Serabi Gold Reports Improved Production and Exploration Progress in Brazil

London-based Serabi Gold plc (AIM:SRB, TSX:SBI) is a Brazilian-focused gold mining and exploration company. In a press release on July 20, 2023, the company reported improved production results for the second quarter along with progress on its exploration activities.

Gold production in Q2 2023 totalled 8,518 ounces, a 6% increase over Q1. The higher production was attributed to improved mined grades from the Palito mining complex, which averaged 6.68 g/t gold for the quarter. Ore from the development of Serabi's Coringa project also contributed over 2,000 ounces during the quarter as it was processed at the Palito plant.

On the exploration front, Serabi highlighted the progress being made through its recently announced alliance with Vale. Exploration drilling is underway at multiple targets, with over 5,500 meters drilled so far in the 15,000 meter program. Initial results from the high priority Matilda copper porphyry prospect are expected in the coming weeks.

Serabi ended the quarter with a strong cash balance of $13.3 million, putting the company in a good financial position to advance its production and exploration efforts.

CEO Mike Hodgson commented: "An excellent second quarter to follow the first quarter production of 8,005 ounces, keeps the company on course to meet its guidance for this year of between 33,500 to 35,000 ounces."

With improving operations and an extensive exploration program underway, Serabi Gold offers investors exposure to near-term production growth and significant exploration upside in Brazil's gold mining sector. Interested investors should consider taking a closer look at Serabi as the company continues advancing its projects.