Ramelius shares soar on higher grades
PERTH (miningweekly.com) – The share price of ASX-listed Ramelius Resources jumped by nearly 10% on Wednesday on news that head grade at the company’s Mt Magnet gold mine had increased by 20% during April and May.
The gold miner said that head grades during April were recorded at 1.35 g/t gold while in May 1.40 g/t gold grades were recorded, up from the 1.16 g/t reported in the March quarter.
Grades were reconciling well against the company’s resource model, and Ramelius noted that it was also progressing a number of initiatives to optimise the project and deliver a reduction in operating costs, in response to the current gold price environment.
Gold production from the Mt Magnet operation reached 11 747 oz during April and May.
Meanwhile, operations at the Coogee gold project were expected to start in July, with Ramelius reporting that it had received approval for its mining proposal.
Coogee was expected to add some 18 000 oz to Ramelius’ production profile.
First ore from the Western Queen South project was also expected to be delivered to the Mt Magnet plant by the end of August, at an estimated grade of 3.9 g/t gold.
Pre-strip of the Western Queen South project was proceeding as scheduled.
Ramelius’ share price was trading at a high of 17c on Wednesday.
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