Bassari Resources updates market on feasibility progress

THE BOURSE WHISPERER: Bassari Resources (ASX: BSR) has provided an update on the progress of a feasibility study currently underway at the company’s Makabingui gold project in Senegal, West Africa.

The company said the study is on track for completion by the end of Q2, 2014, at which time it is anticipated to deliver the value of the Makabingui gold project with improvements made in areas identified by the Scoping Study.


Bassari’s permits with project & prospect locations. Source: Company announcement


“Our number one priority is the development of the Makabingui gold project, maximising profits and delivering value to shareholders,” Bassari Resources managing director Jozsef Patarica said in the company’s announcement to the Australian Securities Exchange.

“Our studies are progressing very well with many improvements identified since the Scoping Study across all aspects from mining to processing.

“We are also reviewing numerous funding options to fast track Makabingui through the development phase into production with a focus on maximising the upside for shareholders.”

Part of the feasibility study has involved new metallurgical test work focused purely on gravity recoverable gold.

This has achieved high free gold recoveries (92 per cent recovery from four passes), which Bassari said is supporting and improving all previous metallurgical test work programs.
Key outcomes from the test work include:

92 per cent gravity recovery from four passes;

18g/t gold calculated feed grade; and

Free gold up to approx. 3mm observed in first two passes.

The study also includes a geotechnical study, which is underway to establish pit slope design parameters for the next pit optimisation and to assist mine design and costing.

This work is planned for completion by the end of May.

The Government of Senegal has commenced a program relocating artisanal miners active in the Makabingui project area.

Bassari explained the program is focused on the entire gold region with emphasis on Makabingui in the lead up to development.

The program follows a decision by the government to confine artisanal activity to 16 designated areas within the region, all of which are outside Bassari’s three contiguous permits.

Bassari has also submitted an application to convert its Sambarabougou exploration permit to a mining production permit with the government in accordance with the Senegal Mining Code.

Bassari said government officials have indicated support for the application.