Mine development underway at Coringa
20 Septiembre 2021 - 1:00AM
Mine development underway at Coringa
For immediate release
20 September
2021
Serabi Gold plc(“Serabi”
or the “Company”)
Mine
development underway at
Coringa
Serabi Gold plc (AIM:SRB, TSX:SBI), the
Brazilian-focused gold mining and development company, is pleased
to announce the start-up of mining development at the Company’s
wholly owned gold project at Coringa. Coringa is located 200km
south of Serabi’s current gold operation at Palito and represents a
strategically important asset for Serabi that will upon reaching
full production double the Group gold production.
Highlights
- The development
of the mine portal began in late July, to reach the Serra zone, one
of three main zones at Coringa. Blasting into hard rock is now well
underway
- The Company
anticipates intersecting the Serra orebody in mid-October
- The development
of Coringa is a significant milestone for Serabi with favourable
economics. The Company’s 2019 Preliminary Economic Assessment
(previously published October 2019) highlighted:
- low initial
capital of US$25m
- average annual
production of 38koz for the first 5 full years of production of the
9 year mine life at an average grade of 8.34g/t Au
- All-In
Sustaining Cost (AISC) of US$852/oz
- 400 metres of
ore development is planned to further support the geological
resource which to date is based on drillholes and surface artisanal
mining
- Exposure of the
orebody through development could identify potential mining and
processing improvements to the project and future operation:
- The project
economics are currently based on selective mining. The Company
currently utilises a more mechanised long-hole open stoping at the
Sao Chico deposit and is having good success with this mining
method on the more regular veins at Palito. There is therefore
strong potential that this mining method could be effectively
deployed at Coringa
- The use of ore
sorting technology at Palito has been very successful. The Coringa
drill core suggests the presence of the same strong contrast
between ore and waste rock. The Company plans to take development
ore from Coringa to Palito and run tests to assess the
applicability of this technology
- The Company has
prepared a short video showing the progress achieved to date and
can be viewed using the following link -
https://bit.ly/2XrvZQW
Mike Hodgson, CEO of
Serabi , commented:
“This is a very important milestone for the
Company in achieving our mid-term objective of becoming a 100,000
ounce gold producer. We acquired Coringa in December 2017, and
since that time we have built on the Bankable Feasibility Study
undertaken by Equinox in 2017, with an enlarged mineral resource
supporting a new Preliminary Economic Assessment in 2019, as well
as receiving the Preliminary License in October 2020. With permits
in place to commence the mining operation, I am delighted to see
mine development underway, and look forward to intersecting the
first ore zone early next quarter and we anticipate that the
improved understanding arising from this underground ore
development will deliver further economic benefits to the
project.
“All studies to date have considered the tried
and tested selective mining approach that we have largely used at
Palito to date. However, over the past six months we have trialled
very controlled long hole open stoping in certain areas of the
Palito mine, combined with cable bolting, and the results have been
excellent. If we can extend this to Coringa, it could have major
benefits, reducing costs and bringing production efficiencies.
“Coringa has all the indications that it will be
like Palito and ore sorting could be a real possibility. The fact
we have our own sorter at Palito means we can undertake our own
test work and find the optimal settings and processing criteria.
Ore sorting has significant benefits as it means rejecting waste
before the plant, resulting in a higher grade lower volume feed to
the plant, and, as Coringa will have filtration and dry stacking of
tailings instead of a tailings dam, reduced levels of tailings.
“I look forward to providing a further update
after we have intersected the first vein in the Serra orebody.”
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018.
The person who arranged for the release of this
announcement on behalf of the Company was Clive Line, Director.
Enquiries:
Serabi Gold plc |
|
Michael Hodgson |
Tel: +44 (0)20 7246 6830 |
Chief Executive |
Mobile: +44 (0)7799 473621 |
|
|
Clive Line |
Tel: +44 (0)20 7246 6830 |
Finance Director |
Mobile: +44 (0)7710 151692 |
|
|
Email: contact@serabigold.com |
|
Website: www.serabigold.com |
|
|
|
Beaumont Cornish LimitedNominated Adviser and Financial
Adviser |
|
Roland Cornish / Michael Cornish |
Tel: +44 (0)20 7628 3396 |
|
|
|
|
Peel Hunt LLPJoint UK Broker |
|
Ross Allister / Alexander Allen |
Tel: +44 (0)20 7418 9000 |
|
|
Tamesis Partners LLPJoint UK Broker |
|
Charlie Bendon / Richard Greenfield |
Tel: +44 (0)20 3882 2868 |
|
|
|
|
Camarco Financial
PRGordon Poole / Nick Hennis |
Tel: +44(0) 20 3757 4980 |
Copies of this announcement are available from
the Company's website at www.serabigold.com.
Neither the Toronto Stock Exchange, nor any
other securities regulatory authority, has approved or disapproved
of the contents of this announcement.See
www.serabigold.com for more information
and follow us on twitter @Serabi_Gold
GLOSSARY OF TERMS
“Ag” |
means silver. |
“Au” |
means gold. |
“assay” |
in economic geology, means to analyse the proportions of metal in a
rock or overburden sample; to test an ore or mineral for
composition, purity, weight or other properties of commercial
interest. |
“CIM” |
means the Canadian Institute of Mining, Metallurgy and
Petroleum. |
“chalcopyrite” |
is a sulphide of copper and iron. |
“Cu” |
means copper. |
“cut-off grade” |
the lowest grade of mineralised material that qualifies as ore in a
given deposit; rock of the lowest assay included in an ore
estimate. |
“dacite porphyry
intrusive” |
a silica-rich igneous rock with larger phenocrysts (crystals)
within a fine-grained matrix |
“deposit” |
is a mineralised body which has been physically delineated by
sufficient drilling, trenching, and/or underground work, and found
to contain a sufficient average grade of metal or metals to warrant
further exploration and/or development expenditures; such a deposit
does not qualify as a commercially mineable ore body or as
containing ore reserves, until final legal, technical, and economic
factors have been resolved. |
“electromagnetics” |
is a geophysical technique tool measuring the magnetic field
generated by subjecting the sub-surface to electrical
currents. |
“garimpo” |
is a local artisanal mining operation |
“garimpeiro” |
is a local artisanal miner. |
“geochemical” |
refers to geological information using measurements derived from
chemical analysis. |
“geophysical” |
refers to geological information using measurements derived from
the use of magnetic and electrical readings. |
“geophysical techniques” |
include the exploration of an area by exploiting differences in
physical properties of different rock types. Geophysical methods
include seismic, magnetic, gravity, induced polarisation and other
techniques; geophysical surveys can be undertaken from the ground
or from the air. |
“gossan” |
is an iron-bearing weathered product that overlies a sulphide
deposit. |
“grade” |
is the concentration of mineral within the host rock typically
quoted as grams per tonne (g/t), parts per million (ppm) or parts
per billion (ppb). |
“g/t” |
means grams per tonne. |
“granodiorite” |
is an igneous intrusive rock similar to granite. |
“hectare” or a “ha” |
is a unit of measurement equal to 10,000 square metres. |
“igneous” |
is a rock that has solidified from molten material or magma. |
“IP” |
refers to induced polarisation, a geophysical technique whereby an
electric current is induced into the sub-surface and the
conductivity of the sub-surface is recorded. |
“intrusive” |
is a body of rock that invades older rocks. |
"Indicated Mineral Resource |
is that part of a Mineral Resource for which quantity, grade or
quality, densities, shape and physical characteristics can be
estimated with a level of confidence sufficient to allow the
appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of
the deposit. The estimate is based on detailed and reliable
exploration and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes that are spaced closely enough for
geological and grade continuity to be reasonably assumed. |
"Inferred Mineral Resource” |
is that part of a Mineral Resource for which quantity and grade or
quality can be estimated on the basis of geological evidence and
limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes. |
“Inferred Mineral Resource” |
‟ is that part of a Mineral Resource for which quantity and grade
or quality can be estimated on the basis of geological evidence and
limited sampling and reasonably assumed, but not verified,
geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drill
holes. |
“mineralisation” |
the concentration of metals and their chemical compounds within a
body of rock. |
“mineralised” |
refers to rock which contains minerals e.g. iron, copper,
gold. |
"Mineral
Resource” |
is a concentration or occurrence of diamonds, natural solid
inorganic material, or natural solid fossilized organic material
including base and precious metals, coal, and industrial minerals
in or on the Earth's crust in such form and quantity and of such a
grade or quality that it has reasonable prospects for economic
extraction. The location, quantity, grade, geological
characteristics and continuity of a Mineral Resource are known,
estimated or interpreted from specific geological evidence and
knowledge. |
“Mineral Reserve” |
is the economically mineable part of a Measured or Indicated
Mineral Resource demonstrated by at least a Preliminary Feasibility
Study. This Study must include adequate information on mining,
processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can
be justified. A Mineral Reserve includes diluting materials and
allowances for losses that may occur when the material is mine |
“Mo-Bi-As-Te-W-Sn” |
Molybdenum-Bismuth-Arsenic-Tellurium-Tungsten-Tin |
“monzogranite” |
a biotite rich granite, often part of the later-stage emplacement
of a larger granite body. |
“mt” |
means million tonnes. |
“ore” |
means a metal or mineral or a combination of these of sufficient
value as to quality and quantity to enable it to be mined at a
profit. |
“oxides” |
are near surface bed-rock which has been weathered and oxidised by
long term exposure to the effects of water and air. |
“ppm” |
means parts per million. |
“Probable Mineral Reserve” |
is the economically mineable part of an Indicated and, in some
circumstances, a Measured Mineral Resource demonstrated by at least
a Preliminary Feasibility Study. This Study must include adequate
information on mining, processing, metallurgical, economic, and
other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified. |
“Proven Mineral Reserve” |
is the economically mineable part of a Measured Mineral Resource. A
Proven Mineral Reserve implies a high degree of confidence in the
Modifying Factors |
“saprolite” |
is a weathered or decomposed clay-rich rock. |
“sulphide” |
refers to minerals consisting of a chemical combination of sulphur
with a metal. |
“vein” |
is a generic term to describe an occurrence of mineralised rock
within an area of non-mineralised rock. |
“VTEM” |
refers to versa time domain electromagnetic, a particular variant
of time-domain electromagnetic geophysical survey to prospect for
conductive bodies below surface. |
Qualified Persons StatementThe
scientific and technical information contained within this
announcement has been reviewed and approved by Michael Hodgson, a
Director of the Company. Mr Hodgson is an Economic Geologist by
training with over 30 years' experience in the mining industry. He
holds a BSc (Hons) Geology, University of London, a MSc Mining
Geology, University of Leicester and is a Fellow of the Institute
of Materials, Minerals and Mining and a Chartered Engineer of the
Engineering Council of UK, recognising him as both a Qualified
Person for the purposes of Canadian National Instrument 43-101 and
by the AIM Guidance Note on Mining and Oil & Gas Companies
dated June 2009.
Forward Looking
StatementsCertain statements in this announcement are, or
may be deemed to be, forward looking statements. Forward looking
statements are identified by their use of terms and phrases such as
‘‘believe’’, ‘‘could’’, “should” ‘‘envisage’’, ‘‘estimate’’,
‘‘intend’’, ‘‘may’’, ‘‘plan’’, ‘‘will’’ or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors’ current expectations
and assumptions regarding the Company’s future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors’ current beliefs
and assumptions and are based on information currently available to
the Directors. A number of factors could cause actual results to
differ materially from the results discussed in the forward looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements.
ENDS
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