Romarco Minerals (R-V, RTRAF-O) has nearly doubled resources at the Haile gold mine in South Carolina, prompting the company to change the mine plan design to 7,000 tons per day from 4,000 tons.
Measured and indicated resources now come in at 34.96 million tonnes grading 1.34 grams gold per tonne for 1.5 million oz. gold. Another 26.15 million tonnes grading 0.81 grams gold per tonne, or 678,000 oz. gold, are under the inferred category. That’s a 92% increase over the historic resource.
Romarco expects to finish a feasibility study for the Haile mine this October. The company had planned to complete it earlier, but the change in the mine plan design required extra time.
In addition to a building a 7,000 tonne per day circuit, the new design will allow the company to add a second 7,000-ton circuit if needed. With the 4,000-ton circuit, the company was hoping to produce 100,000 oz. gold per year.
The new resource does not include recent exploration drilling. Romarco president and CEO, Diane Garrett, says the company will be periodically updating the resource estimate as it explores the mineralized zone which is open in three directions.
“We will continue an aggressive exploration program focused on adding gold ounces and are working to secure two reverse circulation drill rigs for an increased drilling discovery rate,” Garrett said in a statement.
Romarco bought the Haile mine last year from Kinross Gold (K-T, KGC-N). The plan is to sequentially mine six small open pits scattered about the property at an average stripping ration of 5.25, including prestripping. Operating costs were thought to be US$350 per oz. with capital costs of US$94 million; figures that will likely change in the feasibility study coming out next month.
Romarco shares were trading around 17 today with a trading volume of 65,000 shares by mid-day.
Be the first to comment on "Romarco expands Haile resource to 1.5 million oz. gold"