Goldbelt Resources (GLD-V, GLDRF-O) has increased its contained gold resource by 37% at its flagship Inata deposit, located within the company’s Belahoura project area in northern Burkina Faso.
Using a cutoff grade of 0.5 gram gold, measured and indicated resources are now 21.6 million tonnes grading 1.7 grams gold per tonne, or 1.2 million oz. gold.
Inferred resources are up to 8 million tonnes grading 1.4 grams gold, or 356,000 oz. gold.
The new numbers, which give Goldbelt an extra 420,000 oz. gold, will be used in the company’s ongoing bankable feasibility study, which should be finished by the end of June.
The prefeasibility study, based on April 2006 resource estimates, proposed an open-pit mine with ore processed through a carbon-in-leach plant with a capacity of 1.5 million tonnes per year. The company planned to produce 635,000 oz. gold per year over six years at a cash cost of US$290 per oz. The project’s price tag was estimated at US$65.8 million.
The Inata deposit comprises two continuous zones of mineralization — Inata North and Inata South — that are separated by a 250-metre-wide northeast-trending shear.
After more than 24,000 metres of drilling last year, the strike length of the mineralization has now been extended to more than 5,500 metres from 4,000 metres. Goldbelt focused on extending shallow, oxide mineralization north and south of the Inata trend.
The nearby Sayouba mineralization now extends 360 metres north of the current pit design. Sayouba has a measured and indicated resource of 26,600 oz. gold and an inferred resource of 27,200 oz. gold. The Minfo mineralization, which has been traced 340 metres east of the proposed pit, has an indicated resource of 59,900 oz. gold and an inferred resource of 12,500 oz. gold.
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