Premier Gold Mines Ltd. on Feb. 26 reported a 333% increase in reserves at its 40%-owned South Arturo mine in Nevada, which is a joint venture with Barrick Gold Corp.
In terms of the company's 40% share, proven and probable gold reserves total 2.6 million tonnes at an average 3.18 g/t of gold for 270,000 ounces, while proven and probable silver reserves are estimated at 2.2 million tonnes at 13.60 g/t of silver for 1.1 million ounces.
Exclusive of reserves and also attributable to Premier Gold, South Arturo hosts measured gold resources of 2 million tonnes at 1.20 g/t for 75,000 ounces, indicated gold resources of 5.6 million tonnes at 1.17 g/t for 211,000 ounces and inferred gold resources of 580,000 tonnes at 1.66 g/t for 31,000 ounces.
The property also hosts measured silver resources of 2 million tonnes at 6.92 g/t for 434,000 ounces, indicated silver resources of 5.6 million tonnes at 6.14 g/t for 1.1 million ounces and inferred silver resources of 500,000 tonnes at 3.83 g/t for 61,000 ounces.
Development of the phase-one open pit at South Arturo is scheduled to start in mid-2018, and the project will use autonomous mining equipment to reduce costs. Planning is also underway to develop a ramp in the second half to access the El Nino deposit at South Arturo.