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Doray Minerals reports 17% increase in group resource inventory

Doray Minerals Ltd. said Sept. 28 that its resource inventory increased by 17% to approximately 1.4 million ounces of gold and 27,000 tonnes of copper, as of June 30, across its Deflector and Andy Well gold mines in Western Australia.

The increase is underpinned by a 33% rise in the total resource inventory of its Andy Well mine, net of mining depletion.

Through the replacement of resources depleted by mining within Andy Well's Wilber, Judy and Suzie lodes and the addition of the maiden inferred resource estimate for the Turnberry prospect within the Gnaweeda gold project in the same state, Andy Well's total resources increased to 6.5 million tonnes at 3.7 g/t of gold for 786,000 contained ounces.

Doray released the maiden gold resource for Turnberry in July, estimating that the prospect hosts inferred resources of 4.6 million tonnes at 1.8 g/t of gold for 266,000 contained ounces.

Excluding Gnaweeda, Andy Well's resource stands at 1.9 million tonnes at 8.4 g/t of gold for 520,000 ounces, with about 368,000 contained ounces, or 46%, classified as measured and indicated resources at an average grade of approximately 9.6 g/t of gold.

After producing over 84,000 ounces of gold in the year ended June 30, Andy Well's ore reserves remain at about 145,000 ounces at 6.1 g/t of gold, which is equivalent to a further two-year mine life before potential additions from the Gnaweeda project. Andy Well's total gold endowment has already exceeded 1 million ounces, with its total gold output and remaining resources combined.

Meanwhile, there has been no change in Deflector's mineral resource inventory of about 2.87 million tonnes at 6.4 g/t of gold for 591,000 contained ounces, as ore processing had not materially started as of June 30. However, upcoming exploration programs at the project have the potential to add to the company's mining inventory in the near term.

The group's ore reserves totaled 467,000 contained ounces at 5.8 g/t of gold, as of June 30, before the start of production from Deflector.

Doray expects to produce 40,000 ounces to 50,000 ounces of gold and 3,000 tonnes to 4,000 tonnes of copper from its Deflector mine in the 2017 financial year, while output from Andy Well is anticipated to reach between 65,000 ounces and 70,000 ounces of gold.