Resolute’s determination boosts Syama North, Tomboronkoto MRE

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
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Suvo Strategic Minerals increases SPP

Suvo Strategic Minerals (ASX:SUV) says its previously announced share purchase plan (SPP) is fully subscribed and has received applications in excess of $1 million. 

In light of the increased demand for the SPP, Suvo’s board has resolved to accept further subscriptions of up to an additional $500,000, increasing the SPP offer to $1.5 million. 

The SPP provides eligible shareholders of the company with the opportunity to acquire up to $30,000 worth of fully paid ordinary shares at $0.03 per share. 

Suvo, which has a market capitalisation of $29.30 million, plans to use the funds raised to fund the production ramp up of the Pittong hydrous kaolin plant, as well as fast track commercialisation of its intellectual property for geopolymer concrete. 

Non-Executive Chairman Aaron Banks says: “To achieve such strong demand, with the offer fully subscribed within 3 business days, is a remarkable result. We look forward to updating the market as we progress on all workstreams ensuring that value is created across Suvo’s portfolio of assets.”

The SPP offer will be closing at 5pm AWST on 27 February 2024. 

Suvo Strategic Minerals is Australia’s only hydrous kaolin producer focused on production activities at its wholly owned Pittong hydrous kaolin operation in Victoria.

Write to Aaliyah Rogan at Mining.com.au     

Images: Suvo Strategic Minerals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.

Perseus expands Yaouré exploration and confidence

Perseus Mining (ASX:PRU) says exploration drilling at the Yaouré Gold Mine in Côte d’Ivoire continues to bolster its confidence in opportunities to expand the open pit mineral resource. 

The $2.30 billion market capitalisation company’s ongoing exploration and study programs at Yaouré will be focusing on continuing drilling to upgrade the status of mineral resources at CMA and the Yaouré open pit. 

Perseus is also continuing drilling down dip of the current CMA underground mineral resource to identify the potential for further resource extensions. 

Chief Executive Officer and Chairman Jeff Quartermaine says to deliver ‘successful’ exploration, the company has been funding active exploration programs at all 3 operating sites in Côte d’Ivoire and Ghana. 

“The encouraging drill results reported today from our latest exploration campaigns conducted in and around Yaouré and Sissingué gold mines, provide clear evidence that we are well on track to not only improve the quality of our existing asset base by extending the lives of each of these mines, but also maintaining Perseus’s targeted levels of combined gold production of more than 500,000 ounces of gold per year to the end of the current decade and beyond.”

Some of these latest results from Yaouré include hole YDD0594 with 12m @ 4.58 grams per tonne gold  from 325m and 3m @ 6.27g/t Au from 349m; and hole YDD0604 with 16m @ 2.08g/t Au from 171m. 

Results from the Sissingué gold mine in Ghana include hole FMRC0040 with 6m @ 3.78g/t Au from 118m; and hole FMRC0047 with 9m @ 2.10g/t Au from 109m. 

The company is continuing ongoing exploration work at Sissingué to uncover extensions to existing mineral deposits and other prospects that have ‘significant’ potential to extend the life of its operation. 

As Mining.com.au previously reported, Perseus is seeking to acquire Orecorp (ASX:ORR) by way of an off-market takeover offer, with Orecorp shareholders receiving a cash consideration of $0.55 per Orecorp share. 

The offer implies a total Orecorp equity value of $258 million. 

The offer will be funded from Perseus’s existing cash and bullion reserves, which amounts to US$594 million as of 30 September 2023. 

Both companies are working together but Orecorp says it has not changed its existing unanimous recommendation in favour of the current offer by Silvercorp Metals, which this news service previously reported

Perseus Mining is a African-focused gold producer, developer, and explorer that operates 3 gold mines.

Write to Aaliyah Rogan at Mining.com.au   

Images: Perseus Mining
Author Image
Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.