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Resolute Mining Ltd.
Summary
| Project: | Ravenswood | |
|---|---|---|
| Deposit: | Ravenswood | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/22/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 22-7-2019: Resolute Mining Ltd. announces a Resource Estimation report for its Ravenswood deposit at the Ravenswood project. Updated mineral resource and ore reserve. Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG) is pleased to announce | |
| Resources: | (Reserve, P+P): 115.36Mt @ 0.7g/t Au at Ravenswood | |
| CP/QP: | [Resources]: Bruce Mowat (Internal) | |
| ABSTRACT: | Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG) is pleased to announce a major upgrade in Mineral Resources and Ore Reserves for its Ravenswood Gold Mine (Ravenswood) in Queensland, Australia. Ravenswood Ore Reserves have increased by 1 million ounces (Moz), or 58%, from 1.7Moz to 2.7Moz. Mineral Resources at Ravenswood have increased by 24% from 4.8Moz to 5.9Moz. These impressive upgrades to Resolute’s available gold inventory at Ravenswood are net of depletion as at 30 June 2019. An updated Mineral Resource estimate has been prepared for Resolute’s combined Ravenswood deposits consisting of Buck Reef West, Nolans and Sarsfield. These deposits are all immediately adjacent to the Nolans Processing Plant within a radius of 1.5km2 . The updated Mineral Resource stands at 270 million tonnes (Mt) at 0.7 grams per tonne (g/t Au) for 5.9Moz of gold. Mining, metallurgical and engineering studies performed during 2019 as part of Resolute’s ongoing strategic review of the Ravenswood Expansion Project (REP) have supported an updated Ore Reserve at Ravenswood of 115.4Mt at 0.7g/t Au for 2.7Moz of gold, equating to an increase of 1Moz net of depletion since the Company’s last published Ore Reserve as at 31 December 2018. Managing Director and CEO, Mr John Welborn was encouraged by the major increase of the Company’s gold inventory at Ravenswood and the implications for larger scale production over a long mine life in an upgraded REP: “One million additional ounces of gold in Ore Reserves at Ravenswood is an excellent outcome from our recent drilling programs and study work. Available gold resources at Ravenswood now exceed five million ounces demonstrating its status as an outstanding Australian gold mine. With almost three million ounces of gold in Ore Reserves we are now directing our ongoing study work to focus on an optimised REP that can produce ~200,000 ounces annually over a 15-year mine life. The expanded gold inventory demonstrates that Ravenswood presents a unique opportunity for transformation into a large scale, low cost operation with an exceptionally long mine life that will deliver considerable economic benefits to the Ravenswood community, the Queensland Government and Resolute shareholders.” | |
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