JOHANNESBURG (miningweekly.com) – ASX-listed Luiri Gold has established a probable ore reserve of one-million tons at 2.7 g/t for 87 000 oz of gold at the Dunrobin deposit of its Luiri Hills gold project, in Zambia.
A recent feasibility study considered openpit mining of the deposit at an average cash cost of $827/oz and a gold price of $1 225/oz, as well as the processing of 200 000 t/y of ore by crushing, grinding and cyanide leaching.
This was an improvement on the 2012 resource estimate of 190 000 oz at a cutoff of 1 g/t of gold.
Luiri Gold technical director Dr Evan Kirby said the stated ore reserve was a good improvement on the previous estimate in terms of tons, grade and metal ounces.
“This new estimate inherently carries a much higher degree of confidence, based as it is upon detailed independent estimates of capital and operating costs, and demonstrates the current economically mineable portion of the Dunrobin deposit,” he commented.
Luiri Gold expected construction of the Dunrobin mining and processing plant to start by the end of this year.