Altyn releases 'important upgrade' to Sekisovskoye resources and reserves

Altyn announced the results of the latest independent competent person’s report for the Sekisovskoye Mine on Tuesday, which included an “important upgrade” to its mineral resources and ore reserves estimates.

The London-listed firm said the report included JORC mineral resources and ore reserves estimates totalling proved ore reserves of 3.47 million ounces, from 29.87 million tonnes at an average gold grade of 3.61 grams per tonne.

Probable ore reserves stood at 0.33 million ounces, from 3.58 million tonnes at an average gold grade of 2.91 grams per tonne, with measured mineral resources being 3.51 million ounces from 29.03 million tonnes at an average gold grade of 3.76 grams per tonne.

Its indicated mineral resource was 0.34 million ounces from 3.48 million tonnes at an average gold grade of 3.03 grams per tonne, while the inferred mineral resources was 2.83 million ounces from 37.15 million tonnes, at an average gold grade of 2.37 grams per tonne.

The company reported an exploration target of 1.74 million ounces from 22.79 million tonnes, at an average gold grade of 2.37 grams per tonne.

It said the updated mineral resource and ore reserve estimates were based on additional exploration drilling conducted between 2014 and 31 May this year, and included the plan to ramp up the underground production.

There had been “important changes” to the regulatory requirements in Kazakhstan resulting in a detailed discussion of those matters in the report, the board noted.

“[Our independent consultant] EY has reviewed the data used in the orebody modelling and estimation procedures and the approach is considered reasonable for the style of mineralisation and considers the items and guidelines outlined in the JORC Code,” the board said in its statement.

“The competent person’s report summarises the technical and economic aspects of the Sekisovskoye Mine, in order to identify factors that would influence the future performance of the operation.

“The report has been compiled in order to incorporate the currently available and material information that would enable potential investors to make an informed and reasoned judgement regarding the technical and economic merits of the underground operation.”