Serabi Gold (SRB)

Sector:

Mining

Index:

FTSE AIM All-Share

86.00p
   
  • Change Today:
    -5.00p
  • 52 Week High: 93.50p
  • 52 Week Low: 30.10p
  • Currency: UK Pounds
  • Shares Issued: 75.73m
  • Volume: 721,281
  • Market Cap: £65.13m
  • RiskGrade: 196

Deal with Barclays    Trade now with Barclays Stockbrokers

Serabi Gold releases first development update on Coringa

By Josh White

Date: Friday 28 Jan 2022

LONDON (ShareCast) - (Sharecast News) - Brazil-focussed mining company Serabi Gold provided its first development update on the wholly-owned Coringa Project in the Tapajos region of Brazil's Para state on Friday.
The AIM-traded firm said the first of the three veins in the Serra Zone had been intersected by underground development, with the sampled vein recording assays of 2.94 grams per tonne over 3.63 metres, including 12.44 grams per tonne over 0.86 metres, using results from its in-house laboratory.

It said that the initial area of the vein would form the ramp pillar, and was not expected to deliver the same grade and widths as other parts of the vein.

Thus, the company said, the initial intercept was "highly encouraging", adding that as anticipated the vein was sub-vertical, which it said was "highly beneficial" for mining.

The detailed engineering design of the Coringa process plant, meanwhile, was said to be "advancing well", with Brazilian engineering consultancy Icone Technology & Engineering, expected to complete their work in the second quarter.

Serabi said the process plant was already at the Coringa site and ready for installation following completion of the detailed engineering and award of the installation licence, which was expected "imminently".

The application for the licence had been submitted, and was being reviewed by the State Environmental Agency, 'SEMAS'.

At the same time, the firm said it had been working with Brandt Environmental to complete an indigenous study, which it expected to finish early in the second quarter, around the same time as the award of the installation licence.

"These initial results from Coringa represent a significant milestone achieved and excellent progress continuing at the project," said chief executive officer Mike Hodgson.

"Coringa has over 50,000 metres of drilling already complete, but this is the first exposure of the mineralisation by underground excavation.

"The underground development will be continued on this level to expose the other veins of the Serra ore body and will be followed up by on-lode development to gain further underground exposure as well as to extract a significant bulk sample for further testing."

Hodgson said the company felt the underground exposure would allow Serabi to optimise the mining methodology currently being considered, with the bulk sample to be used to undertake ore sorting testwork, using its facility 200 kilometres to the north at Palito.

"Coringa does appear to be amenable to ore-sorting and this would bring the prospect of reducing process costs and diminishing tailings required for filtration, a huge plus for the project.

"With a drilled resource of approximately 500,000 ounces, we will now develop through some of these ore zones.

"As this development continues, we will continue sampling and assessing the geometry of the orebodies as well as completing various studies."

At 1132 GMT, shares in Serabi Gold were up 1.74% at 55.45p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Serabi Gold Market Data

Currency UK Pounds
Share Price 86.00p
Change Today -5.00p
% Change -5.49 %
52 Week High 93.50p
52 Week Low 30.10p
Volume 721,281
Shares Issued 75.73m
Market Cap £65.13m
RiskGrade 196

Serabi Gold Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
92.58% above the market average92.58% above the market average92.58% above the market average92.58% above the market average92.58% above the market average
36.51% above the sector average36.51% above the sector average36.51% above the sector average36.51% above the sector average36.51% above the sector average
Price Trend
96.52% above the market average96.52% above the market average96.52% above the market average96.52% above the market average96.52% above the market average
89.78% above the sector average89.78% above the sector average89.78% above the sector average89.78% above the sector average89.78% above the sector average
Income Not Available
Growth
33.13% below the market average33.13% below the market average33.13% below the market average33.13% below the market average33.13% below the market average
28.81% below the sector average28.81% below the sector average28.81% below the sector average28.81% below the sector average28.81% below the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Serabi Gold Dividends

No dividends found

Trades for 31-Oct-2024

Time Volume / Share Price
16:39 25,000 @ 87.30p
14:36 117,000 @ 86.10p
14:37 100,000 @ 87.30p
16:35 1,176 @ 86.00p
16:35 1,176 @ 86.00p

Serabi Gold Key Personnel

Finance Director Clive Malcolm Line
CEO Michael Hodgson

Top of Page