Serabi Gold pleased with second quarter activities at Tapajos

Brazil-focussed gold mining and development company Serabi Gold released updated the market on its second quarter operational and development activities in the Tapajos region of Para State on Monday, reporting gold production of 9,527 ounces of gold in the period.

The AIM-traded firm said that resulted in total production for the year-to-date of approximately 20,000 ounces, which was a 5% improvement over the same period in 2018.

Total ore mined for the quarter was 44,784 tonnes at 6.72 grams per tonne of gold.

The company processed 43,711 tonnes of run of mine ore through the plant from the combined Palito and Sao Chico orebodies, with an average grade of 6.72 grams per tonne of gold.

A total of 2,419 metres of horizontal development was completed during the quarter, which was a 30% increase on its first quarter figure.

Serabi Gold began its preliminary economic assessment on the Coringa Gold Project during the quarter, following the first quarter’s updated mineral resource estimate, with the results of the study expected at the end of July.

The company maintained its 2019 production guidance of between 40,000 and 44,000 ounces, which would represent a “significant” improvement on its 2018 production of 37,108 ounces.

“With approximately 20,000 ounces produced for the year to date, I believe we can improve further during the second half of the year, most notably with the additional ounces the tailings treatment is now bringing,” said chief executive officer Mike Hodgson.

“With gold prices very much in our favour as well as exchange rates, it is a good time to be a producer in Brazil.

“With this very encouraging first half of the year, along with the forthcoming preliminary economic assessment on Coringa and further positive progress on licencing and permitting, I look forward to reporting further positive news in the coming months.”