Serabi Gold, the London-based gold explorer and producer, has announced further drilling results from their surface drilling program at their Coringa gold project in Para state, Brazil.
Drilling highlights from Coringa:
- Hole COR0381 – intersected 2.65m @ 8.51 g/t gold (inc. 1.40m @ 15.82 g/t gold)
- Hole COR0383 – intersected 1.15m @ 9.69 g/t gold (inc. 0.6m @ 17.74 g/t gold)
- Hole COR0380 – intersected 0.75m @ 7.61 g/t gold
- Hole COR0374 – intersected 0.80m @ 0.44 g/t gold
- Hole COR0377 – intersected 0.70m @ 0.39 g/t gold
Following a previous resource update (4th March 2019) which had a seen a 37% increase in total geological resource, Serabi CEO Mike Hodgson stated that these latest results should further increase the total geological resource.
“This drilling campaign, which began in the fourth quarter of 2018, has increased the Meio resource significantly, extending the payable zone by some 575m of strike length to the south. The last holes drilled, COR0381 and COR0383 were drilled into this payable southern extension, with both intersecting excellent grades over mineable widths. COR0383 is especially pleasing as it is close the southern limit of the new payable zone, and the results suggest there is even more potential to the south.”
Serabi stated that their next steps will be, subject to permit, to commence underground drilling. The plan is to construct an underground ramp into the Serra zone at Coringa in order to gain bulk sample data to better understand the geometry of the orebody. This is based on Serabi’s experience at their Palito and Sao Chico projects.
Looking ahead to next steps in 2019, Mike Hodgson commented: “Whilst a new Preliminary Economic Assessment (“PEA”) is well underway, it is clear the Meio vein is shaping up to be a very significant orebody that has now been traced for a strike length of well over 1.3 kilometres. These additional drilling results are being incorporated into a further revision of the geological resource, which in turn will be incorporated into the PEA on the Coringa Project, results of which are expected to be disclosed before the end of July 2019.”
About the Coringa gold project
Coringa is located in north-central Brazil, in the State of Pará, 70 kilometres southeast of the city of Novo Progresso. Access to the property is provided by paved (National Highway BR-163) and gravel roads. Coringa is in the south eastern part of the Tapajós gold district and artisanal mining at Coringa produced an estimated 10 tonnes of gold (322,600 ounces) from alluvial and primary sources within the deep saprolite or oxidized parts of shear zones being mined using high-pressure water hoses or hand-cobbing to depths of 15 metres. Other than the artisanal workings, no other production has occurred at Coringa. Artisanal mining activity ceased in 1991 and a local Brazilian company (Tamin Mineração Ltda.) staked the area in 1990. Subsequently, the concessions were optioned to Chapleau Resources Limited (“Chapleau”) (via its Brazilian subsidiary, Chapleau Mineral y Exploracao Ltda) in August 2006. On 1 September 2009, Magellan Minerals Ltd. (“Magellan Minerals”) acquired Chapleau. Between 2007 and 2013, extensive exploration programmes were completed on the property, including airborne magnetic, radiometric and electro-magnetic surveys; surface IP surveys; stream, soil, and rock sampling; and trenching and diamond drilling (179 holes for a total length of 28,437 meters). On 9 May 2016, Anfield Gold Inc. (“Anfield”) acquired Magellan Minerals. Anfield subsequently completed an infill drill programme (183 holes for a total length of 26,413 meters) for the Serra and Meio veins in 2016 and 2017.
Serabi acquired Chapleau and its assets including Coringa from Anfield on 21 December 2017. Management considers that Coringa is very much a “carbon-copy” of Palito in terms of the geology, size and mining operations that will be used.
About Serabi Gold
Serabi Gold plc is a gold exploration and production company involved in the evaluation and development of gold deposits in Brazil. The company’s primary interests are its 100% owned Palito Mining Complex and the recently acquired Coringa Gold Project both located in the Tapajos region of northern Brazil. Combined gold production from the Palito Mining Complex is currently approximately 40,000 ounces per annum, whilst the Coringa Project, when in production, is forecast to produce an average of 32,000 ounces per annum.