Mining company Xtract Resources has revised its estimates of the gold deposits available at a project in Manica, Mozambique, upwards by 36 percent to 1.257 million ounces, according to a statement released Wednesday.
The company, which cites data from an independent technical report, also said that the estimates for the mining concession were increased from 923,000 to 1,257,000 ounces.
The chief executive, Jan Nelson, said in the statement he was satisfied “with this significant increase in Manica resources before the completion of the feasibility study.”
Referring to the possibility the project would now use an open pit system, Nelson said the significant increase in existing resources would potentially extend the lifetime of the mine to over 12 years.
Xtract Resources intends soon to start exploring an alluvial gold deposit nearby, through a partnership with Mineral Technologies International (MTI). (macauhub/MZ)