Mincor Resources boosts reserves at Monarch mine in Mozambique

Improvements to the milling circuit have enabled Mincor Resources (ASE) to increase reserves at its Monarch mine in Mozambique.

The Monarch mine produces 20,000 oz. annually and now has a reserve large enough to last nine years. Proven reserves have risen to 182,980 from 100,000 oz.

Since startup in 1994, recoveries have averaged 73%, and the figure is expected soon to exceed 90%.

Gold is contained within several orebodies hosted in three parallel shear zones that have a known strike length of more than 3 miles. At present, the known depth of mineralization is 250 ft., yet Mincor believes that, based on the geological framework and the presence of nearby operating mines, mineralization could extend as deep as 4,000 ft. below surface.

The company is exploring the past-producing Revue mine and other prospects on the 2,640-acre mining concession, most of which is unexplored.

Mincor has also acquired ground in Zimbabwe, which is on strike with, and west of, the Monarch mine.