Canada NewsWire
TORONTO, Dec. 16, 2020
Highlights:
TORONTO, Dec. 16, 2020 /CNW/ - Karora Resources Inc. (TSX: KRR) ("Karora" or the "Corporation") is very pleased to announce a 334% increase in consolidated gold Proven and Probable ("2P") Mineral Reserves to 1.33 million ounces for its Beta Hunt and Higginsville operations in Western Australia. The updated Mineral Resource and Reserve estimate is effective as of September 30, 2020.
The Corporation is also pleased to announce new consolidated Measured and Indicated ("M&I") gold Mineral Resources of 2.52 million ounces, representing a 167% increase. The Mineral Resource and Reserve update announced today does not include the high grade Spargos Reward Project, which is expected to be completed in the first half of 2021.
Paul Andre Huet, Chairman & CEO, commented: "The 334% increase in the 2P gold Mineral Reserves to 1.33 million ounces and 167% increase in gold Mineral Resources to over 2.5 million ounces is an outstanding achievement for Karora. This update marks the establishment of our very first consolidated Mineral Resource and Reserve estimate across our two primary assets in Beta Hunt and Higginsville, completed on schedule despite significant drilling delays associated with COVID-19 precautions during the middle of the year. Importantly, the very large increases are net of mining depletion through to the end of the third quarter of 2020.
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1 | Westgold historical estimate as of June 30, 2018 – Reserves (0.37Mozs), Measured and Indicated Resource (1.22Mozs) and Inferred Resource (0.68Mozs), (www.westgold.com.au) |
At Beta Hunt, where we announced our maiden Karora Mineral Reserve estimate last year, we added 176,000 ounces, representing a strong 57% increase over 2019. Grades remained robust, however we are certainly excited to further define the newly discovered high grade Larkin Zone announced in mid September which will be included in our 2021 estimate next year.
At Higginsville, when compared to the previous historical estimate completed by Westgold Resources in 2018, our 2020 drilling and re-estimation efforts added nearly 500,000 ounces, increasing 2P Mineral Reserves by 130%.
At Higginsville Central, where mining will be focused over the short and medium term, we have outlined a Reserve of 218,000 ounces at high open pit grades of 2.0g/t. This Reserve is backed by a high grade M&I Mineral Resource of 382,000 ounces at 2.8g/t, which we expect to be further bolstered by mid-2021 via the addition of feed from our high grade Spargos Reward open pit into the Higginsville plant.
Due to the very strong recent drilling results announced in November, we now expect to have an updated Mineral Resource and Reserve estimate completed at Spargos in the first half of 2021. Next year will also see further drilling across all main projects, including the highly prospective targets at Lake Cowan and the first of the underground mines at Higginsville. After our first year of ownership, Higginsville is certainly shaping up to be both a high grade and long-lived operation.
While this is an outstanding start to our Mineral Resource and Reserve growth plan, I am even more encouraged by the exciting exploration targets we have selected for drilling in 2021. Moving forward, this updated Mineral Resource and Reserve estimate will form the basis for Karora's organic growth strategy which I look forward to outlining to the market during the first quarter of next year."
Mineral Resource and Reserve Summary
Karora Consolidated Gold Mineral Reserves as at 30 September, 2020
Sept-2020 | Proven | Probable | Proven & Probable | ||||||
| Kt | g/t | Koz | Kt | g/t | Koz | Kt | g/t | Koz |
Beta Hunt | 329 | 2.4 | 25 | 5,451 | 2.6 | 456 | 5,780 | 2.6 | 482 |
Higginsville | 8,503 | 1.3 | 362 | 9,249 | 1.6 | 483 | 17,752 | 1.5 | 845 |
Total | 8,832 | 1.4 | 387 | 14,700 | 2.0 | 940 | 23,531 | 1.8 | 1,327 |
Karora Consolidated Gold Mineral Resources as at 30 September, 2020
Sept-2020 | Measured | Indicated | Measured | Inferred | ||||||||
Kt | g/t | Koz | Kt | g/t | Koz | Kt | g/t | Koz | Kt | g/t | Koz | |
Beta Hunt | 630 | 2.4 | 49 | 11,369 | 2.8 | 1,006 | 11,999 | 2.7 | 1,055 | 6,146 | 2.7 | 537 |
Higginsville | 13,362 | 1.4 | 604 | 16,633 | 1.6 | 862 | 29,994 | 1.5 Werbung Mehr Nachrichten zur KETTLE RIVER RES LTD Aktie kostenlos abonnieren
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