Serabi Gold pleased with third quarter results from Tapajos

Brazil-focussed gold mining and development company Serabi Gold released the results and a review of its third quarter operational and development activities in the Tapajos region of Para State in the north of the country on Monday.

The AIM-traded firm said third quarter gold production totalled 10,187 ounces of gold, resulting in production for the year-to-date of around 30,000 ounces, which was an 11% improvement over the same period in 2018.

Total ore mined for the quarter was 44,757 tonnes at 7.14 grams per tonne of gold.

A total of 45,378 tonnes of run of mine ore was processed through the plant from the combined Palito and Sao Chico orebodies, with an average grade of 6.84 grams per tonne of gold.

The company also said it completed 2,433 metres of horizontal development during the quarter.

Serabi Gold said it anticipated full-year production for 2019 of between 40,000 and 41,000 ounces.

It also noted the completion of its preliminary economic assessment on the Coringa Gold Project in September, which it said demonstrated “strong” positive economics.

“With 30,000 ounces of gold produced for the year to date, the company is well on course to achieving its best ever annual level of production,” said chief executive officer Mike Hodgson.

“With mine production in good order and the additional ounces the tailings treatment is now bringing, I fully expect a good final quarter.”

Hodgson said gold prices remained “strong”, and even stronger in Brazilian reals.

“Following the issuing of a positive PEA and the resubmission of the EIA, we now hope we can progress Coringa permitting rapidly and see real progress on the ground at site next year.

“I look forward to reporting further positive news in the coming months.”