Name of the Project
Coringa gold project.

Location
Pará state, Brazil.

Project Owner/s
Aim- and TSX-listed Serabi Gold.

Project Description
Coringa 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 (PEA) 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.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Using a gold price of $1 275/oz, the project has a base case pretax net present value (NPV), at a 10% discount rate, of $37.2-million and an after-tax internal rate of return (IRR) 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%.

Capital Expenditure
Initial capital expenditure is estimated at $24.7-million.

Planned Start/End Date
Not stated.

Latest Developments
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.

Serabi has said that results obtained to date have supported several new prospective models and reinterpretations.

Key Contracts, Suppliers and Consultants
Global Resource Engineering (PEA).

Contact Details for Project Information
Serabi Gold, tel +44 20 7246 6830 or email contact@serabimining.com.