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Acacia Mining said 'significant' increases in mineral reserves and resources demonstrated the long-term potential of Gokona underground mine.
is pleased to announce a mid-year Mineral Reserve and Mineral Resource update for its Gokona Mine at North Mara which adds to the long-term potential of this underground operation.
Mineral Reserves as at end May 2019 increased by 13% in comparison to year-end 2018 from 1.117m ounces of gold at 5.6 grammes per tonne to 1.257m ounces of gold at 5.5 grammes per tonne; primarily driven by the 'successful additional drilling on the East and West extension at Gokona in Q4 2018 and Q1 2019, the company said.
But this had been offset by mining depletion and a more conservative change in assumptions for crown pillar stope recovery.
Measured and Indicated mineral resources increased by 63% to 122,000 ounces of gold at 3.6 grammes per tonne, while inferred mineral resources increased by 65% from 515,000 ounces of gold at 6.5 grammes per tonne to 849,000 ounces of gold at 5.4 g/t following the increase in drill density and confidence levels in the deeper areas of the deposit.
The increase in resources comes even as some 76,000 ounces of gold had been mined in the intervening period.
'Acacia plans to continue underground diamond drilling at Gokona and this is expected to further increase confidence in the continuity of the mineralisation of the deposit with the potential for further additions to inventory in the Lower West and Lower East, as well as in the Deep East in the year-end 2019 Mineral Reserve and Resource,' the company said.
At 8:25am: (LON:ACA) Acacia Mining Plc share price was +2.4p at 176.1p