LONDON (ShareCast) - (Sharecast News) - Serabi Gold reported strong progress from its 2025 brownfield drilling campaigns at the Palito Complex and Coringa Mine in northern Brazil on Tuesday, highlighting new discoveries and significant extensions that support its target of increasing resources beyond 1.5 million ounces.
The AIM-traded company is midway through a $9m, 30,000-metre surface drilling programme split evenly between the two sites.

At Coringa, Serabi said drilling had identified a new orebody at Serra South, around 500 metres south of the Serra mine, while also extending the Meio zone.

At Palito, drilling returned significant extensions of the Senna orebody.

Highlight intercepts included 0.53 metres at 151.00 grams per tonne gold from Serra, 1.36 metres at 17.99 grams per tonne from Senna, and 0.87 metres at 137.48 grams per tonne from Serra, including 0.32 metres at 322.10 grams per tonne.

A total of 64 holes has been completed at Coringa so far, with 25 returning grades above three grams per tonne.

"We've seen numerous exciting developments through our 2025 brownfield exploration programme, especially at Coringa, where the discovery of the Serra South zone, approximately 500 meters south of the Serra mine, is a notable highlight," said chief executive Mike Hodgson.

"This discovery, alongside the positive results along the Meio trend, demonstrates our belief that Coringa is a highly under-explored deposit.

"The approximately 500,000 gold ounce resource can be significantly increased by simply drilling strike extensions and the information gaps between earlier stage drilling."

He added that the success was "not limited to Coringa", as at Palito Complex, Serabi focused on the Serra zone, which was mined between 2013 and 2017.

"The zone was always open along strike, but wasn't drilled until now due to previous cash constraints.

"We are excited about the strong exploration results we've seen to date and remain committed to further advancing our projects in a clear path toward resource growth to deliver long-term value for our shareholders."

Serabi said an induced polarisation survey at Palito had identified an 800-metre mineralised corridor between the Onça and Piaui targets, which will be tested later this year.

A 90 kilometre IP survey at Coringa also produced several new anomalies, including combined chargeability and conductivity features regarded as highly prospective, which would be prioritised in 2026.

The 2025 drill programme was scheduled to complete in December, with an updated mineral resource estimate for both Palito and Coringa expected in the first quarter of 2026.

A follow-up drill campaign was set to begin after the rainy season in the second quarter of 2026.

At 1536 BST, shares in Serabi Gold were up 5.45% at 232p.

Reporting by Josh White for Sharecast.com.

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