PERTH (miningweekly.com) – Junior gold producer Phoenix Gold has increased its mineral resource estimate by 6%, to more than four-million ounces.
Phoenix on Wednesday reported that an updated resource model, completed by independent consultants, had increased the Kintore resource by some 686 000 oz, while the Castle Hill Stage 3 resource had more than doubled to 272 000 oz.
“When the business commenced, we had 595 000 oz in resources and no reserves, and now to have achieved a resource of over four-million ounces, including a current reserve of over 1.1-million ounces, in less than four years, is a testament to the quality of the assets and our exploration team,” said Phoenix MD Jon Price.
Price noted that with stock-work style deposits on the Kunanalling shear, and high-grade opencut and underground deposits on the Suleika shear, Phoenix was hoping to add another significant discovery to its portfolio.
Phoenix poured its first gold from the Kintore West project in October last year. The Kintore West opencut mine forms part of the larger Castle Hill Stage 2 operation, and would deliver 380 000 t of mill feed, grading 2.03 g/t gold for 24 400 oz, as well as 891 000 t of heap-leach feed, grading 0.6 g/t for an additional 17 130 oz.