A new reserve calculation for the Siguiri project in Guinea puts the project at 54.8 million tonnes, proven and probable, grading 1.55 grams gold per tonne.
Owner Golden Shamrock Mines (GSX-T) found that laterite-hosted mineralization at the deposit was highly continuous, and that lateritic reserves could be modelled as a horizontal cap. Disseminated mineralization was restricted to mappable rock units, while vein-hosted mineralization was much more discontinuous.
An additional indicated mineral resource of 12.6 million tonnes grading 1.66 grams was also calculated. This resource includes all mineralization below the weathered zone.
A proposed open pit is being designed, and financing for the project is under negotiation.
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