Brazil

Coringa Project

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Overview

Mine TypeUnderground
StageConstruction
Commodities
  • Gold
  • Silver
Mining Method
  • Open stoping
Mine Life... Lock
SnapshotProject development of the Coringa’s Serra orebody under a trial mining licence began in July 2021. First gold production in July 2022.

In January 2024, Serabi Gold Plc received the renewal of the GUIA trial mining license, for a period of three years.

At the current time, only the high-grade ore from Coringa is being trucked to Palito for processing. Lower-grade material is being stockpiled with the intention that this will be treated through and ore sorter in the future and only the resulting beneficiated product transported.

The ground works required for installing the crushing plant and the related infrastructure for the ore sorter are progressing well with the intention that the plant can be operational for the fourth quarter of 2024.

Whilst activities at Coringa have been growing, this project is still in a trial mining phase and a decision regarding commercial production will be made by the Board once the current licensing issues are resolved.

Owners

SourceSource
CompanyInterestOwnership
Serabi Gold Plc. 100 % Indirect
Chapleau Exploracao Mineral Ltda. (operator) 100 % Direct
The Coringa Gold Project consists of eight exploration concessions or tenements totaling 23,620.03 hectares (ha). All concessions are owned by Chapleau, the 100% owned Brazilian subsidiary of Serabi.

Deposit type

  • Orogenic
  • Vein / narrow vein

Summary:

The Coringa Gold Project is underlain by granitic intrusions of the Maloquinha group and rhyolites of the Iriri group (Salustiano Formation). The granites are granular, medium-grained, and consist of pink feldspar and quartz. The rhyolites are fine to medium-grained, porphyritic, and strongly magnetic. Sanidine and quartz phenocrysts occur in a fine-grained matrix of sanidine-quartz. Minor amounts of biotite also occur in the matrix which has been altered to chlorite.

There are two dominant structural trends on the Coringa Gold Project property:
• The 310° structures are interpreted as strike-slip faults with probably a dextral (right lateral) sense of displacement.
• Structures trending at 345° are interpreted as R-shears.

Mineralized veins at the Coringa Gold Project are associated with the R-shears. The dip of the veins ranges from 750 to the east to vertical, but they occasionally dip steeply westward (e.g., Galena Vein).

Mineralization at the CoringaGold Projectis associated with a shear/vein system that has a strike length of over 7 km. The mineralized zones vary in thickness from <1 centimeter (cm) up to 14 meters. Several veins (i.e., Galena, Mãe de Leite, Meio, and Come Quieto) occur along the main mineralized corridor and others, such as Serra, Demetrio, and Valdette, form subparallel zones. The average thicknesses for the veins included in the estimate of mineral resources are: Serra 0.52 m, Galena & Mãe de Leite 0.59 m, Meio & Come Quieto 0.41 m, and Valdette 0.80m.

Gold mineralization is almost exclusively associated with quartz-sulphide veining. Pyrite is the main sulphide, but minor concentrations of chalcopyrite, galena, and sphalerite are common. A genetic study of mineralization indicated that pyrite-chalcopyrite (+/- quartz) mineralization occurred first, followed by gold, with galena and sphalerite introduced late. Gold is typically free (or within electrum) and occupies fractures within sulphide grains. It is usually very fine grained and visible gold is rare. Gold in electrum is closely associated with quartz and pyrite. The bulk of the gold has a preference for deposition in the quartz matrix/groundmass (48% locking affinity) and within pyrite (31%) occurring in either fractures or as inclusions, as well as in other sulphides, oxides, and, to a lesser extent and depending on tectonic conditions, in silicates.

The mineralized veins exposed on the Coringa Gold Project are similar to those found in Orogenic gold deposits. This deposit type has been described by (McCuaig, et al., 1998; Groves, et al., 1998; Goldfarb, et al., 2001). Orogenic gold deposits are the source of many of the great placer gold districts (e.g., Tapajós; Klondike; Mother Lode, California; East Russia).

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnitsAvg. AnnualLOM
All production numbers are expressed as metal in doré.

Operational metrics

Metrics
Daily ore mining rate 465 t *
Daily processing capacity 645 t *
Hourly processing capacity 24.2 t *
Annual ore mining rate 170,000 t *
Annual processing rate 170,000 t *
Annual processing capacity 212,000 t *
Ore tonnes mined, LOM 1,130,000 t *
Tonnes processed, LOM 1,130,298 t *
* According to 2019 study.

Production Costs

CommodityUnitsAverage
Cash costs Gold USD 615.44 / oz *  
Total cash costs Gold USD 816 / oz *  
All-in sustaining costs (AISC) Gold USD 852.48 / oz *  
Assumed price Gold USD 1,275 / oz *  
* According to 2019 study / presentation.

Operating Costs

Currency2019
UG mining costs ($/t milled) USD 91.8 *  
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* According to 2019 study.

Project Costs

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Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required ........... Subscription required Subscription required Oct 21, 2019
....................... Subscription required ....................... Subscription required Subscription required Oct 21, 2019

EmployeesYear
...... Subscription required 2022
...... Subscription required 2019

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