Serabi Gold exceeds 40,000 oz annual production

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

Serabi Gold (TSX: SBI) recorded its highest ever quarterly gold production and exceeded 40,000 ounces in a year for the first time, the Brazil-focused gold miner announced Tuesday.

Serabi, which mines from the Tapajos region of Brazil’s Para state, produced 10,223 ounces of gold in the fourth quarter of 2019, resulting in a total yearly production of 40,101 ounces. This was a 7% improvement over 2018 and met its production guidance.

Total ore mined also increased last quarter to 44,092 tonnes at a grade of 6.69 g/t gold. A total of 44,794 tonnes of run-of-mine ore were processed through the plant from the combined Palito and Sao Chicho orebodies with an average grade of 6.81 g/t gold.

Commenting on the latest operational results, Serabi CEO Mike Hodgson said that having produced more than 10,000 ounces in five of the last six quarters, the company has demonstrated “strong operational consistency.”

He added that mining and plant throughput rates and grades have remained consistent throughout the year, but the respective 8% and 5% improvements over 2018 have allowed the operation to exceed 40,000 ounces for the first time.

For 2020, the company expects its production to fall between 45,000 and 46,000 ounces.

Meanwhile, permitting at the Coringa project continued to progress, with the date for the public hearing set for February 6. Assuming public and stakeholder support, this is the final step for the company before receipt of the preliminary license.

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