Serabi Gold plc - CEO, Mike Hodgson
CEO, Mike Hodgson
Source: Webcasts – Serabi Gold
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  • Serabi Gold (TSX:SBI) has reported a record 3,674 ounces of gold produced in March at its operations in Para State, Northern Brazil
  • Total gold production for the first quarter of 2020 came in at 9,020 ounces
  • A total of 42,036 tonnes of ore was processed during the quarter at 6.54 grams per tonne of gold
  • Despite the continuation of COVID-19, the company’s sites are operating as normal with no rotation of workers
  • Serabi Gold (SBI) finished trading yesterday at C$0.98 per share, with a market cap of $57.73 million

Serabi Gold (TSX:SBI) has reported a record 3,674 ounces of gold produced in March at its operations in Para State, Northern Brazil.

The gold producer and explorer is currently focused on the 100,000 square kilometre Tapajos region, which is home to the wholly owned Palito Mining Complex and Coringa Gold Project.

The Palito Mining Complex, in turn, houses the Palito and Sao Chico orebodies. First quarter operations at these sites processed a total of 40,465 tonnes of ore, with an average grade of 6.66 grams per tonne of gold.

This was supplemented by an additional 9,146 tonnes of surface stockpiled ore.

However, it hasn’t been entirely smooth sailing. After a month of moderate production in January, Serabi’s mill broke down in February, resulting in a loss of 18 milling days. As a result, the company’s gold production for February was marginally down.

The saving grace came from Serabi’s March operations, which was fuelled by a recently commissioned ore sorter.

During March, the sorter processed 2,500 tonnes of ore with an average grade of 3 grams per tonne. This was refined to approximately 300 tonnes of product at over 20 grams per tonne, representing an improved feed grade of between 600 and 700 per cent.

Overall gold production for the first quarter of 2020 came in at 9,020 ounces.

On the COVID-19 front, Serabi says that its activities are continuing as normal, albeit without the benefit of a rotational workforce.

Mike Hodgson, CEO of Serabi Gold, said that the company’s site remain totally virus-free, and those workers who remain on the site have been granted additional rest days.

“We have stockpiled as many critical mining and processing consumables and supplies as we can to keep the site operational.

“With this strategy, whilst we may not be able to quite reach our budgeted levels of production, I think we can come close,” he added.

Today’s announcement also noted favourable gold prices and exchange rates, which are providing some solace in the currently turbulent market.

Serabi Gold (SBI) finished trading yesterday at C$0.98 per share, with a market cap of $57.73 million.

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