Leagold Mining Corp. (LMC:TSX.V; LMCNF:OTCQX) announced in a news release three sets of data regarding two of its Brazilian mines: updated mineral resource and reserve estimates for RDM and Fazenda and drill result highlights for Fazenda.
As for RDM, when compared to the December 2017 estimates, the updated Measured & Indicated (M&I) mineral resources are up by 57 thousand ounces (57 Koz) whereas the updated Proven and Probable (2P) reserves are down by 41 Koz due to depletion.
The mine now has M&I resources of about 39.3 million tons (39.3 Mt), grading 1 gram per ton (1 g/t) and containing 1,259 Koz of gold. Estimated 2P reserves are 24.7 Mt, grading 1 g/t and containing 789 Koz of gold.
Similar to RDM, Fazenda's mineral reserves have decreased since the 2017 estimate, by 58 Koz, also from depletion. Today, 2P reserves are an estimated 5.4 Mt, grading 1.84 g/t and containing 319 Koz of gold. This equates to a roughly four-year mine life at today's mining levels.
Current estimated M&I resources at Fazenda amount to 7.5 Mt, grading 2.3 g/t and containing 558 Koz of gold.
Regarding drill results from Fazenda, the company noted they preliminarily demonstrated the chance to increase reserves and resources there, but stated that additional analysis must be done. The company aims to update the mineral resource estimates for Fazenda in 2019, incorporating into them results from the underground drill program completed this year.
That campaign, comprised of 38 holes for 5,964 meters, focused on three targets, two accessed from the C-ramp and one accessed from the E-ramp. C-ramp holes intersected mineralization, but the E-ramp holes did not, the company reported.
Read what other experts are saying about:
Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Leagold Mining. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
