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CNMC upbeat as review defines record high gold resource for Sokor project

CNMC Goldmine Holdings Ltd. said March 22 that an independent review increased total gold resources for its flagship Sokor project in Malaysia to 724,000 ounces as of the end of 2017, up 16% from the 623,000 ounces estimated in 2016.

The resource is contained within 13.9 million tonnes at 1.6 g/t of gold and is the highest on record since the company began exploring the project in 2007.

According to CNMC, the increase reaffirms the company's track record of being able to identify new resources via exploration even as it depletes gold and paves the way for its plans to ramp up output in 2018 after five quarters of dismal production due to low ore grades.

The study, conducted by Optiro Pty. Ltd., also determined that Sokor has 10% more zinc and 2% more lead in 2017 than in 2016. Silver resources, meanwhile, fell 2% due to a slight decline in ore grades.

As previously announced, CNMC seeks to exploit these base metals to generate a new income stream and build a flotation plant at Sokor.