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 project Feasibility Study anticipates a 460 tpd underground operation using shrinkage stoping mining methods. Ore will be processed through the Andorinhas plant (acquired from Troy Resources Limited in 2016) using gravity concentration followed by CIL 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 32 kozs per year over an initial 5 year mine life. Serabi intends to obtain the final permits for the Coringa operation during 2019 and then bring the mine into production.
A 43-101 Indicated Mineral Resource estimate from March 2019 consists of 845 kt grading 8.0 g/t gold containing 216 kozs of gold (2.0 g/t cut-off). Another 1.4 Mt were listed in the Inferred Mineral Resource category (2.0 g/t cut-off).
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.
Under the Trial Mining License at Coringa, excavation of the mine portal is complete, and development of the portal and underground ramp is well underway.