Xtract ResourcesPlc said May 11 that the total resource at its Manica gold project in Mozambique has increased36% over the previous estimate to 1.26 million ounces, contained in 17.3 milliontonnes at 2.26 g/t, at a cutoff grade of 1 g/t of gold.
The measured and indicated resource increased 22% to 8.71 milliontonnes at 2.42 g/t for 678,000 contained gold ounces.
Inferred resource increased 57% to 8.6 million tonnes at 2.10g/t of gold for 579,000 contained gold ounces.
Xtract CEO Jan Nelson added that the total measured and indicatedvolume has also increased by over 56%, and the project's mine life has the potentialto increase "beyond 12 years with further drilling."
Xtract released improvedkey metrics for the Manica project in mid-March, including an increase in the netpresent value to US$70 million from US$50 million previously.
The company recently drewdown US$2.4 million to fund the completion of the bankable feasibilitystudy at Manica.