United Kingdom-based miner Xtract Resources says the estimate of gold reserves at its Manica project is 1,257 million ounces, a 36 percent increase on the previous estimate of 923,000 ounces.
Xtract chief executive Jan Nelson said in a statement on the company’s website that the miner was “extremely pleased with this significant increase in the Manica resource ahead of the completion of the bankable feasibility study.”
“Not only has the gold content increased significantly but the total measured and indicated volume available to be mined has also increased by over 56 percent. This creates flexibility from an open pit perspective, considering our revised mine plan.”
He added: “The significant increase in the inferred category also shows that the life of mine of the project has the potential to be increased well beyond 12 years with further drilling.”
The current price of gold is around US$1,270 per ounce, making the total amount of gold at Fair Bride worth just under US$1.6 billion.
Xtract Resources plans to begin mining at the Manica Gold Project in April 2017.