Serabi Gold on track to meet production guidance

13th Jun 2024 14:40

(Sharecast News) - Brazil-focused gold miner Serabi Gold has reiterated full-year production targets after an acceleration of activity at its Coringa project as the production ramp-up continues.

In an annual general meeting on Thursday, the company said it still expects to achieve production guidance of between 38,000 and 40,000 ounces of gold for 2024.

Chief executive Mike Hodgson said Coringa continues to perform "very well" as it ramps up to commercial production, with it "shaping up to be an excellent, low-risk project".

"Following the renewal of the GU underground trial mining licence for a further three-year period in January of this year, we have accelerated activity at the mine, with an increased rate of mine development and additional mine crews to execute the mine development," he said.

"At the same time, we are undertaking an underground drilling programme targeting the depth extension of the known mineralisation at Coringa, which is expected to increase the mineral resource and the mine life." Result of the drill programme will likely be released in the third quarter.

Meanwhile, Serabi's other project, Palito, has seen lower grades than expected after it had to 'bulk mine' a geologically complex area, though ore grades are predicted to improve.