The probable reserve of 26.9 million tonnes grading at 1.32 g/t gold was calculated with a 0.5 g/t gold cut-off and a US$1,250 per ounce gold price.
The upgraded ore reserve incorporates all drilling and mine planning completed as part of the project’s definitive feasibility study (DFS), which is due for completion in late September.
‘Value improvement in the project’
Nusantara managing director & CEO Mike Spreadborough said the 11% increase represented further value improvement in the project.
He said: “The new ore reserve was based on the results of the completed resource drilling program, highlighting the potential upside in the project as exploration continues.
“This ore reserve, combined with the exploration potential of the project, underpins the company’s confidence in delivering the proposed long-life, low-cost, stand-alone gold project at Awak Mas.
“The DFS is undergoing final data verification and will be released in late September confirming that the project is technically and financially robust.”
Potential to extend mine life
Planning is underway for further drilling to life the resource category to ‘measured’ status in the initial mining areas.
The closer-spaced drilling has the potential to increase grades through the intersection of additional higher-grade vertical zones that are pervasive through the Awak Mas and Salu Bulo deposits.
Extensions to the proposed pits, and the possible inclusion of the Tarra deposit into the mine plan, represents a near-term opportunity to extend the mine life by a further 3 years.