Alamos Gold lifts resources 31%
TORONTO (miningweekly.com) – Canadian miner Alamos Gold on Monday announced that it had lifted its total National Instrument 43-101-compliant measured and indicated resources by 31% to 6.67-million ounces of gold at various cutoff grades, marking a 24% increase on a per-share basis and reflecting the acquisition of the Esperanza gold project last year.
The Toronto-based miner said that at its flagship Mulatos mine, in Mexico, the proven and probable reserves totalled 2.03-million ounces of gold, which at current throughput rates, implied a remaining reserve life of about eight years.
The reserve grade increased 8% to 1.15 g/t of gold, and the total amount of ounces decreased 14%, reflecting depletion and the company using a lower gold price assumption, resulting in a smaller but higher-quality mineral reserve at Mulatos.
At the underground operations, Alamos also lifted the reserve grade at the San Carlos and Escondida Deep deposits by 41% to 7.1 g/t gold, resulting in reserve ounces rising by 16% to 219 285 oz of gold.
At Alamos’ Turkish development project of Ağı Dağı, Kirazlı and Çamyurt, the measured and indicated mineral resources rose by 20% to 2.92-million ounces and the grade improved by 8%, driven by the conversion of 80% of the inferred mineral resource at Çamyurt.
Alamos said that given its proximity to Ağı Dağı, the Çamyurt conversion was expected to enhance the economics of Ağı Dağı as outlined in the 2012 prefeasibility study. Since acquiring the projects in 2010, the company had grown the measured and indicated mineral resource by 126%.
The company also reported inferred mineral resources rising 142% to 3.68-million ounces of gold at various cutoff grades, representing a 129% increase on a per-share basis reflecting the acquisitions of the Esperanza gold project and the Quartz Mountain property, in Oregon.
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