08:13 AM EDT, 04/08/2024 (MT Newswires) -- Serabi Gold plc ( SRBIF ) reported Monday an exploration update from its regional tenement comprising the Palito complex in Brazil.

Drill highlights include 1 meters at 18.46 g/t gold, 2 meters at 0.18 g/t gold and 1 meter at 0.10 g/t gold.

Serabi said it has made significant progress on the interpretation of the 14,551-sample soil geochemistry database, with 7,000 samples collected in 2023.

The company also said that first phase drilling completed in January on the Ganso target indicates a large zone with geologic features and mineralogy characteristic of an upper alteration zone typical of a copper porphyry system.

Meanwhile, recent diamond drilling at Matilda demonstrates mineralization extends to over 150 meters depth. Highlights include 144 meters at 0.26% copper and 0.06 g/t gold.

"These are exciting times and Serabi has only just commenced unlocking the potential of the district," CEO Mike Hodgson said.

"With more targets defined, we are conscious of the need to continue focused exploration with the objective of demonstrating the viability of at least one target," Hodgson added.

Serabi lost 5.3% at last look in UK trading.