A new resource and reserve estimate made for European Minerals (EPM-T, EUM-L) on the Varvarinskoye gold-copper deposit in northern Kazakhstan has increased the size of the resource, while knocking the grade down slightly.
The new resource calculation, made by Australian consulting firm Ravensgate, puts the total measured and indicated resource on Varvarinskoye at 123 million tonnes grading 0.99 gram gold per tonne and 0.53% copper. Within that, mining consultants Orelogy estimated a proven and probable reserve of 60.6 million tonnes at grades of 1.15 grams gold per tonne and 0.67% copper.
Previous feasibility work had put the size of the resource at 117.6 million tonnes with 1.01 gram gold per tonne and 0.66% copper, and the reserve at 60.3 million tonnes of 1.21 gram gold per tonne and 0.81% copper. The new figures bring slightly more metal into the resource, while taking about 100,000 oz. gold and about 7,000 tonnes copper out of the reserve.
A revised mine plan would have the project produce 4.2 million tonnes of ore annually from a set of seven open pits, with an average life-of-mine stripping ratio around 4.5. The mine would average 120,000 oz. gold and 5,900 tonnes copper annually over a 17-year life, with more production in the first three years (149,000 oz. gold and 11,800 tonnes copper per year).