Serabi Gold plc provided an exploration update from its activities on its regional tenement holding over the Palito complex in the Tapajos region of Para State, Northern Brazil. Ganso: 6 drillholes for a total of 1,168m were drilled at Ganso in late 2023 with the last hole being completed in January 2024. Drilling intercepted pyroclastic lithologies with extensive advanced argillic alteration characterised by quartz-alunite ± kaolinite, with pyrite and minor vuggy quartz.

At depth, drilling intercepted pervasive phyllic alteration characterised by quartz-sericite-pyrite, and minor zones of relict potassic alteration characterised by K-feldspar-biotite-magnetite. The lithologies, alteration assemblages and parageneses are consistent with a lithocap setting. The positive identification of the Ganso target as a lithocap is important as it indicates that Ganso is potentially the upper part of an alkalic porphyry style system, with potential for high-sulphidation epithermal mineralisation above or laterally displaced from porphyry style, copper and/or gold mineralisation at depth.

The drilling suggests that the lithocap-porphyry transition has been intercepted, and that the entire porphyry system may be preserved at depth. Field mapping identified possible extents of the lithocap across an area of 1km x 1.5km, coincident with a Bi-Mo-Pb-Sb-Ba geochemical anomaly, a typical high-level epithermal signature. Spotty but locally very high grade (>1 ppm) soil samples occur within the multielement anomaly.

To date, only a small portion of the southern edge of the lithocap has been drill tested. EM conductor anomalies remain untested by drilling and these may represent clay-rich alteration in the upflow zone generated by a porphyry system at depth. Follow up drilling and geophysics is being planned to test both the epithermal gold and porphyry potential.

Discussions are underway to include Short Wave Infrared and whole rock analysis to help identify exploration vectors during the drilling programs. Following the discovery of Matilda, the identification of the Ganso target as a lithocap has confirmed the regional potential of the Serabi exploration permits and led to a re-evaluation of similar new and existing targets, such as Letícia, Calico and Juca. Regional Soil Sampling: A total of 6,772 soil samples were collected over the regional tenement during 2023. These new soil samples supplement the historical soil sample database and provide regional scale surface geochemistry coverage of over 70% of Serabi?s Palito Complex tenement package.

The combination of surface geochemistry and aero geophysics has a proven track record of generating exploration targets for Serabi, including the Matilda, Ganso, Calico and Juca targets. Interpretation from the new survey is ongoing, however new targets already identified include: Isla ? 3.5km long >300ppm copper anomaly associated with a structurally emplaced mafic-ultramafic unit.

Isla South ? magnetic and copper soil anomaly in a similar structural setting as Matilda. Letícia ?

4km anomalous gold trend. Letícia North ? 2km x 800m soil geochemistry target with characteristics of a potential lithocap.

Juca ? circular 1km diameter intrusion related gold soil anomaly. Calico North ?

5km x 2km anomalous gold trend interpreted to represent the south-western extension of the Palito vein system. Calico ? 1km diameter soil geochemistry target with characteristics of a potential lithocap.

Ganso ? 1.5km diameter soil geochemistry anomaly dominated by advanced argillic and phyllic alteration with potassic alteration intersected at depth in recent drilling. Ganso East ?

1km x 500m target with similar geophysical and multi-element soil geochemistry to Ganso. São Domingos IP target ? extensive zone of anomalous gold associated with IP chargeability anomaly.