- Serabi Gold said it had increased the mineral resource estimate for its Coringa gold project in Brazil by 37%.

The company said it had recorded an indicated resource for Coringa of 216,000 ounces of contained gold.

An additional inferred resource of 298,000 ounces of contained gold was also recorded.

'This new mineral resource estimate represents a 37% increase over the previously disclosed estimation, as of May 3, 2017, which comprised 195,000 ounces of Indicated and 181,000 ounces of inferred, the company said.

The average reported grade of the indicated resource had decreased by 5% from 8.36 g/t to 7.95g/t.

The average reported grade of the inferred has increased by 50% from 4.32 g/t to 6.46g/t.

'The fourth quarter 2018 resource drilling campaign has resulted in a very pleasing 37% increase in total geological resource at Coringa,' chief executive Mike Hodgson said.

'We see Coringa as a Palito Complex look-a-like, where, as is common with many narrow vein mines, we have maintained a resource level of approximately 500,000 ounces whilst producing over 270,000 ounces of gold since that operation began.'

'I therefore consider a 500,000 ounce resource as an excellent starting point for Coringa, certainly enough to support a quality, operation of similar size to the Palito Complex.'

'Further drilling is being completed at Coringa which will, hopefully, further enhance this resource estimate and will be incorporated into the PEA results that we expect to be published before the end of the second quarter.'

At 8:32am: [LON:SRB] Serabi Mining PLC share price was +8p at 52.5p

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