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Resolute Mining drills 12 metres at 93 g/t gold at Tabakoroni

The Tabakoroni open-pit mine is 35 kilometres from the Syama processing plant and mining commenced at Tabakoroni in late 2018.

Resolute Mining Limited - Resolute Mining drills 12 metres at 93 g/t gold at Tabakoroni
Resolute is planning to develop a new underground mine at Tabakoroni

Resolute Mining Limited (ASX:RSG) has received results from resource extension drilling at its Syama satellite prospects in Mali.

The drilling focused on expanding the JORC resources at Tabakoroni as well as building on the open-pit oxide resource inventory at Cashew and Paysans.

Highlights from Tabakoroni drilling included the confirmation of high-grade shoots with 12 metres at 93.16 g/t gold from 133 metres.

Notably, planning for the development of a new underground mine at Tabakoroni has now commenced.

The drilling program at Tabakoroni will continue throughout 2020 along the 1.8-kilometre strike length of identified gold mineralisation.

Shares have been up more than 4% to an intra-day high of $1.21. 

Expanding the underground resource at Tabakoroni

Resolute’s managing director and CEO John Welborn said: “We continue to receive excellent high-grade intersections from drilling at Tabakoroni.

“We remain confident that further drilling will expand our underground resource model and form the basis of a future high-grade underground mine.

“Of equal importance is our success in growing available oxide resources.

“Open pit mining at Tabakoroni is exceeding expectations with high-grade ore resulting in record production from the Syama oxide processing circuit in 2019.

Satellite oxide pits can generate solid cash flow

“The success of our regional oxide exploration programs provides obvious opportunity to extend the oxide mining inventory.

“Resolute controls 80km of greenstone belt strike along the prolific Syama shear zone. Exploration on our tenements at Syama has already defined more than 10 million ounces of gold.

“We expect our investment in exploration at Syama to accelerate in 2020 with strong cashflows from both the oxide and sulphide processing plants.”

Cashew and Paysans to be included in mine plan

While drilling success at Tabakoroni will look to build on the April 2019 underground resource of 850,000 ounces grading 5.1 g/t gold, this is not the only promising satellite prospect.

Cashew NE is five kilometres south of the Syama processing plant and immediately adjacent to the Tabakoroni haul road.

It has a 100,000-ounce resource grading 2.02 g/t gold and results from the latest program include 23 metres at 5.9 g/t gold from 50 metres depth.

The dimensions of the Cashew NE deposit are ideal for open-pit mining and the majority of the resource is expected to report to an optimised pit with a low strip ratio.

Paysans is also in an ideal position for a feeder mine and has an existing resource of 270,000-ounces grading 1.66 g/t gold.

Both of the high-grade oxide resources delineated at the Cashew and Paysans prospects will be included in an updated mine plan.

Quick facts: Resolute Mining Limited

Price: 1.365 AUD

Market: ASX
Market Cap: $1.78 billion

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