- Resolute Mining has announced a significant upgrade in Mineral Resources and Ore Reserves for its Ravenswood Gold Mine in Queensland
- Ravenswood Mineral Resources have increased by 24 per cent to 5.9 million ounces of gold
- Ravenswood Ore Reserves have increased by one million ounces, 58 per cent, to 2.7 million ounces of gold
- An ongoing strategic review of the Ravenswood Expansion Project has identified improvements for efficiency with the potential for a higher throughput
Resolute Mining has announced a significant upgrade in Mineral Resources and Ore Reserves for its Ravenswood Gold Mine in Queensland, Australia.
Ravenswood Mineral Resources have increased by 24 per cent from 4.8 million ounces of gold to 5.9 million ounces of gold. The Ore Reserves have increased by one million ounces (58 per cent) from 1.7 million ounces to 2.7 million ounces.
“One million additional ounces of gold in Ore Reserves at Ravenswood is an excellent outcome from our recent drilling programs and study work. Available gold resources at Ravenswood now exceed five million ounces demonstrating its status as an outstanding Australian gold mine,” Managing Director and CEO John Welborn said.
An updated Mineral Resource estimate of 270 million tonnes at 0.7 grams per tonne for 5.9 million ounces of gold, has been prepared for Resolute’s combined Ravenswood deposits. These consist of Buck Reef West, Nolans and Sarsfield.
These deposits are all located immediately adjacent to the Nolan’s Processing Plant within a radius of 1.5 square kilometres.
Studies conducted this year as part of the company’s ongoing strategic review of the Ravenswood Expansion Project (REP) have supported the updated Ore Reserve at Ravenswood of 115.4 mega tonnes at 0.7 grams per tonne for 2.7 million ounces of gold.
The study work is ongoing in support of increasing throughput to approximately 200,000 ounces annually over a 15-year mine life.
“The expanded gold inventory demonstrates that Ravenswood presents a unique opportunity for transformation into a large-scale, low cost operation that will deliver considerable economic benefits to the Ravenswood community, the Queensland Government and Resolute shareholders,” John said.
Resolute expects the REP strategic review will conclude by 2019.