Coringa Project achieved first gold in July 2022. (Credit: Serabi Gold Plc)
The project is located in Pará State, Brazil. (Credit: Serabi Gold Plc)
The underground mine uses shrinkage stoping to extract ore. (Credit: Serabi Gold Plc)

Coringa Project is an operational gold mine located in Pará State, Brazil. The project, owned by Serabi Gold, comprises the Coringa gold deposit and four discrete ore bodies.

The company acquired the property from Anfield Gold (now part of Equinox Gold) in December 2017. The previous owner completed bankable feasibility study, built camp and acquired a second-hand plant for the project.

In 2019, Serabi Gold issued a Preliminary Economic Assessment (PEA) following the completion of a step-out drill programme.

Preliminary Licence (LP) for the Coringa Project was issued in September 2020, with development works beginning in July 2021 under a trial mining licence.

The project achieved its first gold production in July 2022.

In November 2024, Serabi Gold publicly filed its detailed technical report of its updated preliminary economic analysis (PEA) and updated mineral resource estimate for Coringa Gold Project.

The updated PEA supports an initial 11-year mine life with a ramped-up production averaging around 34,000 ounces per annum.

The planned crusher and ore sorter are expected to become operational by the fourth quarter of 2024.

Coringa Gold Project Location

Coringa Gold Project is located in the Province of Pará, north-central Brazil. The site is around 70km southeast of the city of Novo Progresso.

The project can be accessed by paved (National Highway BR-163) and dirt roads.

Overall, it comprises eight exploration concessions totalling 23,620 hectares (ha). Chapleau, a 100% owned Brazilian subsidiary of Serabi, owns the concessions.

Geology and Mineralisation

The Coringa Gold Project is situated in the southeastern part of the Tapajós gold district. A regional shear zone called the Tocantinzinho Trend is known to host multiple gold occurrences in the district.

The site is underlain by granitic intrusions of the Maloquinha group and rhyolites of the Iriri group (Salustiano Formation).

The granites were found to be granular and medium-grained comprising pink feldspar and quartz, while rhyolites occur as fine to medium-grained, porphyritic, and strongly magnetic in nature.

Mineralisation is found in quartz-carbonate sulphide veins or with disseminated sulphides. The shear/vein system has a strike length of more than 7km.

The thickness of the mineralised zones ranges from less than 1cm to 14m.

Mineral Resource Estimate

According to the updated Mineral Resource Inventory at Coringa project, the gold property has Measured and Indicated Resources (M&I) of 795kt at 7.03g/t gold containing 179koz of Au.

Inferred Resources stand at 1,454kt at 5.81g/t gold containing 271koz of the metal.

Mining and Ore Processing

The underground mine uses shrinkage stoping to extract ore from narrow, near vertical gold veins.

It involved building horizontal tunnels at the base of the ore body, and then a vertical raise was constructed to connect to the top of the stope. Ore from the body is extracted by breaking the ore, taking it via drawpoints at the base and loaded into Load-Haul-Dump (LHD) units.

Trucks transport the material to the surface.

Coringa project has produced 18,458oz since it commenced operations. It is expected to produce 28,000oz in 2025, and then 36,000oz on average annually from 2026 to 2031.

It is expected to have an 11-year mine life until 2034.

The ore recovered from the mine is planned to be processed in two phases. In the first phase, which is currently operational, ore extracted from the Serra orebody is processed at Palito Plant.

In the second phase, a crushing and ore sorting plant at the Coringa site will be used, while Palito Plant will process upgraded ore from the mine.

The crushing plant will be equipped with primary (jaw crusher 8050) and secondary (cone 36S) crushers to produce feeding material for Ore Sorting facility and crush the pre-concentrated product for delivery to the Palito Plant.

Ore Sorting facility, featuring RGB and gravity sensors, will have a nominal capacity of 40 t/h feed.

Infrastructure

General onsite infrastructure for the gold project includes the underground mine; crushing and ore sorting plant; ore processing facilities at Palito; tailings disposal areas; mine camp including accommodation and warehouses, access roads and Palito airstrip.

The project will have a power requirement of nearly 1.9MW. It will be supplied by a diesel powerhouse.

The area has abundant water resources, which can be used for operations.

Contractor Involved

The 2024 Preliminary Economic Assessment NI 43-101 Technical Report was prepared by independent engineering consultant NCL Ingeniería y Construcción, Santiago, Chile.

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