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Centamin announces significant resource increase at Côte d'Ivoire projects

15th February 2019

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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A 120 000 m drill programme in 2018 across dual-listed Centamin’s wholly-owned landholdings in Côte d'Ivoire, has resulted in an increase of more than 100% in mineral resources, the company announced on Friday.

A maiden resource has been declared at the ABC project, on the west side of the country, while the Doropo project’s mineral resource has grown by 58%.

For the ABC project, a maiden resource estimate has been declared at the Kona South prospect, at a 0.5 g/t gold cutoff, comprising 19.6-million tonnes at 1.03 g/t gold in the indicated category for 650 000 oz of gold, and 16.1-million tonnes at 0.87 g/t of gold in the inferred category for about 450 000 oz of gold.

Centamin received “encouraging” drill intercepts at the Kona Central prospect, with resource upside potential with further assessment, infill drilling and three-dimensional modelling planned for this year.

Preliminary metallurgical testwork further suggests that there are no major metallurgical issues with high recovery rates expected from carbon-in-leach (CIL) processing, Centamin said on Friday.

A 34 000 m drill programme is budgeted for this year, which will focus on resource development at Kona Central and Kona South, while testing the resource extension potential between the two prospects, drill testing high-priority targets along the LGC in addition to airborne magnetic/radiometric surveying and geochemical sampling. 

Doropo, meanwhile, has 2.13-million ounces of indicated and 800 000 oz of inferred mineral resource, at a gold cutoff of 0.5 g/t, comprising 50-million tonnes at 1.31 g/t gold in the indicated category, a 55% increase in resource tonnes year-on-year.

There are 19-million tonnes at 1.3 g/t gold in the inferred category.

The 57 000 m of reverse circulation drilling, completed in 2018, further allowed Centamin to successfully increase the estimated tonnages at all the previously defined resource structures with the discovery of new structures capable of adding further resources.

A 55 000 m drill programme is planned for this year, which Centamin will use to develop the immediate resource extensions and evaluate the resources significance of the major regional Doropo targets.

A preliminary economic assessment is on track for completion by the second half of this year, while a maiden mineral reserve is estimated to be completed in the second quarter of the year.

In turn, this will support the next stage of feasibility work ahead of a development decision.

Building on these results, Centamin is budgeting a further 90 000 m of drilling this year.

“We have only scratched the surface of the potential of these assets and we are maintaining an intensive campaign in 2019 to define further quality gold ounces,” said CEO Andrew Pardey.

He added that Doropo continues to demonstrate the potential to be Centamin’s next organic development project, especially with ongoing exploration and concurrent viability studies which will further unlock the potential future scale of this project as the company assesses the economics against its internal project value creation criteria.

“Centamin's core strategy remains delivering returns using its highly cash generative business which not only delivers a high yield for its shareholders as per our sustainable dividend policy, but also delivers fully funded growth from our exciting exploration portfolio.”

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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