PERTH (miningweekly.com) − Gold-miner Ramelius Resources has added 50 000 oz of gold to its total resource for the Mount Magnet project, in Western Australia, following the completion of a drilling programme at the Galaxy area.
A new Joint Ore Reserves Committee-compliant resource of 20,3-million tons, grading 1,65 g/t gold has now been estimated for the Galaxy area.
Ramelius told shareholders that the new resource estimation at Galaxy only included potential openpit oxide, and transitional and fresh rock gold mineralisation adjacent to, and below the existing Saturn, Mars, Perseverance, Titan, Jupiter and Brown Hill openpits.
The resource estimate also did not include any material below 200-m from the surface, and only covered a portion of the project’s existing 3,3-million ounce resource base.
Ramelius said in a statement that resource models for the Galaxy and the nearby Morning Star areas have been sent to consultants, and a pit optimisation and reserve estimation was expected by the end of this month.
A new feasibility study would also be presented to the board during April.
Ramelius was expected to make a development decision on the Mount Magnet project during this year, with the project likely to contribute to production in 2011/12, when the company aims to produce 120 000 oz.