(Alliance News) - Centamin PLC on Tuesday said it had increased resource confidence for its Doropo project as it issued an update on its pre-feasibility study.
Centamin is a London-based gold producer with interests in Egypt, Burkina Faso and the Ivory Coast. The Doropo project is based in the Ivory Coast.
Centamin said infill drilling had added 2.4 million ounces of indicated resources for a total of 2.52Moz at a grade of 1.52 grams per tonne.
The indicated resource figures represent a 22% increase in grade versus the 2021 preliminary economic assessment average grade of 1.25g/t of gold.
In addition, Centamin said the potential for "significant capital and operating cost savings" are under investigation as part of the pre-feasibility study. It said there had been "encouraging initial metallurgical test work results" which suggests an opportunity to simplify the processing circuit.
However, as a result of these additional tests, the pre-feasibility study has been delayed until the first half of 2023.
Chief Executive Officer Martin Horgan said: "The Doropo PFS workstreams are advancing well and delivering positive results. Following the completion of an extensive infill drilling programme through 2021 and 2022, we have now delivered the first mineral resource estimate constrained in pit shells, with 2.5Moz in the Indicated category eligible to be assessed for inclusion in the maiden reserves estimate."
Shares in Centamin were trading 2.7% lower at 103.50 pence each in London on Tuesday morning.
By Chris Dorrell; chrisdorrell@alliancenews.com
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Centamin PLC (CEY)