Excelsior declares maiden reserve in WA
PERTH (miningweekly.com) – Gold developer Excelsior Gold has declared a maiden ore reserve of 409 000 oz at its Kalgoorlie North project, in Western Australia.
Based on the completed prefeasibility study works, the project was estimated to host some 5.74-million tonnes of ore, grading 2.22 g/t gold. The ore reserve was derived from a total measured and indicated resource of 15.6-million tonnes, grading 1.8 g/t gold for 899 800 oz.
Some 54% of the reserve ounces were contained within the Zoroastrian openpit and underground mine design, with significant potential for underground and openpit ore reserve expansions, Excelsior told shareholders.
Additional openpit resources were also yet to be incorporated into the mining studies.
The current prefeasibility work was considering the potential of constructing a one-million-tonne-a-year conventional gold processing plant, which would source ore from Zoroastrian openpits.
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