LONDON (ShareCast) - (Sharecast News) - Brazil-focussed miner and developer Serabi Gold updated the market on operations in the Tapajos region of the country's Para State on Tuesday, reporting total July production of 2,703 ounces.
The AIM-traded firm said that included a contribution of 241 ounces from the Coringa project, adding that it remained on track to meet its production guidance of 30,000 ounces for 2022.

It said on-lode development had extended to 494 metres, with further "excellent" channel samples including 0.63 metres at 108.34 grams of gold per tonne, 0.33 metres at 171.67 grams per tonne, 0.63 metres at 93.8 grams per tonne, 0.94 metres at 57.94 grams per tonne, 0.32 metres at 179 grams per tonne, and 0.25 metres at 302.37 grams per tonne.

"The Palito Complex continues to deliver steady production with 2,462 ounces of gold produced during July, supplemented by an additional 241 ounces from Coringa, which were processed at the existing Palito plant," said chief executive officer Mike Hodgson.

"With the successful implementation, earlier this year, of measures to reduce dilution, we remain on course to meet our 2022 guidance of 30,000 ounces.

"Given the stabilised production levels, we intend to revert to reporting gold production on a quarterly basis going forward."

Hodgson said development at Coringa was also progressing well, with close to 500 metres of on-lode development completed and further "excellent" channel sample results.

"We continue to split blast, ensuring a high-grade product is extracted from the development and we will be preparing the mine for initial stoping over the coming months.

"This will enable us to increase our production rate and continue to minimise dilution."

At 1351 BST, shares in Serabi Gold were up 3.57% at 43.5p.

Reporting by Josh White at Sharecast.com.

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