Dual-listed Resolute Mining has announced the company’s Annual Ore Reserve and Mineral Resource Statement at 31 December 2022.
Ore Reserves have increased to 4.6 moz of gold and Mineral Resources have increased to 11.2 moz of gold after accounting for the effects of mining depletion, improved productivities underground and exploration success.
At 31 December 2022, Resolute’s direct share of Ore Reserves was 3.8 moz and Mineral Resources of 9.1 moz.
The exploration success at Syama North has added 2 million ounces of gold to the Mineral Resource this year and added 850 000oz to the Ore Reserve All tonnes and grade information have been rounded to reflect the relative uncertainty of the estimate, small differences may be present in the totals.
Resolute’s CEO Terry Holohan, commented: “The continued success of the drilling program at Syama North over the second half of 2022 exceeded our expectations. The drill rigs are still turning on this contiguous strike discovery of over 6km which remains open at depth. At this stage the 850 koz of Syama North Ore Reserves focus only on the widest sections of the A21 pit, thus we expect further updates later this year as in-fill drilling continues delineating additional economic mineralisation. It is also worth noting that the 10% oxides delineated at Syama North now represent some of the highest grades of oxides at Syama such that they will get processing preference once mining starts in earnest.
I am extremely proud of the 31 December 2022 Mineral Resource and Ore Reserve Statement, which incorporates these significant additions to our business, demonstrating our exploration team's achievements. Also due to recent sustainable efficiency improvements at the Syama underground operation over 2022, the Company was able to convert a further 126 koz of the existing Mineral Resource Estimate to Ore Reserves.
The company now turns its focus to the Syama North pre-feasibility study (PFS), which is intended to be the first step in exploiting the sulphide reserve, due for publication in the middle of 2023. Significant additions to our Mineral Resources and Ore Reserves, such as Syama North clearly demonstrate that the Syama Belt is surprisingly under-explored and justifies the need for further exploration work to be undertaken along the prospective >85 km of strike.”