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Avesoro Resources Inc.
Summary
| Project: | New Liberty | |
|---|---|---|
| Deposit: | New Liberty | |
| Location: | Liberia | |
| Commodities: | Gold | |
| Date: | 9/19/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 19-9-2018: Avesoro Resources Inc. announces a Resource Estimation report for its New Liberty deposit at the New Liberty project. Updated mineral resource estimate at the project. Avesoro Resources Inc., (“Avesoro” or the “Company”), the TSX and AIM listed | |
| Resources: | (Resource, M+I): 11.0Mt @ 3.0g/t Au for 1.055Moz Au contained at New Liberty OP | |
| CP/QP: | [Resources]: Belinda van Lente (CSA Global (UK) Ltd.) | |
| ABSTRACT: | Avesoro Resources Inc., (“Avesoro” or the “Company”), the TSX and AIM listed West African gold producer, is pleased to announce that it has successfully increased the Measured and Indicated Mineral Resource at its New Liberty Gold Mine (“New Liberty”) in Liberia to more than 1.1Moz. Serhan Umurhan, Chief Executive Officer of Avesoro, commented: “The completion of the infill drilling campaign at New Liberty has improved the confidence in the estimated tonnes and grade of a portion of Inferred material located below the current designed pit floor and within a US$1,300/oz pit shell. The intercepts encountered during the drill campaign have either met or exceeded our expectations and we have been able to successfully convert 241koz ounces of Inferred material into the Indicated Mineral Resource category. This significant improvement in the confidence level of resources at New Liberty has led us to look at options for how best to maximise the project economics at the mine. These options include the possible transitioning from the current open pit only mine plan to a smaller open pit combined with an underground operation. We are now commencing PFS level geotechnical and hydrological studies to confirm the assumptions used in our internal study and anticipate that we will have a full PFS level underground mining study completed during Q1 2019. In addition to evaluating underground mining of the existing Indicated Mineral Resources, we have also mobilised 6 diamond drill rigs and commenced an underground focused drill programme of 33,000 metres. | |
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