Armada Gold (ASE) has calculated new reserve figures for the Taseevskoye gold deposit in southeastern Siberia, following reviews of a prefeasibility study.
Australian geostatistical consulting firm Geoval reports indicated reserves at Taseevskoye of 46.4 million tonnes grading 3.6 grams gold per tonne and inferred reserves of 32.5 million tonnes grading 1.8 grams per tonne, using a cutoff grade of 0.3 gram per tonne. Increasing the cutoff grade to 0.7 gram per tonne has the effect of cutting inferred and indicated reserves to 40.5 and 24.7 million tonnes, respectively, and bumping the grade to 4 and 2.2 grams per tonne. At 0.3 grams, the contained resource is about 7.1 million oz., and at 0.7 gram it falls to 6.9 million.
An independent review of the reserve figures by another Australian consulting firm concluded that the classification of the resource is conservative. Snowden Associates reported that much of the inferred resource could be reclassified as indicated ore, and much of the indicated ore could be reclassified as proven ore.
The new figure of 6.9 million oz. places the proven, probable, and possible contained resource in Armada’s Baley project at 8.8 million oz.
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