Resolute Mining Ltd - Perth-based gold miner in Africa - Mineral resources estimate for Syama North increases 40% to 2.0 million ounces of gold at a cut-off grade of 1 gram per tonne.
As a result, the company's total mineral resource totals 20 million tonnes at 3.1 g/t of gold for 2.0 million ounces, to a nominal depth of 150 metres below surface.
Over ongoing exploration drilling, wide mineralised intervals in QVRD538 and QVRD566 supports the suitability for open pit mining of sulphide mineralisation. Looking ahead, diamond drilling is ongoing, while engineering studies have started to assess the deposit's economics.
"Given the strong performance of the Sulphide processing circuit post the planned major shutdown, we are now confident with our ability to process sulphides. The focus has thus shifted to exploring for more sulphide close to the processing complex," said Chief Executive Officer Terry Holohan.
Current stock price: 16.88 pence, down 3.4% on Tuesday
12-month change: down 32%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Resolute Mining (RSG)