THE BOURSE WHISPERER: Mutiny Gold (ASX:MYG) has increased the JORC Code-compliant ore reserve and Life of Mine (LOM) production inventory for the company’s Deflector gold-copper deposit in Western Australia.
The company’s upgraded economic analysis has increased the Deflector maiden initial LOM production inventory to 552,000 ounces of gold equivalent.
This total includes 442,000 ounces of gold, 21,000 tonnes of copper and 491,000 ounces of silver.
Deflector ore Reserve statement. Source: Company announcement
The new LOM production inventory also includes a JORC reserve of 403,000 ounces of gold equivalent.
Mutiny Gold said the upgraded Deflector LOM production inventory and Ore Reserve supports the company’s vision of being a significant gold producer.
“This is another significant milestone along the path to the commercialisation of Deflector, which, in turn, is the first step in Mutiny Gold becoming a major new Australian gold and copper producer,” Mutiny Gold managing director John Greeve said in the company’s announcement to the Australian Securities Exchange.
“The new results have identified a 27 per cent increase in gold reserves, while mine inventory in gold equivalent ounces has jumped by 20 per cent.
“These reserves are the back-bone of an upsized mine plan, which we look forward to releasing to the market shortly.”
Mutiny Gold said it had produced these economic analyses using an updated resource model produced by Widenbar and Associates in August 2012.
Deflector deposit Mineral Resources: Source: Company announcement
The August 2012 Deflector analysis contains JORC-compliant Mineral Resources of 2.87 million tonnes at 6.41 grams per tonne gold, 6.82 grams per tonne silver and 0.95 per cent copper for 729,000 ounces of Equivalent gold; including 591,000oz gold, 628,000oz silver and 27,000t of copper using a 0.5g/t gold cut-off grade.