(Alliance News) - Resolute Mining Ltd on Monday reported a 47% increase in measured and indicated resources at the Syama North project in Mali.
The Africa-focused gold miner said, following infill diamond and reserve circulation drilling at Syama North, the project's measured and indicated resources increased to 2.7 million ounces grading 3.0 grams per tonne from 1.9 million ounces grading 3.0 grams per tonne.
Further, the global mineral resource estimate for Syama North increased 11% to 37.9 million at an unchanged grade of 2.9 grams per tonne, for 3.5 million ounces of gold.
Resolute said the asset now has a total measured and indicated resource of 9.1 million ounces. This, it believes, can support an operation "even larger" than the phase one expansion currently underway.
Syama is owned by local subsidiary Societe des Mines de Syama SA in which Resolute has an 80% interest. The government of Mali holds the remaining 20%.
Shares in Resolute were up 7.0% at 19.80 pence on Monday morning in London.
By Heather Rydings, Alliance News senior economics reporter
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Resolute Mining (RSG)