Trans-Siberian Gold upbeat on latest development at Asacha

(Sharecast News) - Russia-focussed producer Trans-Siberian Gold said on Friday that the development of vein 25 (V25) in the east zone of its operating Asacha Gold Mine was progressing well, reporting that the total volume of access development work for stripping completed to date was about 15,400 cubic metres.
The AIM-traded firm said exploration development enabled channel sampling, producing "excellent" results, including an average thickness of 1.6 metres with an average gold grade of 56.2 grams per tonne at level 200, and an average thickness of 1.4 metres with an average gold grade of 51.4 grams per tonne at level 170.

It said that since April, about 9,488 tonnes of ore with an average gold grade of 19.8 grams per tonne had been extracted from vein 25, and processed, producing approximately 6,028 ounces of gold.

The ore was described as "very similar" to that found in the main zone, with high recovery rates of at least 94% from its existing plant.

Trans-Siberian said the volume of ore mined from vein 25 would continue to increase, as the emphasis of the mine plan for Asacha transitioned from the main zone to the east zone.

"Our mine development is on track and high grade results are being generated from channel sampling and high recoveries from bulk sampling activities," said chief executive officer Alexander Dorogov.

"Bringing V25 in the east zone into commercial production will be a significant milestone for the company."

Dorogov said it was a "higher-grade deposit" than the main zone, and would make a "significant contribution" to maintaining high-grade gold production from the Asacha Gold Mine.

"It is pleasing to have our mine development work ahead of schedule and in line with our cost expectations."

At 0921 BST, shares in Trans-Siberian Gold were up 5.27% at 95.8p.