Avnel announces MRE for Kalana Main Project
"I am delighted to report that the M+I Mineral Resource for the Kalana Main deposit has increased to 2.81 million ounces at a diluted grade of 2.85 grams per ton," Howard Miller, Avnel's chairman and CEO, said. "With this new resource, the Kalana Main Project stands out as one of West Africa's highest grade, multi-million-ounce, open-pit development projects with significant exploration upside."
Miller credited the finding of the new resource to the drilling program Avnel finished last quarter.
"The increase to the Mineral Resource is a direct result of the drill program that we completed last quarter," Miller said. "In addition to demonstrating the continuity of mineralization and improving confidence in the geological model, this drilling has upgraded a significant portion of the Inferred Mineral Resource and added to the Mineral Resource by defining new zones of mineralization and extensions to known vein packages. This drilling also defined thick corridors of lower grade mineralization that are being reassessed as part of the DFS to determine if they are amenable to a lower cost bulk mining approach."
Avnel also announced its Definitive Feasibility Study and approval of the Environmental and Social Impact Assessment is anticipated by the end of 2016's first quarter.
Miller said the DFS "remains on track for completion by the end of first quarter of 2016 and we continue to expect for the updated Mineral Resource to positively impact several key performance indicators."
The September 2015 MRE is based upon information from a total of 170,080 m of drilling from 989 holes. Information added to the database since the March 2015 MRE includes 28 diamond drill holes, 137 RC drill holes, and 16 combined RC-diamond drill holes that were drilled in 2015.