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Saracen Mineral reports 11% increase in total gold resources YOY

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Saracen Mineral reports 11% increase in total gold resources YOY

Total gold resources at Saracen Mineral Holdings Ltd.'s properties grew by 11% on a yearly basis as of June 30, to 8.4 million ounces, after mining depletion of 205,000 ounces.

The 8.4 million ounces are contained within measured, indicated and inferred resources totaling 146.2 million tonnes grading 1.8 g/t of gold, the ASX-listed company said Oct. 12. Nickel resources total 689,000 tonnes grading 2.1% nickel for 14,400 tonnes of contained metal in the inferred category.

The increase primarily reflects a 178% hike to 737,000 ounces of gold for the Porphyry deposit at the company's South Laverton-Carosue Dam operations in Western Australia, as well as a 276% jump in resources to 470,000 ounces of gold at the satellite King of the Hills mine.

Saracen's total reserves, meanwhile, remained unchanged year on year after taking into account mining depletion and an exploration budget of A$16.9 million for fiscal 2016.

Proven and probable reserves total 1.5 million ounces of gold contained within 26.4 million tonnes of ore grading 1.8 g/t of gold.

Saracen Managing Director Raleigh Finlayson said the results were strong given the limited exploration budget, as funding was focused on the development of the Thunderbox mine.

"These results highlight the immense potential to grow both our production rate beyond the planned 300,000 [ounces per annum] and our mine lives, hence our decision to triple this year's exploration budget to A$42 million."