Source: Sharecast
Chief executive Ian Cockerill said the first study had defined a “large, low-cost and long mine life project, capable of producing 330koz a year over the first 10 years, while remaining firmly in the lowest cost quartile”. Shares in the miner were up almost 7% in London.
The pre-feasibility study found defined maiden reserves of 72.8 million tonnes at 1.76 grammes per tonne for 4.1 million ounces of gold.
Indicated resources were 73.6Mt at 1.95g/t for 4.6Moz based on a drilling cutoff in October 2023, with more than 70,000 metres of drilling completed subsequently.
Further resource expansion and definition at Assafou and satellite deposits in close proximity to the project are expected to be incorporated into the DFS, the company said, adding that the study would start swiftly with completion expected between late 2025 and early 2026, "given the high-quality project and attractive economics".
Reporting by Frank Prenesti for Sharecast.com