Serabi Gold hits quarterly record for gold production

Aerial view of Palito gold mine – Image courtesy of Serabi Gold

Serabi Gold (TSX: SBI; LON; SRB) produced a record 10,256 oz. gold in 2018’s fourth quarter, propelling its 2018 gold production to 37,108 oz. gold, a slight improvement over 2017 gold production.

The company processed 45,538 tonnes of run of mine ore from its Palito and Sao Chico gold mines — its highest quarterly throughput of the year — at an average grade of 7.39 grams gold per tonne, as well as more than 3,100 tonnes of stockpiled flotation tailings grading 3.75 grams gold. It produced 37,004 oz. gold in 2017, and never more than 9,861 oz. gold in a quarter.

At the end of 2018, the company had stockpiled more than 7,600 tonnes grading 4.1 grams gold and 30,000 tonnes of tailings grading 3 grams gold. The company says plant constraints are preventing it from processing these stockpiles as fast as it intended.

Serabi is currently commissioning a scrubber, which will allow it to process tailings more easily; it expects to commission ore sorting in the second half of 2019.

The company expects an 8-18% increase in gold production 2019, with guidance for the year ranging from 40,000 oz. gold to 44,000 oz. gold.

The company is currently drilling its Coringa gold project and aims to update its resource by the end of 2019’s first quarter. Coringa hosts 769,000 probable tonnes grading 6.5 grams gold and 13.1 grams silver for 161,000 oz. gold and 324,000 oz. silver.

This article first appeared in The Northern Miner. 

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