Resolute Mining ups Mali gold project resource estimate by 40%

Resolute Mining (ASX: RSG; LSE: RSG) has increased the measured and indicated  resource estimate for its Tabakoroni gold deposit in Mali by 40%. 

The Western Australia-based miner said the asset, part of its Syama project, now has 9.2 million measured and indicated tonnes grading 4.4 grams gold per tonne for 1.3 million oz. of contained gold. An earlier estimate had outlined measured and indicated resources of  6.9 million tonnes averaging 4.3 grams gold per tonne for 960,000 ounces. The deposit remains open along strike and down dip. 

The company, which last year sold its Bibiani gold mine in Ghana to Asante Gold (TSXV: ASE), said the updated estimate confirmed the potential for a new open pit or an underground gold mine.

“The Tabakoroni deposit is only drilled to shallow depths, to date, and has significant potential to grow at depth and along strike to the north and south,” the company said in a press release. 

Africa’s third-largest gold producer, Mali is home to industrial mines operated by companies including Barrick Gold , B2Gold, Resolute Mining, AngloGold Ashanti and Hummingbird Resources.

The nation of 20 million was supposed to hold an election this month, after military officers ousted the President and seized power in a coup d’etat last year. But it has delayed the election by four years, which granted the harshest sanctions yet from West Africa’s economic bloc of 15 nations (ECOWAS).