In continuing good news for Allied Gold (ASX/LSE: ALD) shareholders, the company has increased gold ore reserves by 437,000 ounces to over 1 million ounces as it develops the Simberi Oxide Gold Project located in the Tabar Islands of Papua New Guinea.
Simberi Ore Reserves have increased by 437,000 contained ounces of gold including: Sorowar oxide Ore Reserves have increased by 76,000sed by 76,000 contained ounces of gold. Pigiput Ore Reserves have increased by 361,000 contained ounces of gold of which approximately 185,000 contained ounces occur in oxide and transitional material.
The Ore Reserves have contributed approximately 2 additional year’s production, resulting in a total remaining mine life of 10 years. GR Engineering Services has been appointed to undertake a study to increase plant throughput to 3 million tonnes per annum. This Ore Reserve estimation at Pigiput resulted in the inclusion of sulphide ores, which are currently being infill drilled to expand the reserves as part of the sulphide development program.