BY AGENCIES
GOLD miner African Barrick Gold reported on Friday a big increase in the mineral resource estimate at the Tusker deposit of its Nyanzaga project, in Tanzania.
The updated in-pit resource was in excess of four-million ounces of gold, consisting of indicated resources of 3.48-million ounces at 1.47 g/t of gold and inferred resources of 598 000 oz at 2.05 g/t of gold.
The company previously reported an indicated resource of 313 000 oz and an inferred resource of 650 000 oz.
“This is another highly encouraging step in African Barrick’s overall strategy of realising the potential of its existing portfolio of high-quality assets,” African Barrick CEO Greg Hawkins said in a statement.
Drilling has also identified the potential for further higher-grade resource extensions at depth. A total of 91 537 m has been drilled, at a cost of $21.7-million, since African Barrick acquired the project in May 2010.
Further, a scoping study was expected to be complete in the second quarter of 2012. The study focused on detailed geotechnical and metallurgical drilling and modelling across the potential Tusker pit area, as well as infrastructure trade-off, environmental and social baseline studies and licensing for the project.
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