Ramelius Resources has boosted the mineral resource at its Eridanus gold project at Mount Magnet in Western Australia by 64 per cent.
In less than a year, Eridanus has gone from an estimated 730,000 ounces (oz) with an exploration target of 125,000–225,000 to a total 1.2 million ounces (Moz).
“In keeping with the previously released Mount Magnet 10-year plan, the Eridanus project is expected to figure prominently in one form or another for the entirety of the mine plan,” Ramelius managing director Mark Zeptner said.
“Today’s significant resource upgrade, both in terms of tonnes and grade, augurs well for a mine life well beyond 10 years especially if an open pit option is ultimately chosen.”
The 10-year mine plan includes mineral resource and production from its Penny, Cue, Eridanus and Bartus tenements, all part of the Mount Magnet mine.
“Given the 64 per cent increase is net of depletion and the current open pit will produce over 300,000oz once processed, Eridanus is set to become the third +1Moz mine in the Mount Magnet field, after Hill 50 and Morning Star,” Zeptner said.
“Further drilling has the potential to increase resources again and this will commence shortly, leading into underground/open pit mining studies in the second half of the calendar year.”
The increase announcement comes off the back of a record quarter for Ramelius, clocking in gold production of 86,928oz.
The gold miner’s previous quarterly record was the 86,516oz it produced in the June 2020 quarter.
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