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Coringa Gold Project
Located 200km south of Palito and 70km southeast of the city of Novo Progresso in the State of Pará. The Coringa Gold Project is fuelling our next leg of growth.
- 100% ownership.
- Acquired from Anfield Gold Inc. (now part of Equinox Gold) in December 2017 for $22m.
- Anfield completed bankable feasibility study, built camp and acquired a second-hand plant. Estimated spend by Anfield of over C$65m including the initial acquisition.
- Access by paved (National Highway BR-163) and gravel roads.
- Artisanal mining produced an estimated 10t of gold (~322.6koz) from alluvial and primary sources.
- Over 50,000m of historic drilling completed on the project.
- Issued a 2019 PEA following a step-out drill programme which extended mine life
- Preliminary Licence (“LP”) for the project received in September 2020.
- Project development of the Serra orebody under a trial mining licence began in July 2021.
- First gold production in July 2022.
De-risked near term growth
- High grade ore being trucked to Palito for processing through the Palito plant.
- Crusher and ore sorter commissioned in Q4-2024 to ramp up production.
- Minimised initial capital requirements.
- Minimises environmental impact of the project.
- Utilises production capacity at Palito.
- Consolidates gold production in a single location.
- Sufficient for a production rate of up to 25-30koz pa Au.
- Maximum projected annual production of 35-40koz pa Au requires expansion of Palito Complex process plant or dedicated plant at Coringa.
- Project construction has been funded from internal cash flow.
- Three year trial mining licence extension granted to January 2027 pending issue of long term mining permit (Installation Licence (“LI”)),
Technical reports for Coringa
- Located in the southeastern part of the Tapajós gold region.
- Project underlain by Proterozoic granites and rhyolitic volcanics.
- Main structural trends are northwest and north-northwest.
- Coringa shear-vein system is coincident with the north-northwest trend (345 degrees) and dips 70 to 90 degrees to the northeast.
- Interpreted as a Riedel shear related to dextral strike slip movement along the northwest-trending structures.
- Five zones of vein mineralisation (Valdette, Galena, Mae de Leite, Meio, Come Quieto) occur along the main shear zone, which is 7km long.
- Many other parallel mineralized structures, including the Serra and Demetrio veins, also present.
- Gold occurs in quartz-sulphide veins ranging in thickness from 0.15-14.0m.
- Chlorite-hematite alteration is distal and sericite-pyrite alteration is proximal to the veins.
- Mining by conventional open stoping, mainly by shrink stoping with level spacing 30-40m apart.
- Long hole stoping using intermediate sublevels, where widths and continuity of mineralisation permit.
- Ore and waste extraction is by trackless equipment.
- Ramp access permits use of conventional road trucks.
For the foreseeable future, processing of Coringa ore will be undertaken at the Palito Complex utilising existing capacity, with the ore treated by gravity and cyanidation processes.
A crushing plant and ore-sorter will be installed at Coringa and the pre-concentrated ore transported by road to Palito.
- minimises initial capital requirements
- minimises environmental impact of the project
- utilises production capacity at Palito
- consolidates gold production in a single location
Colour scanning of the disseminated sulphides of the Coringa ore recovered to date from the Serra orebody reduces mass of the mined material that requires to be transported by 45% to 50%.
Mineral Resources Statement, Coringa Gold Project, Para State, Brazil, effective as of 16 April 2024.
| Classification | Quantity | Grade | Contained Metal |
| Gold | Gold | ||
| 000’t | g/t | 000’oz | |
| Measured Resources | 172 | 8.96 | 49 |
| Indicated Resources | 623 | 6.49 | 130 |
| Total Measured & Indicated Resources | 795 | 7.03 | 179 |
| Inferred Resources | 1,454 | 5.81 | 271 |
Notes
(1) Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. Mineral Resources are reported inclusive of Mineral Reserves. All figures are rounded to reflect the relative accuracy of the estimates. Mineral Resources are reported within classification domains inclusive of in-situ dilution at a cut-off grade of 3.16g/t gold assuming an underground extraction scenario, an operating cost of $107/t for mining, crushing and sorting, sorting efficiency of 61% of the tonnes and 1.59 upgrade factor, $88/t for hauling to Palito, processing at Palito plant and site costs, metallurgical recovery of 97%, 4% on royalties and 2.3% for refining, insurance, freight and sales, and a gold price of $1,950/troy oz.
(2) Serabi is the operator and owns 100% of the Coringa gold project such that gross and net attributable mineral resources are the same. The mineral resource estimate was prepared by NCL Ingeniería y Construcción SpA in accordance with the standard of CIM and Canadian National Instrument 43-101, with an effective date of 6 April 2024 by Mr Nicolás Fuster, who is a Qualified Person under the Canadian National Instrument 43-101. (3) NCL believes that the resource estimates shown in the table above meets the CIM standards for a resource estimate based on CIM Standards of Mineral Resources and Reserves Definitions and Guidelines adopted by the CIM council 10 May, 2014