Stock of the Brazilian-focused gold mining and development company, Serabi Gold Plc [OTC: SRBIF] spiked massively the previous day as it surged for 796.5% to $0.8965. Trading volume on the day for Serabi Gold stock was 10.20K as opposed to the 30-day average of 4.44K. The value of SRBIF stock over the last 52-weeks ranged from $0.0003 to $1.5600. An update regarding its mineral reserves and resources led to a surge in SRBIF stock price.
What the update has revealed?
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Among its activities of gold exploration and production, Serabi Gold evaluates and develops gold deposit primarily in Brazil. The primary stakes SRBIF holds in the Tapajos region of northern Brazil are the entire Palito Mining Complex and the recently acquired Coringa Gold Project. A total of 40,000 oz. of gold are produced on a yearly basis from the Palito Mining Complex and that number is projected to increase to an average of 38,000 oz. per year once the Coringa Project has gone into production. SRBIF was founded in the United Kingdom in 1999 and is headquartered in London.
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Serabi Gold on Tuesday reported mineral resources estimates updated as of 31 December 2020 for Palito and Sao Chico.
- SLBIF estimates the total estimated resources at 262,956 ounces, and the estimated inferred resources at 211,821 ounces.
- During the 2019 exploration program, the Inferred Resource has almost doubled to 94,002 ounces and the Measured and Indicated Resource has more than doubled to 82,807 ounces following successful exploration.
- Accelerated extraction and exploration programmes are expected to catch up with activities curtailed by COVID-19 pandemic in 2020 and support further resource growth.
SRBIF’s plans and prospects:
In recent years Serabi Gold (SRBIF) has replenished its reserves and resources in the Palito Complex and has recently finished raising equity of $17.5 million that will be enough to fund its pursuit of exploration in 2021. Present data illustrate the Palito deposit and Sao Chico deposits represent major assets for SRBIF, which are expected to continue to grow in the future.