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Avnel Gold Mining Ltd. (TSX:AVK) released an updated mineral resource estimate for its Mali-based Kalana Main gold project.
Avnel Gold Mining Ltd. (TSX:AVK) released an updated mineral resource estimate for its Mali-based Kalana Main gold project. It also said that it plans to complete a definitive feasibility study (DFS) for the project and receive approval for its environmental and social impact assessment (ESIA) by the end of Q1 2016.
Highlights include:
- Measured plus Indicated (“M+I”) Mineral Resource of 2.81 million ounces at a diluted grade of 2.85 g/t Au for the Kalana Main deposit at a gold price of $1,100 per ounce
- 46% of the M+I Mineral Resource classified as Measured
- DFS scheduled for completion by the end of the first quarter of 2016
- ESIA approval expected by the end of the first quarter of 2016
Howard Miller, chairman and CEO of Avnel, commented:
I am delighted to report that the M+I Mineral Resource for the Kalana Main deposit has increased to 2.81 million ounces at a diluted grade of 2.85 grams per tonne. With this new resource, the Kalana Main Project stands out as one of West Africa’s highest grade, multi-million-ounce, open-pit development projects with significant exploration upside.
The increase to the Mineral Resource is a direct result of the drill program that we completed last quarter. In addition to demonstrating the continuity of mineralisation and improving confidence in the geological model, this drilling has upgraded a significant portion of the Inferred Mineral Resource and added to the Mineral Resource by defining new zones of mineralisation and extensions to known vein packages. This drilling also defined thick corridors of lower grade mineralisation that are being reassessed as part of the DFS to determine if they are amenable to a lower cost bulk mining approach.
Click here to read the full Avnel Gold Mining Ltd. (TSX:AVK) press release.