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Resolute Mining Ltd.
Summary
| Project: | Bibiani | |
|---|---|---|
| Deposit: | Bibiani | |
| Location: | Ghana | |
| Commodities: | Gold | |
| Date: | 3/23/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 23-3-2017: Resolute Mining Ltd. announces an Exploration/Drilling Update report for its Bibiani deposit at the Bibiani project. Drilling results incl. 30.3m @ 8.92g/t Au from 498.7m. Resolute Mining Limited (Resolute or the Company) (ASX:RSG) is pleased t | |
| Resources: | (Reserve, Prob.): 5.4Mt @ 3.7g/t Au for 0.64Moz Au contained | |
| CP/QP: | [Overall Report]: Richard Bray; Andrew Goode (Internal) | |
| ABSTRACT: | Resolute Mining Limited (Resolute or the Company) (ASX:RSG) is pleased to announce initial results from current drilling at the Company’s Bibiani Gold Mine in Ghana (Bibiani). The program represents Resolute’s second phase of drilling at Bibiani since assuming ownership in 2014. The Company’s first phase of drilling commenced in 2015 and allowed Resolute to complete a positive feasibility study (see ASX Announcement dated 23 June 2016) which highlighted an economically viable project at current gold prices. The current drilling program is designed to upgrade existing inferred mineral resources as well as identify new mineralisation. The program aims to significantly increase the ore reserve, improve project economics, and confirm a decision to mine. Managing Director and CEO John Welborn was encouraged by the initial results of the current drilling program: “Bibiani is one of the largest gold deposits in Ghana, with historical production of approximately 4 million ounces and current resources of 1.7 million ounces. We believe there is tremendous exploration potential along the Bibiani shear to upgrade existing resources and delineate new high grade mineralisation. These results represent a significant step in realising that potential.” “The feasibility study completed in June 2016 identified a viable pathway to a low-cost operation capable of producing in excess of 100,000 ounces of gold per year. We are looking at further enhancements and have been re-energised by the growth opportunity at Bibiani. Resolute has a clear vison to recommission Bibiani as a long life, low cost gold mine.” “The drilling program is continuing and we are now targeting new zones of mineralisation along strike and at depth where there has been limited historic drilling. These new zones have the potential to reveal new high grade orebodies. The Bibiani second phase drilling program forms part of an increased investment in exploration at all of Resolute’s assets focused on creating long term value for our shareholders.” | |
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