Avocet Mining has increased the mineral resource estimate for the Inata mine license area in Burkina Faso by 59 percent to 3.36 million ounces of gold over the previously reported resource.
The update drove Avocet shares up 10 percent to 266.75 pence in early trade, giving the company a market cap of £530.5 million. The new estimate – which is compliant with the JORC and NI43-101 standard – includes a measured and indicated resource of 2.54 million ounces grading 1.47 grammes per tonne (g/t) gold. The updated resource reflects the results of the first phase of a major exploration programme that kicked off in October 2010, aimed at extending the gold mineralisation within the Inata area. Excluding depletion of the resource due to mining since the beginning of the drilling programme, the new resource represents an...
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