Serabi Gold plc, a UK-registered gold exploration and production company, has focused its activities entirely on gold deposits in Brazil.
The heart and flagship of all Serabi Gold’s projects is the Palito Complex, where the company produces approximately 40000 ounces of gold per year. Newly released production results for the fourth quarter of 2021 and for the full year show that Serabi Gold exceeded its original guidance by approximately 6 percent.
Good production results with the prospect of more
The fact that the British mining company Serabi Gold limits its activities to gold deposits in Brazil dates back to the company’s founding days. At the time, the then owners of Serabi Gold began exploring hard rock gold deposits in the north of the South American country and eventually acquired the Palito gold mine in 2001.
To this day, the Palito complex is the company’s main project and flagship. Commercial gold production has been running there since 2014 with steadily increasing production results.
A few years ago, Serabi Gold also acquired the Coringa gold project, which, like the Palito complex, is located in the Tapajos region of northern Brazil.
With production results in 2021 of approximately 40000 ounces of gold, Serabi Gold has exceeded its own forecasts and aims to continue to increase gold production at the Palito Complex this year. Once operational, the Coringa Gold Project is expected to produce an additional 38000 ounces of gold per year.
The Palito Complex
The Palito complex, like the Coringa gold project, is located in the Tapajos region of the Brazilian state of Para. The Tapajos region covers an area of about 100000 square kilometers.
Tapajos is said to be the third largest alluvial gold field in the world. Serabi Gold therefore believes that there are still many underexplored or under-explored resources in the region.
The already producing Palito Mine Complex is 48846 hectares in size and houses the Palito Mine and the Sao-Chico Gold Mine.
The Coringa Gold Project
The Coringa gold project is also located in the Tapajos region. Small-scale artisanal mining was carried out there by a Brazilian company until 1991.
Extensive exploration work has already been carried out on Serabi Gold’s current concession area between 2007 and 2013. Serabi Gold purchased the project in 2017 and has since been conducting extensive drilling and exploration programs at Coringa.
The Company expects Coringa to be as profitable as the Palito Complex in the future and hopes to produce approximately 38000 ounces of gold annually at Coringa for the foreseeable future. This would allow the company to nearly double its gold production in a few years.