,
“The company also improved on the previous best level of quarterly development metres which had been set in the preceding quarter. This bodes well for the rest of the year as we continue to accelerate development and recover the metres that were unavoidably delayed in 2020 due to the COVID-19 pandemic.”
While some mining operations in Brazil were severely impacted due to COVID-19 outbreaks and measures, Serabi Gold did not experience any significant delays in production or operations.
The company completed a placement of new ordinary shares in March 2021, raising gross proceeds of £12.5 million. Proceeds from the placement will be used to settle the balance of the payment for the Coringa Gold Project and undertake further exploration in the region.
Serabi Gold is a UK-based gold exploration and production company involved in the evaluation and development of gold deposits in Brazil.
Serabi Gold (SBI) opened trading at $1.35 per share.