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Avnel Gold ups Kalanako gold resource estimate by 67%

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Avnel Gold ups Kalanako gold resource estimate by 67%

Avnel Gold Mining Ltd. on June 5 updated the mineral resource for the Kalanako deposit in Mali, with the pit-constrained in situ recoverable mineral resource increasing 67% to 114,000 ounces of gold at a grade of 4.61 g/t of gold.

The estimate used a 0.9 g/t of gold cut-off and a gold price of US$1,400 per ounce, for the deposit located 2.5 kilometers northeast of the Kalana Main project in southwestern Mali.

The indicated resource at Kalanko now totals 119,000 ounces of gold, contained in 1.11 million tonnes at a diluted grade of 3.34 g/t of gold.

According to Chairman and CEO Howard Miller, "at a $1,400 gold price, the net undiscounted cash flow generated from Kalanako ore processed by the proposed Kalana Main milling facilities would be in the order of US$70 million before additional capital costs."