Resolute Mining buoyed but the results in Mali
(Kitco News) - In the latest update from Resolute Mining (RSG:LSE) the firm said it's Tabakoroni Underground Mineral Resource has grown to 1.26 million ounces at 4.9g/t gold. This was up from the maiden resource estimate of 850 000 oz of contained gold declared in 2019.
The Tabakoroni Underground Mineral Resource Estimate updated to 8.1 million tonnes at 4.9 g/t for 1.26 million ounces of gold.
Drilling to continue throughout 2021 to build the resources and reserves of Tabakoroni to strengthen the financial case for a future underground mine development
A prefeasibility study completed last year estimated that the Tabakoroni underground mine could produce some 80 000 oz/y of gold at an all-in sustaining cost of $974/oz over an initial four-year mine life. The project was estimated to require a capital investment of $86-million, with total project capital spend estimated at $118-million.
The Resolute share price has had a steady decline since hitting the high in the middle of 2020 (81.07). The downtrend line is close to being tested and a break could mean a move to higher levels. The main resistance is now at the red horizontal line near 49.50. On the downside, a break of the wave low at 38.81 would mean the downtrend is back on.