Resolute Mining (ASX:RSG) has increased the measured and indicated Mineral Resource Estimate (MRE) at the Syama North Project in Mali by 47%.
The $787.73 million market capitalisation company reports the global mineral resources at Syama North is now estimated at 37.9 million tonnes at 2.9g/t Au for 3.5 million ounces at a cut-off grade of 1g/t Au.
This follows ‘positive’ exploration drilling results, which the company says reaffirms the potential for a new, ‘large’ open pit operation adjacent to the Syama processing complex.
Commenting on the MRE update, Resolute Mining Chief Executive Officer (CEO) Terry Holohan says: “The infill drilling program at Syama over the first half of 2023 was an outstanding success with a 47% increase in the measured and indicated resources.
Having 2.7 million ounces in the measured and indicated categories will further enhance our phase one expansion project at Syama, which is on track for commissioning in H1 2025.
“Having 2.7 million ounces in the measured and indicated categories will further enhance our phase one expansion project at Syama, which is on track for commissioning in H1 2025“
We have been rewarded for our recent investment in exploration with significant increases in mineral resources and ore reserves at Syaman being able to support an expanded operation over an extended mine life.
Such recent shallow discoveries confirm the Syama Greenstone Belt under our control remains vastly under-explored and capable of further significant expansions.”
A Syama North ore reserve update will also be completed in September/October this year, which will further optimise the mine plan at Syama.
The deposit remains open down-dip over the entire 6km strike length with step-out drilling resuming in the second half of 2023, with further increases in the global mineral resource expected.
Resolute is continuing with front end engineering design and equipment purchases for the phase one expansion, following the company beginning a study on the phase two expansion program supported by the ongoing exploration program.
Resolute’s results come as news emerges that Mali’s interim President has signed a new mining code into law which allows the military-led government to significantly increase ownership of gold concessions and recoup what it claims is a ‘major shortfall’ in production revenues.
The new code allows state and local investors to increase stakes in projects from the current 20% to as much as 35% in a bid to bolster the sector’s contribution to Mali’s GDP.
Mali is one of Africa’s top gold producing regions. However, reports today (4 September) say it remains unclear whether the new code affects existing projects.
Resolute Mining is a dual-listed, African-focused gold miner, developer, and explorer. Over the span of more than 30 years across Australia and Africa, the company has produced more than 9 million ounces of gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Resolute Mining
