Pan African Resources PLC outlined plans to finalize a definitive feasibility study for its Barberton gold project in South Africa after an internal resource review defined a 150% increase in contained gold as compared to a mid-2017 estimate.
CEO Cobus Loots said the company aims to start project development in the near term, with the feasibility study anticipated in February 2019.
In March, the company reported a 100% increase in Royal Sheba resources to 720,000 contained ounces, compared to the mid-2017 estimate.
Pan African said Sept. 6 that its review of the deposit resulted in a new geological model and further increased resources.
Royal Sheba hosts measured, indicated and inferred resources totaling 8.6 million tonnes grading an average 3.27 g/t of gold for 899,000 ounces. The update comprises open pit resources of 2.8 million tonnes grading 3.81 g/t of gold and underground resources of 5.7 million tonnes grading 3.0 g/t of gold.
The analysis used cutoffs of 0.5 g/t of gold for open pit ore and 1.87 g/t of gold for underground ore.
The company also said recent infill drilling confirmed mineralization extending from surface along 850 meters of strike and 150 meters downdip of the Royal Sheba orebody. Two phases were completed and a third is planned to test a further 600 meters of strike to the east.
A further resource estimate is planned for November to incorporate all data from ongoing drilling.