Resolute Mining has announced a million ounce upgrade in ore reserves for its Ravenswood gold mine, setting it on the path to scale up expansion plans.
The company has increased ore reserves at the North Queensland operation by 58 per cent to 2.7Moz and mineral resources by 24 per cent to 5.9Moz. (More HERE)
The expanded gold inventory arises from Resolute’s ongoing strategic review of its Ravenswood Expansion Project (REP) and offers the potential to ramp up production under that proposal.
The company recently indicated a final investment decision on the REP was expected during the second half of this year.
“One million additional ounces of gold in ore reserves at Ravenswood is an excellent outcome from our recent drilling programs and study work,” Resolute managing director and chief executive officer John Welborn said.
“Available gold resources at Ravenswood now exceed five million ounces demonstrating its status as an outstanding Australian gold mine.
“With almost three million ounces of gold in ore reserves we are now directing our ongoing study work to focus on an optimised REP that can produce about 200,000 ounces annually over a 15-year mine life.”
He said the expanded gold inventory demonstrated the opportunity for Ravenswood’s transformation into a large-scale, low-cost operation with an exceptionally long mine life.
Resolute’s Ravenswood deposits consist of Buck Reef West, Nolans and Sarsfield – all immediately adjacent to the Nolans Processing Plant within a radius of 1.5sq km.
Recent gold production at Ravenswood has been primarily sourced from the nearby Mt Wright underground mine.