() has announced the completion of a mineral resource estimate (MRE) at the Mikei Gold Project in Kenya which found a higher gold grade.
The miner said it was updated to comply with the 2012 edition of the Code published by the Australasian Joint Ore Reserves Committee (JORC).
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The project was assessed for reasonable prospects for eventual economic extraction by applying conceptual benchmarked costs to calculate conceptual reporting pit shells, the firm said.
Any material outside or below the reporting pit shell was updated as “Not Classified” since it did not meet the criteria to be reported as a mineral resource, it added.
The total mineral resource is estimated at 15.13mln tonnes at 1.49 gram per tonne of gold, with contained metal content of 723,000 ounces of gold.
The reported ounces of gold were reduced by 39% but the gold grade increased by 18%.
“These conceptual pit shells used to test for reasonable prospects of extraction will now act as a springboard for our future exploration which will be focused on Resource enhancement,” said chairman Andrew Bell in a release.
“After having been for several years prevented from carrying out work on the property while other nearby projects in Tanzania and Kenya progressed, the first necessary steps on our return were to conduct updated baseline and Resource studies, and to prepare an immediate programme to upgrade and extend our Mineral Resource.”
“Updating our Mineral Resource Estimate to JORC (2012) was essential if we were to make public reference to it.”
