Kingsgate announces 46% increase in Chatree Ore Reserve
Kingsgate Consolidated Limited (ASX: KCN) (“Kingsgate” or the “Company”) is pleased to advise that the Chatree Gold Mine (“Chatree”) Ore Reserves have increased to 1.3 million ounces of gold (JORC standard) up from 0.89 million ounces of gold which represents an increase of 46% from when they were last reported in 2016. Further, the Ore Reserve for silver has increased from 8.3 million ounces to 12.2 million ounces, a further increase of 47% since it was last reported in 2016. These updated figures indicate the potential for a mine life of at least 8 to 10 years.
These reserves have been calculated using a US$1,700 gold price and it must be stressed that this only relates to the pits totally within the current mining leases and not the broader area of influence. Significant resources are situated outside the mining leases and we will be focusing efforts on converting some of these highly prospective areas from resources to reserves as part of our strategy going forward.
The Executive Chairman of Kingsgate, Ross Smyth-Kirk, said “the increase in the Chatree Ore Reserves demonstrates a very positive and viable future for the project, and it is Kingsgate’s intent to fund a vigorous exploration program to convert further resources to reserves in other key near mine areas”.
For more information, download the full 21 page PDF.
Ross Smyth-Kirk OAM
Kingsgate Consolidated Limited