EXPLORATION & DEVELOPMENT

Resolute lifts reserves, resources

Resolute Mining (ASX: RSG) has increased reserves by 17% to 5.9 million ounces and resources by 35% to 16.5Moz for its operations in West Africa and Australia.

Staff reporter
Resolute lifts reserves, resources

The increase in reserves and resources was underpinned by the Syama underground project, which added 800,000oz and 1.8Moz, respectively, to the reserve and resource estimates.

Resolute's reported an attributable discovery cost of A$36.50/oz for reserves and $14.50/oz for resources.

Also contributing to Resolute's overall gold position is 1.4Moz in attributable resources given its equity investments in Orca Gold, Loncor Reources, and Kilo Goldmines, each of which have delineated resources at their respective projects.

On a headline basis, Resolute's inventory places it well in the mix of ASX-listed gold miners.

Earlier this month, Northern Star Reosurces reported resources of 15.9Moz and reserves of 4Moz, with the company making the point that nearly 10Moz of resources were in the indicated and measured categories "paving the way for a substantial increase in reserves next year".

In April, Evolution Mining reported resources of 14.24Moz and reserves of 7Moz, while Regis Resources recently signed-off on resources of nearly 8Moz and reserves of 4Moz and Westgold Resources, 12Moz and 3Moz respectively.

Shares in Resolute were trading this week at $1.28, capitalising the miner at $967 million.

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