Serabi Gold PLC on Thursday told its annual general meeting it as on track to achieve production guidance for 2024.

The Brazil-focused gold mining and development company said that activity at the Coringa gold project in the Tapajos gold region accelerated ‘as production ramp up continues’.

It emphasised a new preliminary economic assessment of Coringa was being produced that reflected the current operating plan and lower upfront capital costs for the project.

Further, the ore sorter for Coringa is now on site with civil works advancing well.

Meanwhile, the operation at the Palito complex, a narrow vein underground mine, was continuing according to plan.

Chief Executive Officer Mike Hodgson said: ‘With the rainy season now over, we are stepping up our exploration activity with two surface rigs now operating at Palito and the surrounding area. Our key focus for a 2024 drilling campaign is on the headframe exploration around the current Palito deposit and doing more work to prove up the potential of the Sao Domingos prospect on the south western part of our exploration tenements.’

Looking ahead, he said: ‘I remain very optimistic for the rest of 2024 and beyond. Coringa is shaping up to be an excellent, low risk project, and I think that there is significant potential for further resource growth along the eight kilometre garimpo trend as well as discovering additional parallel vein structures to add considerable mine life at Coringa. As we have seen at Palito, where there is similar growth potential, I anticipate this will be a long life asset and with systematic exploration, we will continue to be able to replenish and grow the resource base for both projects, Both Palito and Coringa, in my opinion, have the potential to host over one million ounce gold deposits and over the next couple of years, I hope we can achieve this.’

Serabi shares closed 1.3% higher at 67.88 pence each on Thursday in London.

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