The Coringa project is located in the Tapajós Gold Province in Para State, Brazil approximately 200 km from Serabi’s Palito mine, an operation that has been producing gold since 2014. Like Palito, Coringa contains high grade gold in quartz veins with base metal sulphides. The veins are hosted by granite, rhyolites and volcanic breccias.
The technical report supporting the Preliminary Economic Assessment filed in September 2019 anticipates a 465 tpd underground operation using open stoping mining methods. Ore will be processed through the Andorinhas plant (acquired from Troy Resources Limited in 2016) using gravity concentration followed by carbon-in-leach cyanidation of gravity tails. The estimated gold and silver recovery during the life of the mine is 95% for gold and 61% for silver. Gold production is expected to average approximately 38 kozs per year over an initial 9-year mine life. Serabi is working to complete the permitting and licensing processes necessary for development.
The current Indicated Mineral Resource estimate consists of 735 kt grading 8.2 g/t gold containing 195 kozs of gold (2.0 g/t cut-off). Another 1.6 Mt were listed in the Inferred Mineral Resource category (2.0 g/t cut-off).
Serabi released results of the Preliminary Economic Assessment at Coringa and continues to work on outstanding permitting requirements.
Exploration drilling totaled 5,333 metres from 2018-2019 and returned multiple high-grade gold intersections on the Serra, Meio, and Galena targets of the Coringa deposit. Results from the drill program were included in an updated Mineral Resource Estimate released in Q1 2019.