(Alliance News) - Successful drilling at the North Mara mine in Tanzania has allowed Acacia Mining PLC to upgrade reserves, it said Friday.
As of the end of May, North Mara's Gokona mine had 1.3 million ounces of gold reserves at a grade of 5.5 grams of gold per tonne of ore, 13% higher than before, though at a marginally lower grade.
This, Acacia said, is due to drilling on the east and west extensions of Gokona in late 2018 and early 2019.
Overall, the measured and indicated resources at Gokona have risen 63% to 122,000 ounces of gold, and the grade has also improved.
Acacia's inferred resource has climbed 65% to 849,000 ounces of gold, at a lower grade.
"Acacia plans to continue underground diamond drilling at Gokona and this is expected to further increase confidence in the continuity of the mineralisation of the deposit with the potential for further additions to inventory in the Lower West and Lower East, as well as in the Deep East in the year-end 2019 mineral reserve and resource," added Acacia.
Accordingly, Acacia expects to provide a further update to its mineral reserves and mineral resources as soon as finalised.
This upgrade comes after, in mid-June, Acacia refuted Barrick Gold Corp's criticism of Acacia's mining plans in Tanzania.
Barrick has questioned resource uncertainty at Acacia's Bulyanhulu mine, which is currently on care and maintenance, while it has also cast doubt on Acacia's grade assumptions and throughput targets at Bulyanhulu's Deep West orebody.
Barrick owns 64% of Acacia and has offered USD285 million for the rest, though the two have not yet come to an agreement.
