Reserves, resources at Novo-Shirokinskoye increase, mainly by lowering cut-off grades
MOSCOW. Nov 20 (Interfax) - Wardell Armstrong International has completed a re-evaluation of reserves and resources at Highland Gold Mining's (HGM) Novo-Shirokinskoye field in Trans-Baikal.
HGM said that the new estimate for JORC reserves is 1.9 million ounces of gold equivalent (the field is polymetallic, containing industrial volumes of gold, silver, lead and zinc), with resources of 3.1 million ounces.
Resources at Novo-Shirokinskoye had earlier been estimated at 1.4 million ounces of gold equivalent including 1.1 million ounces of reserves. Cut-off grades were significantly reduced during the re-evaluation, resulting in higher tonnages and contained metal.
Total ore reserve tonnage was 18 million tonnes versus 3.4 million tonnes previously reported. The average gold equivalent grade was 3.3 g/t, compared to 9.8 g/t reported earlier and an average grade of 5.5 g/t of ore processed so far this year. Total ore resources were up to 24.1 million tonnes from 5.7 million tonnes with a resource grade of 4.0 g/t compared to 7.6 g/t previously.
Ore Reserves at Novo-Shirokinskoye:
|JORC 2017||JORC 2011||Change|
|Ore, mln tonnes||17.991||3.392||+430%|
|- gold, g/t||1.81||4.67||-61%|
|- silver, g/t||35.73||94.14||-62%|
|- gold equivalent, g/t||3.3||9.8||-67%|
|- gold, mln oz||1.0||0.5||+106%|
|- silver, mln oz||20.7||10.3||+101%|
|- lead, '000 tonnes||173||113||+53%|
|- zinc, '000 tonnes||95||45||+111%|
|- gold equivalent, mln oz||1.9||1.1||+76%|
UK-registered Highland Gold's main projects are located in the Khabarovsk territory, Trans-Baikal, Chukotka and Kyrgyzstan. Primerod International, which represents the interests of Roman Abramovich, his partners and affiliated firms, controls 25.58%, Eugene Shvidler owns 12.56% and Valery Oif - 4.46%.