Centamin reports significant increase in mineral resources
Source - SMW
Centamin reported Friday a more than 100% increase in mineral resources following drilling its Dorpo and ABC projects.
The Doropo mineral resource grew to 2.13m ounces at 1.31 grams per tonne of gold in the indicated category, up 58% from last year.
The company said it would target further drilling at Doropo in the coming year as the strike area remained largely underexplored with numerous targets identified, presenting significant resource upside potential.
A 55,000 metre drill programme was budgeted for 2019 to develop the immediate resource extensions and evaluate the resource significance of the major regional Doropo targets, the company added.
The company also said it drill the recently discovered Kilosegui prospect during 2019.
The preliminary economic assessment of Doropo was 'progressing well' with results expected to be reported at the end of the second half of 2019, the company said.
'Delivery of a maiden reserve and further feasibility work are critical milestones for 2019, ahead of a Board decision on capital allocated for development.'
At its ABC project, the company met its primary objective of delivering a maiden resource estimate for one of its permits, Kona South.
The Kona South maiden resource stood at 650,000 ounces of gold at 1.03 grams per tonne in the indicated category and 450,000 at 0.87 grams of gold at the inferred category, the company said.
Exploration at the project remained ongoing, including a 34,000 metre drill programme focussing on resource development at Kona Central and Kona South, the company added.
'The success and scale of the 2018 ABC discovery results and the reporting of the maiden Kona South resource in less than two years of active exploration, highlights the scale and quality of the Lolosso Gold Corridor and the regional generative potential of the ABC land package,' the company said.
At 8:17am: (LON:CEY) Centamin PLC share price was +1.75p at 120.65p