Resolute Mining (ASX:RSG) has ‘significantly’ increased the mineral resource at the Syama North and Tomboronkoto project’s in Mali and Senegal, respectively.
Upon recently completing a Mineral Resource Estimate (MRE) for Tomboronkoto, the $840.97 million market capitalisation company reports the total mineral resources maintained at 11.2 million ounces (Moz) of gold, with exploration success at Syama North in Mali and Tomboronkoto in Senegal offsetting mining depletion.
Managing Director and Chief Executive Officer (CEO) Terry Holohan says the latest results have met the company’s expectations given the work Resolute is conducting on its growth projects.
“At Syama, the exploration teams have been focussed on the infilling of the 3.5Moz Syama North project, raising the M&I to over 2.7Moz, with first mining commencing later this year.
We are also conducting detailed mine optimisations with an uplift in our ore reserve estimate to 1Moz and we expect further increases going forward.
At Mako, the drilling of the first of our 3 major mineralisation satellite targets, Tomboronkoto, we recently published a maiden MRE of 403,000 ounces and drilling is continuing.”
Resolute reports the total ore reserves decreased marginally to 4.4Moz in line with the company’s expectations due to mining depletion across both operations.
Meanwhile, the Syama North ore reserves increased some 17% to 1Moz and the measured and indicated mineral resources increased 47% to 2.7Moz.
Tomboronkoto lies within the Mako Gold Mine in eastern Senegal, West Africa. Meanwhile, the Syama project sits in southwest Mali.
Resolute Mining is an African-focused gold mineral focused on exploring, developing, and operating 10 gold mines which have produced more than 9 million ounces of gold.
As of 31 December 2023, the company had $14 million cash at hand, including $85.2 million cash and bullion at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Resolute Mining
