Equinox Gold Corp. (TSX: EQX) shared today the updated mineral reserve and mineral resource estimate for the Mesquite gold mine in California, USA. The report includes measured & indicated resources of 1.38 million gold ounces which the company reported to be a 65% increase from the previous estimates.
The data came from a total of 254 drill holes covering a total of 20,230 metres of drilling during the last half of 2020. The results, effective June 30, 2021, don’t include yet 2021 drilling program assays which the company said “points to multi-year mine life extension”.
Total measured & indicated mineral resource estimate contains 105.0 million tonnes grading at 0.41 g/t gold for 1.38 million ounces. Meanwhile, inferred mineral resource estimate comprises 84.0 million tonnes of material grading at 0.34 g/t gold for 0.9 million ounces. The firm said the inferred resources saw an increase of 30% in contained gold.
On the other hand, the firm also reported mineral reserve estimates of 30.3 million tonnes grading at 0.48 g/t gold to contain 0.5 million ounces. It further relayed that the 28% decrease in mineral reserve estimate from the previous report is due to “mining depletion of 199,174 gold ounces from July 1, 2020 to June 30, 2021”.
The mineral resource and mineral reserve estimates used base gold prices of $1,500 per gold ounce and $1,350 per gold ounce, respectively.
Equinox Gold last traded at $9.28 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.