- Brazil-focused miner Serabi Gold has announced first exploration drilling results at the recently acquired Sao Domingos project and reported 'continued success' with ore body extension drilling at the Sao Chico deposit.

The company said that following 'encouraging' regional reconnaissance work within the Sao Domingos property, it elected to focus on the 600 metre long, high-grade gold prospect, Toucano, located eight kilometres west of its Sao Chico operation and has completed the first three diamond drill holes, recording a 'strong set' of intersections.

In addition, 13 in-situ surface rock chip samples were also taken over the Toucano zone and returned 'promising results', the company said, including gold values of 2.36g/t to 513.01g/t gold, averaging 95g/t gold.

At Sao Chico, it reported that surface and underground exploration diamond drill holes have targeted a new ore zone, the Julia Vein, which lies to the north of the main orebody currently being mined.

Chief executive Mike Hodgson said Serabi Gold's exploration activities in 2020 had been interrupted by the pandemic but that by November it had drill rigs back on site at Sao Chico and Sao Domingos.

He said: 'Sao Domingos has been a property that we have wanted to acquire for considerable time, so we wasted little time getting exploration up and running there. The Toucano prospect at Sao Domingos is a walk up and drill target.

'We only secured access in late November and have worked as quickly as possible to complete some initial drilling. To obtain such encouraging results so quickly into the programme is really pleasing and supports our initial hopes for this area.' At 8:49am: [LON:SRB] Serabi Mining PLC share price was 0p at 83.5p

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