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Randgold Resources has announced a material increase in the indicated mineral resource of its recently acquired Kibali gold project in the Congo.
The company said that following an update of the existing estimates by Cube Consulting, the indicated mineral resource was now 13.93 Moz - an increase of 23% over the previous indicated mineral resource of 11.29 Moz.
It said 7.67 Moz at a grade of 6.08 g/t from the Karagba-Chauffeur-Durba deposit was now classified as an underground indicated mineral resource and represented an increase of 118% over the previous declared underground indicated mineral resource of 3.53 Moz at a grade of 5.1 g/t.
Total inferred resources declined from 11.23 Moz to 5.83 Moz but increased in grade from 3.3 g/t to 3.55 g/t.
The decline in inferred resources resulted partially from conversion to indicated mineral resources as well as Randgold Resources' requirement that all resource estimates reflect only those mineral resources for which there is a reasonable prospect for eventual economic extraction.
The Cube update incorporated the results from infill drilling on the KCD deposit.
Chief executive Mark Bristow said the mineral resource update had underlined the high quality of the Kibali orebody and was a step forward in Randgold's review of the project following the completion of the Moto Goldmines acquisition in October.
Story provided by Business Financial Newswire
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