Mid-tier gold miner Regis Resources (ASX:RRL) reports resources and reserves growth at its 30% owned Tropicana joint venture (JV), operated by mining giant AngloGold Ashanti (NYSE:AU).
Regis says the total Mineral Resource Estimate (MRE) for the Western Australian project has reached 100.6 million tonnes (Mt) @ 1.8 grams per tonne (g/t) gold for 5.9 million ounces of contained gold metal as of 31 December 2023.
This means the company’s 30% share of the resource equates to 30.2Mt @ 1.8g/t Au for 1.8 million ounces of gold, split between open-pit, underground, and stockpiled resources across the measured, indicated, and inferred categories.
As far as ore reserves go, Regis’ 30% share now sits at 14Mt @ 1.5g/t Au for 700,000 ounces of gold.
The 100,000-ounce reserve increase came on the back of negative impacts of 500,000 ounces in depletion of the 2023 calendar year and increases to cost assumptions, offset by positive exploration success, geological model changes, and increases in gold price assumptions.
AngloGold Ashanti Australia determines the Tropicana gold price for MREs as US$1,750/oz
($2,447/oz) and OREs as US$1,400/oz ($1,931/oz).
The most significant resource upgrade, according to Regis, comes from the underground reserves, which have grown by 75% as of 31 December 2023.
Regis says the Boston Shaker and Tropicana underground mines each grew over 2023 and are now supported by a maiden reserve at the Havana underground mine.
Regis Managing Director and CEO Jim Beyer says the company’s Tropicana JV asset continues to deliver ‘value growth’, and the company is ‘extremely pleased’ with this latest resources and reserves bump.
“The underground mines outpaced total site depletion (including the open cuts) and continue delivering on our strongly held belief that reserves will continue to grow down plunge for many years.
Supporting this view are the recent deep drill holes well down plunge of the existing resource shell that provide clear indication of the potential for significantly more mineralisation.”
Alongside its Tropicana JV, Regis also owns the flagship Duketon Gold Project, around 130km north of Laverton in Western Australia.
Duketon comprises 3 operating centres: the Moolart Well mine, Garden Well mine, and Rosemon open-pit and underground mine.
Images: Regis Resources
