Acacia Mining upbeat on reserves update for Gokona

Acacia Mining announced a mid-year mineral reserve and resource update for its Gokona Mine at North Mara on Friday, which it said added to the long-term potential of the underground operation.

The FTSE 250 firm said the mineral reserves as at the end of May increased by 13% over year-end 2018 to 1.257 million ounces of gold at 5.5 grams per tonne.

It said that was primarily driven by the successful additional drilling on the east and west extension at Gokona in the fourth quarter of 2018 and the first quarter of 2019, offset by mining depletion and a more conservative change in assumptions for crown pillar stope recovery.

The measured and indicated mineral resources increased by 63% to 122,000 ounces of gold at 3.6 grams per tonne.

Inferred mineral resources increased by 65% to 849,000 ounces of gold at 5.4 grams per tonne, following the increase in drill density and confidence levels in the deeper areas of the deposit.

“All these increases are despite the fact that some 76,000 ounces of gold have been mined in the intervening period,” the Acacia Mining board noted in its statement.