Serabi Gold plc has released the results and a review on its operational and development activities at the site of Tapajos region of Para State, Northern Brazil during second quarter of 2020.
In its operational and development update, Serabi Gold reported a gold production of of 8,504 ounces for the second quarter of 2020 and totalling 17,525 ounces during 2020. The ore mined was 43,519 tonnes during the quarter at the rate of 5.85 grams per tonne of gold. It saws a run of mine ore of 44,235 tonnes which were processed in the combined Palito and Sao Chico orebodies plant, and at the average grade of 5.91 g/t of gold. While the company completed 3,004 metres of horizontal development during the quarter which is the highest figure of development meters attained by the company. The main Vein structure comprises of eight surface holes and ten underground holes at Sao Chico, now extends the host gold bearing mineralisation to 375 metres to the west of the current mine limits, which is a further 75 metres extension.
Serabi Gold reported some optimistic exploration results for the first quarter of 2020 especially related to the work being taken on in the Sao Chico area. The company issued a technical view and analysis of its operations like the one it counters that the anomaly is seemngly a western extension of the Sao Chico vein structure which lies about 1,000 metres to the west of the current mine limits.
CEO of Serabi Gold Mike Hodgson said, “In light of the unique challenges with the pandemic that we have faced over the past months, I am delighted with the gold production level for the second quarter of 8,504 ounces, which is beyond my expectation at the start of the quarter.
Serabi also provided the 2020 Production Guidance in which the company says it “is working hard to expand the camp allowing for a return to full staffing levels” by end of the third quarter. It anticipated same third quarter performance that it showed in second quarter, and it expects to return to full levels of production during the starting period of fourth quarter. It may attain the full year production between 34,000 and 37,000 ounces.