(Alliance News) - Yamana Gold Inc announced on Thursday the discovery of new mineralised zones at their Wasamac property in Quebec.
The discovery has the potential to further grow the company's mineral inventory and support a production platform of 200,000 ounces per year over a mine life of at least 15 years.
This would be a significant improvement on its current approved development plan of an average of 169,000 ounces per year over a mine life of 10 years.
Yamana said that average annual gold production in Quebec, including production from Wasamac, has the potential to increase to around 500,000 ounces by 2028, and continue at this level through to at least 2041.
Yamana's other projects are experiencing similar success.
At Odyssey, continuing exploration successes support the longer term potential for higher annual production.
At Jacobina, the phase two expansion is progressing ahead of schedule.
At Minera Florida, following the submittal of the environmental and social impact assessment, the company's mine could begin operating at a planned 100,000 tonnes per month by 2025 and producing 120,000 ounces per year.
"The discovery of a new shear zone and further exploration successes support our higher annual production plan of 200,000 ounces over a longer mine life now expected to be fifteen years," Chief Operating Officer Yohann Bouchard said.
Shares in Yamana were up 1.2% at 307.50 pence on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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