Resolute Mining Bibiani Scoping Study leads to Feasibility Study
THE DRILL SERGEANT: Resolute Mining (ASX: RSG) has received positive results from a first pass Underground Scoping Study conducted at the company’s Bibiani gold project in Ghana.
The company said the results of the study had encouraged it to make the immediate decision to commence a Feasibility Study at the project in 2016.
The results of the Bibiani study have delivered an underground mining inventory of:
4.3 million tonnes at 4.2 grams per tonne gold at a 3.25g/t gold cut off for 574,000 ounces.
This sits close to an existing underground decline and level development, which Resolute indicated would require minimal development capital expenditure.
The current underground development estimate stands at approximately US$15 million and plant and infrastructure upgrades also at around US$15 million.
Highlights of the study include:
Indicates a positive gold project with low (approx. US$30M) start‐up capital risk and a short payback;
A 4.3 million tonnes at 4.2g/t gold for 574,000 ounces mining inventory derived from an Indicated Resource of 11.2 million tonnes at 3.5g/t gold, for a 5.5 year mine life;
2015 Resource model sees a 60 per cent increase in Indicated Resource ounces and a 12 per cent increase in overall ounces compared to prior 2012 model;
Further drilling expected to upgrade an Inferred Resource of 4.5 million tonnes at 4.1g/t gold; and
Potential to increase modelled 750,000 tonne per annum throughput along the extensive strike zone outlined, leading to the development of multiple adjacent lodes.
Resolute said it had already commenced some components of the Feasibility Study, including a geotechnical evaluation to support mining methodology, process plant engineering studies and a metallurgical assessment.
“With minimal start‐up capital required ‐ underground development estimate approximately US$15 million, plant and infrastructure upgrades around US$15 million ‐ the Study has provided the company with strong encouragement to continue its evaluation of the project and to advance the Feasibility Study work programs,” Resolute Mining said in its ASX announcement.
“Aspects of the feasibility work are already underway and include an underground geotechnical evaluation, process plant engineering studies and a metallurgical assessment.
“This Feasibility Study remains on track to be completed by mid‐2016.”
Email: contact@rml.com.au
Website: www.rml.com.au