Steppe Gold doubles resources in Mongolia
According to the company’s statement, resources at the ATO gold mine have doubled to 2.45 M oz of Au Eq, up from 1.22M oz Au Eq. M&I resources show 1.39 M oz gold and 20.48M oz silver.
Steppe Gold said that increase in the M&I resource was due primarily to significant expansion through drilling at the ATO 4 deposit and incorporation of a maiden resource at the Mungu deposit. This updated estimate will form the basis of the upcoming bankable feasibility study due out in Q2 2021.
President and CEO Bataa Tumur-Ochir commented, "We are very pleased to report on the significant update of the resources at our 100% owned ATO gold mine. Our drilling efforts since 2018 have clearly demonstrated the great promise shown for this project and the potential we saw at the outset. With production commenced in April 2020, we have proven the low-cost profile of the ATO gold mine with market low cash costs below $600/oz. This dramatic increase in the ATO resource further underpins the long-life attributes of the project.”