Serabi Gold is a Gold exploration and production company involved in the evaluation and development of Gold deposits in Brazil. The company’s primary interests are its 100% owned Palito Mining Complex and the recently acquired Coringa Gold Project both located in the Tapajos region of northern Brazil.  Combined gold production from the Palito Mining Complex is currently approximately 40,000 ounces per annum, whilst the Coringa Project, when in production, is forecast to produce an average of 38,000 ounces per annum.

Serabi Gold has recently put out a press release regarding their audit which found several unauthorised cash withdrawals over the last few years. There is an ongoing legal process and two members of staff have been suspended whilst the company understands exactly what has happened. The audit process is due to be completed by the end of June 2021.

There have also been some interesting press releases regarding the exploration work at Sao Domingos that runs into the western part of Sao Chico, where they have found a 600m trend with a series of high grade vein structures along the strike length. They have focused on a central area which is 20m wide, grading at about 12g which is very exciting for the company. There has been some drilling at depth which has also returned similar numbers and step out drilling has confirmed even more structures.

Serabi Gold has identified about 4 high grade structures at Sao Domingos inside a 40m wide lower grade mineralised halo and they are now targeting that envelope that contains these high grade structures to ascertain the size of the area. There will be more drilling with one drill at Sao Domingos for the foreseeable future and more press releases to come out shortly.

Despite issues with Covid in Brazil, it is business as usual for the Serabi Gold team which have had no interruptions since September last year and have produced 8,000oz in Q1 this year. However, initial Covid interruptions in 2020 meant that planned development to ramp up to 45,000 oz production in 2021 has been deferred to 2022. Guidance for 2021 is now 33-35,000oz but the company is currently ahead of production guidance and development work is going well too with planned exploration on track for 30,000m drilling this year.

Company page: https://www.serabigold.com/ 

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