PERTH (miningweekly.com) – ASX-listed Kingsgate Consolidated has reported a 46% increase in the ore reserve at its Chatree gold mine, in Thailand.
The ore reserves have increased to 1.3-million ounces of gold up from 0.89-million ounces of gold. Furthermore, silver ore reserves have increased from 8.3-million ounces to 12.2-million ounces, a further increase of 47% since it was last reported in 2016.
Kingsgate said on Wednesday that the updated figures indicated the potential for a mine life of at least eight to ten years.
“The increase in the Chatree ore reserves demonstrates a very positive and viable future for the project, and it is Kingsgate’s intent to fund a vigorous exploration programme to convert further resources to reserves in other key near mine areas,” said executive chairperson Ross Smyth-Kirk.
Kingsgate recently secured a $15-million bridge facility to support the refurbishment and restart of the Chatree gold mine.