Centamin upgrades reserves by 28%

LSE- and TSX-listed gold miner Centamin reports that it has increased its reserves by 28% to 7.7-million oz, including 10% growth at its Egypt-based Sukari gold mine.

Sukari mine’s proven and probable mineral reserves increased to 5.8-million oz compared to the 5.3-million oz mineral reserve estimate included in the new life of mine plan that was published in October.

Since 2020, Centamin group’s proven and probable mineral reserves increased by 3.5-million oz, before depletion, exceeding the company's stated target of 3-million oz; while compared to 2022, the group’s proven and probable reserves increased 28%, to a total of 194-million t, at an average grade of 1.23 g/t, for 7.7-million oz of contained gold.

CEO Martin Horgan says Centamin’s improved geological understanding at Sukari has enabled a 500 000 ounce increase in reserves over the 5.3-million ounce reserve estimated in the recently published life of mine plan.

This growth is driven by reserve growth at Sukari and the inclusion of maiden mineral reserves at Centamin’s Côte d'Ivoire-based Doropo exploration project – which covers 13 gold deposits.

As such, Centamin group’s measured and indicated mineral resources stand at 392-million t, at an average grade of 1.06 g/t, for 13.4-million oz of contained gold.

Following the completion of the definitive feasibility study drill programme, the Doropo project’s measured and indicated mineral resources increased by 23%, to 77-million t, at a grade of 1.26 g/t, for 3.1-million t of contained gold.

Centamin’s 3.5-million ounces of mineral reserve growth has been “driven by reserve growth of almost 1.6 million ounces at Sukari and a maiden 1.9 million ounce reserve at Doropo,” he adds.

The updated resource will form the basis of the definitive feasibility study reserve update in mid-2024.

“The progress made in 2023 is testament to the geological opportunity within our portfolio, the quality of Centamin's  geological leadership team and investment in our orebodies.

“During the first half of 2024, we will release the results of the maiden drilling campaign across our Egyptian exploration portfolio and will also aim to publish the updated reserve numbers for Doropo as part of the ongoing definitive feasibility study," says Horgan.

Going into 2024, Centamin reports that its geological programme will continue to target resource and reserve growth across the portfolio, comprising 285 000 m of drilling budgeted for Sukari, with a focus on grade control and infill drilling to support short and medium term planning, and longer term extensional drilling.

With the Doropo definitive feasibility study resource drilling complete, 10 200 m of sterilisation drilling is budgeted in 2024 for this project as part of the definitive feasibility study to confirm infrastructure locations.

Further, Centamin notes that the full assay results from its Egypt-based Eastern Desert Exploration project’s maiden 16 000 m drill campaign are expected in the first quarter of 2024 with a follow-up work programme to be based on an analysis of the results.