Savannah Goldfields (ASX:SVG) is working towards resumption of gold production at the Agate Creek Project in Queensland, after unveiling a maiden proved and probable ore reserve.
The ore reserve totals 460,000 tonnes @ 2.5 grams per tonne gold containing 36,800 ounces of gold.
The proved ore reserve contains 87,000 tonnes @ 3.3g/t gold for 9,200 ounces, while the probable ore reserve contains 373,000 tonnes @ 2.3g/t gold for 27,600 ounces.
CEO Brad Sampson says the classification of ore reserves recognises the de-risking that has occurred through previous mining and processing campaigns.
“The classification of ore reserves will also help underpin the non-dilutive financing initiatives the company is progressing to support its working capital requirements for the recommencement of gold production and other activities,” Sampson says.
Savannah Goldfields, which has a market capitalisation of $18.26 million, based the ore reserve on trucking mined material to the Georgetown Gold Processing Plant to recover the contained gold and produce gold doré.
A total of 12,467 ounces of refined gold and 7,662 ounces of refined silver have been produced and sold since the company acquired ownership of the processing plant in September 2022.
Savannah Goldfields is a gold-focused mining company which holds a strategic portfolio of projects in North Queensland’s Gulf Savannah.
Write to Aaliyah Rogan at Mining.com.au
Images: Savannah Goldfields
