Serabi Gold Plc said Dec. 11 that it has updated the resource and reserve estimates for its Tapajos mining and processing operations in Brazil, which includes the Palito and Sao Chico projects.
The company estimated a combined proven and probable reserve for Palito and Sao Chico of 703,000 tonnes at an average diluted grade of 8.05 g/t gold for 182,000 ounces of gold, which will support over four years of production.
The measured and indicated resource for Palito increased by 31% compared to the June 2012 estimate to 271,000 ounces of gold contained within 717,000 tonnes grading 11.74 g/t gold, while the measured and indicated resource for Sao Chico increased by 44% compared to the October 2012 estimate to 36,000 ounces of gold contained within 82,000 tonnes grading 13.70 g/t gold.
Serabi Gold noted that the estimates exclude previously announced discoveries at Currutela, Copper Hill, Piaui and Palito South areas, as the geological data is insufficient to estimate resources. However, an infill drill program is underway to acquire the necessary data from the aforementioned areas.
