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Mineral resource estimate at Avesoro’s Liberia mine now 1.1Moz of gold

19th September 2018

By: Marleny Arnoldi

Deputy Editor Online

     

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TSX- and Aim-listed Avesoro Resources has increased the measured and indicated mineral resource at its New Liberty gold mine, in Liberia, to more than 1.1-million ounces of gold.

The company said in a statement on Wednesday that total openpittable and underground measured and indicated mineral resources have increased by 12% to 11.5-million tonnes, containing 1.1-million ounces of gold grading 3 g/t gold.

A 33 000 m, 83-hole, underground diamond drilling programme has started, targeting the upgrade of 409 000 oz of inferred mineral resources located below the previously reported proven and probable mineral reserve to higher levels of confidence.

Avesoro is now examining openpit and underground mining options to determine the most economically optimal way of exploiting the improved resources.

As part of this, it is undertaking a prefeasibility study (PFS) level underground mining study and a 4 200 m, 22-hole, diamond infill drilling programme at the Ndablama deposit, while another PFS level study is under way to determine the economic viability of transporting material from Ndablama to New Liberty for processing.

Avesoro CEO Serhan Umurhan commented that the completion of the infill drilling campaign at New Liberty has improved the confidence in the estimated tonnes and grade of a portion of inferred material located below the current designed pit floor and within a $1 300/oz pit shell.

“The intercepts encountered during the drill campaign have either met or exceeded our expectations and we have been able to successfully convert 241 000 oz of inferred material into the indicated mineral resource category.

“This significant improvement in the confidence level of resources at New Liberty has led us to look at options for how best to maximise the project economics at the mine.”

These options include the possible transitioning from the current openpit only mine plan to a smaller openpit combined with an underground operation.

“We are now commencing PFS level geotechnical and hydrological studies to confirm the assumptions used in our internal study and anticipate that we will have a full PFS level underground mining study completed during the first quarter of 2019,” Umurhan noted.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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