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Kopy Goldfields ups resources at Krasny gold JV by 32%

Kopy Goldfields AB said June 4 that an updated probable ore reserve for the Krasny gold project in Russia outlined 257,000 ounces of gold contained in 7.3 million tonnes grading 1.09 g/t gold.

The project's updated resource came in at 1.8 million ounces of gold contained in 32.7 million tonnes in the combined indicated and inferred categories, reflecting a 32% increase from the previous estimate.

Based on exploration activity completed as of February, the updated resource estimate for the Krasny deposit outlined an indicated resource of 291,000 ounces contained in 7.5 million tonnes grading 1.20 g/t gold and an inferred resource of 1.2 million ounces of gold contained in 18.5 million tonnes grading 2.02 g/t.

The Vostochny deposit contained 339,000 ounces of gold in 6.7 million tonnes grading 1.57 g/t gold in the inferred category.

In September 2017, an estimate for Krasny outlined initial probable reserves of 240,000 ounces of gold contained within 7.3 million tonnes of ore grading 1.02 g/t gold.

Krasny is a 51/49 joint venture between PJSC GV Gold and Kopy Goldfields. A scoping study for the project had estimated production of 1.1 million ounces during a 17-year mine life in an open pit gold production scenario.