Africa-focused gold miner Resolute Mining reports that its ore reserves have been maintained at 4.7-million ounces of gold and mineral resources at 11-million ounces of gold after considering the impact of asset sales, depletion and exploration success.

The miner’s sale of the Ravenswood gold mine in 2020 removed 2.7-million ounces of ore reserves and 5.9-million ounces of mineral resources from its global inventory, thereby resulting in fully attributable ore reserves of four-million ounces and mineral resources of 9.3-million ounces.

In Mali, the ore reserves at the Syama gold mine remained constant as exploration success at Tabakoroni was offset by a combination of mining depletion, mineral resource model changes and the application of variable cut-off grades.

The culmination of successful exploration and the completion of a prefeasibility study at Tabakoroni led to a large increase in the underground mineral resources of 1.26-million ounces. Consequently, Resolute was able to declare a maiden underground ore reserve of 2.9-million tonnes, at a grade of 4.6 g/t of gold for 430 000 oz for the project.

However, Resolute notes that continued exploration success and resource conversion drilling are expected to increase this ore reserve during this year.

Openpit extractable oxide ore reserves at Syama remained consistent with those of 2019, and total 150 000 oz.

Successful conversion of Syama’s mineral resources to ore reserves continues to extend the life-of-mine (LoM) of the oxide operation. Going forward, continuation of the exploration programme at Syama remains a key focus this year.

The mineral resource estimate for the Syama deposit was updated during 2020 and similarly to the Tabakoroni mineral resource estimate, the principles of reasonable prospects for eventual economic extraction (RPEEE) were applied for the update. The application of the RPEEE principals led to a decrease in the combined mineral resources at Syama and Tabakoroni of 1.3-million ounces.

The Mako gold mine, which was acquired by Resolute in August 2019, was re-enhanced in 2020, with an updated LoM announced in July 2020, leading to an increase in ore reserves from December 2019 after stockpile movement and mining depletion.

At the Bibiani gold mine, in Ghana, ore reserves remained unchanged from the previous reporting period.

Resolute holds an 80% interest in Syama and a 90% interest in Tabakoroni, with the Mali government owning the balance.

The gold miner also owns 90% of the Mako and Bibiani projects, with the Senegalese and Ghanaian governments holding the balance, respectively.

As such, Resolute’s fully attributable ore reserves position excluding government interests, is four-million ounces of gold.

Mineral resources (inclusive of ore reserves) at December 31, 2020, on a 100% basis, were 11-million ounces of gold. The company’s fully attributable mineral resources position, net of government interests is 9.3-million ounces of gold.