Astral Resources (ASX:AAR) has once more updated the JORC 2012 Mineral Resource Estimate (MRE) for its Mandilla Gold Project in Western Australia.
The $53.98 million market capitalisation company reports the MRE was prepared by independent consultant Cube Consulting and now totals 37 million tonnes @ 1.1g/t Au for 1.27 million ounces of contained gold.
Astral adds that the new MRE represents a 22% increase in total contained ounces and a 69% increase in indicated resources to 694,000 ounces.
Following this latest MRE upgrade, the company is continuing to progress a Scoping Study for the Mandilla Project.
Commenting on the updated MRE, Astral Resources Managing Director Marc Ducler says: “The substantial growth in the overall MRE is a particularly pleasing outcome given that most of the drilling since the last update was infill.
The fact that we have been able to add these ounces at such a low discovery cost is a strong pointer to the potential that still remains to continue to add ounces to the Mandilla Project with additional drilling.
“This consistent resource growth puts Astral in a strong position to advance technical mining studies”
This consistent resource growth puts Astral in a strong position to advance technical mining studies, especially given the resources are already declared within a conservatively priced $2,500 pit shell constraint.
In light of this, we expect strong conversion of mineral resources into a sizeable production target in the upcoming Scoping Study. The 2024 financial year is shaping up as a transformational year for Astral as we begin our transition from a junior explorer to mine developer.”
The MRE incorporated the Theia, Iris, Eos, and Hestia deposits and is the fifth MRE update conducted for the project in the past 26 months.
Astral says this increase demonstrates the company’s ability to continue growing its mineral resources while conducting a predominantly infill drill program.
Further, Astral plans to relocate a reverse circulation (RC) rig to the Mandilla Project once drilling has been completed at Feysville.
The Mandilla Project is located 70km south of Kalgoorlie and lies about 25km southwest of Kambalda, Western Australia.
Astral Resources is a Perth-based gold exploration and base metals company. The company’s portfolio of assets includes the Mandilla, Feysville, and Carnilya Hill projects.
On 31 March 2023, the company had $1.6 million cash at hand, according to its latest quarterly report published on 28 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Astral Resources NL
