The projects resource estimate now comprises an indicated resource of 216,000 ounces of contained gold from 845,000 tonnes at an average in-situ grade of 7.95g/t and an inferred resource of 298,000oz of contained gold from 1.436 million tonnes at an average grade of 6.46g/t.

This was an upgrade was the previous estimate of 195,000oz indicated and 181,000oz inferred, with the average inferred resource grade 50% higher than the previous 4.32g/t, although the average indicated grade fell 5% from the previous 8.36g/t.

CEO Mike Hodgson said total resources now exceeded 500,000oz at over 7g/t gold, which was "a substantial improvement on the previous estimate of 370,000oz from May 2017".

"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 500,000oz while producing over 270,000oz of gold since that operation began.  

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

Hodgson said Serabi was completing further drilling at the project and hoped to further enhance the resource estimate.

The results will be included in the ongoing preliminary economic assessment, which Serabi expects to release before the end of the June quarter.

Serabi's shares were up 2.25% on the news Monday to 45.5p (US60.27c), which was 28% higher than the start of the year.