PERTH (miningweekly.com) – Gold miner Resolute Mining has reported a 24% increase in the mineral resource, and a 58% increase in the ore reserve at its Ravenswood project, in Queensland.
The mineral resource at Ravenswood has increased from 4.8-million ounces to 5.9-million ounces, while the ore reserve increased by one-million ounces, to 2.7-million ounces.
“One-million ounces of additional gold in ore reserve at Ravenswood is an excellent outcome from our recent drilling programmes and study work. Available gold resources at Ravenswood now exceed five-million ounces demonstrating its status as an outstanding Australian gold mine,” said Resolute MD and CEO John Welborn.
“With almost three-million ounces of gold in ore reserves, we are now directing our ongoing study work to focus on an optimised Ravenswood expansion project, that can produce around 200 000 oz/y over a 15-year mine life.”
Welborn said that the expanded gold inventory demonstrated that Ravenswood presented a unique opportunity for transformation into a large scale, low cost operation with an exceptionally long mine life that would deliver considerable economic benefits.
Resolute is expected to conclude the strategic review of the Ravenswood expansion project later this year.
The Australian company trades on the ASX and last month also listed in London.