JOHANNESBURG (miningweekly.com) – Avesoro Resources will update the market with an increased resource and reserve estimate for its New Liberty mine, in Liberia, in the third quarter.
This follows the completion of a 19 500 m 55-hole infill drilling programme undertaken in the first quarter of the year. The programme was aimed at upgrading a portion of the 275 000 oz existing inferred mineral resource, which sits below the current designed pit floor but within a $1 300/oz pit shell.
These results build on the earlier assay results from 34 holes that were reported in March and forms part of Avesoro’s wider 2018 exploration programme which is aimed at converting about one-million-ounces of mineral resources into mineral reserves across the company’s portfolio of assets.
“I am pleased to report the completion of our infill drilling programme at New Liberty where we have encountered further excellent drill results. This is further proof of the company’s continued positive momentum towards our aim of converting one-million ounces of resources into reserves across our portfolio from the company’s 2018 drilling campaign,” Avesoro CEO Serhan Umurhan commented on Thursday.
He added that the company also expects to release positive updated resource and reserve estimates for its Youga and Balogo gold mines, in Burkina Faso, later this quarter.
Avesoro’s fully funded 171 000 m diamond drilling programme for this year is ongoing, with 32 000 m and 139 000 m to be drilled in Liberia and Burkina Faso, respectively.
In Liberia, Avesoro noted that the focus has now moved from New Liberty to the Ndablama target.
In Burkina Faso, drilling continues at Youga including along strike at Gassore and at Balogo where the plan is to expand the existing pit and undertake resource drilling at several along strike satellite discoveries.