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Serabi Gold reports that recent drill results at its Coringa project demonstrate potential for a larger resource, supporting its organic growth strategy to exceed 1.5 million ounces in total mineral inventory.
Please enter the email address that you used to subscribe on Engineering News. Your password will be sent to this address. FLSmidth~Fuchs Lubricants~IMT~Integrated Pump Technology~LONGi~ Mining Indaba~Multotec~Pilot Crushtec~Schneider Electric~Trafo Power Solutions~WEG~Weir~Workforce PRISMACoringa comprises high-grade gold in quartz veins with base metal sulphides, and currently comprises three discrete orebodies, which are included in the mine plan.
A preliminary economic assessment filed in September 2019 anticipates a 465 t/d underground operation using open-stoping mining methods. The PEA supports an initial nine- to ten-year mine life, with typical production of about 38 000 oz/y in the first five full years of production. This will add to Serabi’s existing production of 40 000 oz/y from its Palito operations. Ore will be processed through the Andorinhas plant 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. Using a gold price of $1 275/oz, the project has a base case pretax net present value , at a 10% discount rate, of $37.2-million and an after-tax internal rate of return of 31%, with payback expected within 2.25 years of first gold production.
Using a gold price of $1 450/oz, the NPV, at a 10% discount rate, improves to $56-million and the IRR to 46%. Ahead of completing its 2026 brownfield exploration programme in October, Serabi Gold says its latest high-grade drill results have demonstrated the potential to delineate a larger resource at its Coringa project, as well as Palito Complex, in Brazil.
This year, the company has drilled 9 309 m in 42 diamond drill holes at Coringa, which targeted mineralisation to the north-west and south-east of the currently producing Serra and Meio zones. The 2026 brownfield exploration programme marks the second year of the group's Phase 2 organic growth strategy to expand the total group mineral inventory to more than 1.5-million ounces. Columbus Stainless, based in Middelburg, Mpumalanga, is Africa’s only producer of stainless steel flat products.
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