- Write by:
-
Thursday, August 11, 2022 - 13:52:34
-
350 Visit
-
Print
Mining News Pro - Pure Gold Mining has released an updated mineral resource estimate for its namesake operation in Ontario’s Red Lake gold camp, reporting 20% fewer ounces in the resource categories.
A new technical report completed by SRK sees the mine’s global resource base falling to 2 million oz. from 2.5 million oz. and the average grade reducing to 7.2 grams gold per tonne from 8.7 grams per tonne.
The new resource estimate entails 8.7 million tonnes grading 7.2 grams gold per tonne containing 2.02 million oz., down from 9.1 million tonnes grading 8.7 grams per tonne, or 2.53 million oz. previously estimated in 2019.
While the decline is material (20%), the bank had been concerned the actual drop would be worse, given SRK’s history of taking an overly conservative approach to revised resource estimates, wrote Laurentian Bank Securities Equity Research analyst Barry Allan in a note.
The analyst notes a revised mine plan is yet to be completed. However, the bank’s internal model shows a reduced number of recoverable gold ounces to 1.32 million oz. from 1.93 million oz. previously.
Allan attributes the lower production profile to a lower overall grade profile, from 7.2 grams per tonne to 8.7 grams per tonne, and slower start-up to initial capacity at indicated reserve grade (delayed one year to a 7.2 g/t mill feed grade), but also due to a three-year reduction in mine-life (fewer tonnes mined).
Short Link:
https://www.miningnews.ir/En/News/621949
South African diversified miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, ...
Africa-focused Montage Gold announced Thursday it has received a ministerial order granting all environmental approvals ...
Newmont Corp. has no plans to expedite a decision on its $2.5 billion Yanacocha Sulfides project, dashing the Peruvian ...
China’s central bank added 60,000 troy ounces of gold to its reserves in April, official data showed on Tuesday, ...
Gold rose after mixed signals from the US, where optimism is growing the economy is on target for a soft landing as the ...
Executives from Saudi Arabian mining company Manara Minerals are in Islamabad to continue talks about buying a stake in ...
Harmony Gold said on Thursday an employee working on planned rail maintenance had died at its Mponeng mine in South ...
Emerging North American gold producer Contango ORE is boosting its landhold in Alaska with the acquisition of Canada’s ...
Gold fell, with market watchers saying the previous day’s rally in response to Federal Reserve Chair Jerome Powell’s ...
No comments have been posted yet ...