Drilling has enabled Rio Narcea Gold Mines (TSE) to boost geological reserves on its properties in northwestern Spain to 1.8 million oz., an increase of 10% over the figures announced last February.
At present, the Valle deposit contains probable and possible oxide reserves totalling 9.8 million tonnes averaging 4.11 grams gold per tonne. The Carles deposit contains probable and possible sulphide reserves of 2.6 million tonnes averaging 5.11 grams while La Brueva holds a probable oxide reserve of 1.32 million tonnes averaging 1.2 grams.
The reserve calculation does not take into account results from the Boinas East zone at the Valle project, which, according to the company, should have the effect of increasing total reserve figures.
In addition to reserve development drilling, Rio Narcea is completing exploration drilling on newly acquired properties in the Navelgas, Oscos and Rio Narcea gold belts of northwestern Spain.
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