(Alliance News) - Resolute Mining Ltd on Friday said its total mineral resources in gold were maintained in Mali and Senegal, following exploration success at two assets.
The Africa-focused gold miner said total gold mineral resources were maintained at 11.2 million ounces, as exploration success at Syama North in Mali and Tomboronkoto in Senegal offset mining depletion.
Total ore reserves, meanwhile, marginally decreased to 4.4 million ounces from 4.6 million ounces as of December. Resolute Mining said this was in line with expectations due to mining depletion across both operations.
Syama North ore reserves increased over 17% to 1.0 million ounces, while 'measured' and 'indicated' categorised mineral resources increased 47% to 2.7 million ounces following successful drilling campaigns in 2023. It expects first mining to begin later this year.
"We are also conducting detailed mine optimisations with an uplift in our ore reserve estimate to 1 million ounces and we expect further increases going forward," said Chief Executive Officer & Managing Director Terry Holohan.
Resolute Mining said mineral resources increased significantly in Senegal following the maiden mineral resource estimate at the Tomboronkoto satellite deposit of 403,000 ounces grading 1.2 grammes per tonne.
"These results are in line with our expectations given the work we are conducting on our growth projects," said Holohan.
Shares in Resolute Mining were up 0.7% to 20.75 pence each in London on Friday morning.
By Greg Rosenvinge, Alliance News senior reporter
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Resolute Mining (RSG)