Serabi Mining, the Brazil-focused gold exploration company, says test drilling suggests the size of its Palito deposit may be 80% greater than first thought.
The drilling programme, which began in late October and ran through to the middle of November, involved digging eight holes. Test results received from the first five have "returned Bonanza grade gold and high grade copper".
Serabi's chief executive Mike Hodgson said of the results:
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The grades are of course very pleasing and suggest that the high grade nature of the ore that makes Palito such a compelling opportunity continue along the mineralized zone. The relative shallowness of the intersections (mostly between 45 metres and 80 metres vertical depth) is also indicative of the possibility to initially use open pit mining methods which can reduce the complexity and risk of future mining operations."
Shares in Serabi rose 6.5% to reach 10.65p at 10.57.
BS
-
RICS: Housing market continues to strengthen but 2025 could be challengingThe latest survey by the Royal Institution of Chartered Surveyors reports a resilient UK housing market, but warns of headwinds next year
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
