Centamin PLC (LSE:CEY, TSX:CEE, OTC:CELTF) has boosted the resource at its Sukari gold mine in Egypt by 1.3mln measured and indicated ounces to 11.11mln ounces grading 1.108 grams per tonne.
The new resource number represents a 13% increase in ounces, even allowing for 12 months of mining depletion.
Proven and probably reserves increased by 5% to 6mln ounces of gold at 1.1 grams per tonne.
In a statement, Centamin chief executive Martin Horgan spoke of “the second consecutive year of resource and reserve growth at Sukari,” and said the resource boost further underpinned Sukari’s status as “a Tier 1 gold mine.”
He said: “Our improved geological understanding has resulted in meaningful growth of both resources and reserves at unchanged cut-off grades. The open pit mineral reserve gain replaced annual depletion for the first time since 2015, while the underground mineral reserves of 1.2mln ounces represents a threefold increase since 2020, net of mining depletion, which further supports the planned underground expansion project.”
The company is continuing with an aggressive drilling campaign across known targets within the underground and elsewhere in the concession area. Currently, the plan is to drill 280,000 metres in 2023.
It is also expected that an updated Sukari life of mine plan will be announced in the first half of 2023, incorporating the fully engineered Sukari underground expansion plan.