Amara Mining has increased the mineral resource estimate at its Yaoure gold project in Ivory Coast to 5.5 million ounces.
The upgrade was based on 133 million tonnes of ore at 1.29 grams per tonne (g/t), representing an increase of 3.3 million ounces, compared from its previous inferred resource of 2.2 million ounces of gold.
The project’s indicated mineral resource is also upgraded to 800,000oz, representing an increase of 300,000oz.
Amara’s global mineral resources across its operations saw a 71% increase to 3.7 million ounces measured and indicated, with 6.4 million ounces inferred.
Amara Mining chief executive officer Peter Spivey said the delivery of the latest mineral resource update for Yaoure has confirmed the project as an important part of the company’s portfolio, representing its largest resource in West Africa and the largest deposit in Côte d’Ivoire.
"It has also increased the company’s global mineral resources by over 70% at a minimal discovery cost for the updated Yaoure resource of just $3.50 per ounce," Spivey said.
"It is strategically important that the resource remains strong at lower gold prices, with a robust overall grade of 1.86g/t at a 1g/t cut-off. This demonstrates Yaoure’s viability in the current challenging market conditions."
The company is now conducting a preliminary economic assessment (PEA), which will focus on the long-term, large scale production opportunity at the project.
The mining of Yaoure’s substantial sulphide resources will be processed through a traditional CIL plant or via froth flotation.
The PEA is expected to be completed in the first quarter of 2014 and will be based upon a mineral resource optimised at a lower gold price.