Bassari releases Makabingui maiden Reserve
THE DRILL SERGEANT: Bassari Resources (ASX: BSR) has announced a maiden gold Ore Reserve from the company’s Makabingui gold project in Senegal, West Africa.
The company explained the conversion of Indicated Resources to Ore Reserves is for the initial stage of the project, which is focused on high-grade zones within the one million ounce gold resource.
The Ore Reserves are in accordance with the 2012 JORC Code.
The maiden open pit gold Ore Reserve for Makabingui has been calculated at 158,000 ounces in 860,000 tonnes at 5.7 grams per tonne gold.
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High-grade open pit mine area layout. Source: Company announcement
“The maiden open pit gold ore reserve for Makabingui is a significant milestone and underpins our high-grade open pit development strategy,” Bassari Resources managing director Jozsef Patarica said in the company’s announcement to the Australian Securities Exchange.
“We are moving forward on all fronts to rapidly unlock value from our Makabingui gold project.
“This ore reserve has been delivered on the back of the recent high-grade underground scoping study which highlights further significant high-grade zones within the existing resource.
“Importantly, this highlights Makabingui, based on the feasibility study, as a profitable gold project in the current gold price environment.
“Our primary objective is to fast track Makabingui into production establishing early positive cash flow.
“To deliver this we are reviewing funding options with a number of banks and financial institutions and in parallel progressing the plant upgrade design work and developing the mine services contract.”
Email: admin@bassari.com.au
Website: www.bassari.com.au