Papillon Resources Limited has updated the Mineral Resource Estimate (MRE) for its Fekola Project in Mali by 22% to 5.15 million ounces gold.
The West African gold producer, which is ASX-listed, has reported an increase of 22% from the previous MRE (4.21 million ounces gold released in January 2013), which is contained within a single, continuous, mineralised system.
Measured and Indicated Resource categories account for 90% of MRE or 4.64 million ounces of gold, comprising of 60.01 million tonnes averaging 2.40 g/t gold. Mineralisation open at depth and along strike and potential exists for further resource growth. MRE will also be incorporated into the Definitive Feasibility Study, which is anticipated to be completed during 2014.
“The updated Mineral Resource Estimate is another significant milestone for the Fekola Project,” says Mark Connelly, Papillon’s Managing Director. “The rapid growth of this deposit to over 5.15 million ounces of contained gold in less than 30 months highlights the world class potential of the deposit.
“The recent results from the PFS demonstrate its ability to support a large scale, long life, low cost operation. We believe that these fundamentals provide an excellent platform for future company growth as well as greatly enhancing Papillon’s ability to fulfil its strategic objective of becoming a West African gold producer in the near term.”