RE:7% Increase in Resource Estimatemore info:
https://www.mining-journal.com/resource-definition/news/1380034/roxgold-rises-on-seguela-resource-boost --------------------------------
It said Sgula's indicated resources increased 7% to 529,000 ounces of gold and inferred by 1,286% to 471,000oz, compared with its maiden March 2019 resource for the project in Cte d'Ivoire. The update included maiden inferred resources for the Ancien, Agouti and Boulder deposits and Roxgold said four rigs were working on additional extension and infill drilling.
The company had acquired Sgula from Australian gold heavyweight Newcrest Mining last year, for an initial US$20 million with a further $10 million due if and when it reached production.
"The Sgula project has become a substantial value accretive project for Roxgold, and we believe that this updated resource underscores the potential for this project to stand alongside our current operations to build the foundation for Roxgold and its future," president and CEO John Dorward said.
"Our next priority will be the completion of the PEA in the second quarter of this year."
Roxgold's Yaramoko mine in Burkina Faso produced a record 142,204 ounces of gold in 2019 and is forecast to produce 120,000-130,000oz this year at an all-in sustaining cost of $930-$990/oz sold.