Ramelius Resources Limited (ASX: RMS) made new discoveries at Mt Magnet, a century old gold mine located in the Murchison region of Western Australia. The company announced the increase of maiden open pit Mineral resource at Eridanus and maiden underground Ore Reserves at Hill 60 and Shannon.
The exploration and new resource drilling activities at Mt Magnet started in late 2017 which continues to yield positive results as stated by the company. The combined estimates of indicated and inferred Mineral Resource from new drilling conducted in past one year amounts to 146koz Au in new Eridanus deposits, 115koz Au in Shannon, and 50koz in Hill 60.
With the discovery cost of $40 per resource ounce over the last 12 months of drilling, the management finds the investment justified to the new drilling activities at Mt Magnet.
While in aggregate the new discoveries of ore reserve estimate to 74koz Au, maiden underground ore reserve of indicated category at Shannon deposits numbers to 54koz Au and at Hill 60 to 24koz Au.
The company aims of becoming a mid-tier gold producer with the target of producing more than 200,000 ounces of gold in FY2019.
The Annual Resources and Reserves statement for 2018 is slated to be released by the end of September 2018.
RMS stock had a closing price of $0.525 on August 06, 2018, up about 1% under the daily change.
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