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Palito Gold Mine Reports Substantial Increase in Gold Resource - Updated Mineral Resource Statement

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Significant Increase in Gold Resource for Palito - Updated Mineral Resource Statement

Serabi Gold, a Brazilian-focused gold mining and development company, has announced a substantial increase in the gold resource estimates for its Palito Complex. The updated Mineral Resource statement, prepared in accordance with CIM and Canadian National Instrument 43-101 standards, reveals a measured and indicated resource of 377,800 ounces of contained gold, representing a 50% increase compared to December 2021. Additionally, there is an inferred resource of 153,900 ounces. The average reported grade of the measured and indicated resources at Palito Complex has increased by 93%, while the inferred resource has seen a 45% increase in average reported grade. The updated estimates highlight the success of an aggressive underground drilling program over the past 18 months. The Palito deposit, which has been in production for over 15 years, has demonstrated significant geological potential and a successful resource replacement strategy. The company's CEO, Mike Hodgson, expressed optimism about the future, noting that there is still potential for further upside with additional testing of the veins comprising the Palito resource. The updated Mineral Resource estimates were prepared by NCL Consultoria en Ingenieria en Minas and are expected to be followed by an updated Mineral Reserve estimate and NI 43-101 Technical Report. The company's commitment to maintaining and increasing its mineral inventory demonstrates the long-term viability and potential of the Palito Complex.

Hot Take: The Impact of Palito Complex's Gold Resource Increase on New Businesses

Serabi Gold's announcement of a substantial increase in gold resource estimates at its Palito Complex could have profound implications for new businesses in the mining and development sector. With a 50% increase in measured and indicated resources and a significant rise in the average reported grade, the Palito Complex has demonstrated its robust geological potential and successful resource replacement strategy. For new businesses, this development underscores the importance of aggressive exploration and drilling programs in unlocking untapped resources.

Long-term Viability and Potential

The updated Mineral Resource estimates, prepared by NCL Consultoria en Ingenieria en Minas, affirm the long-term viability and potential of the Palito Complex. This sends a strong signal to new businesses about the rewards of investing in comprehensive resource exploration and management.

Future Upside

CEO Mike Hodgson's optimism about the future, particularly the potential for further upside with additional vein testing, should inspire new businesses to continually reassess and expand their exploration strategies. This development serves as a reminder that even long-established deposits like Palito can yield surprising results, reinforcing the importance of innovation and persistence in the mining and development industry.
Story First Published at: https://financialpost.com/globe-newswire/significant-increase-in-gold-resource-for-palito-updated-mineral-resource-statement
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