Regis Resources (ASX:RRL) has unveiled a significant update to the Tropicana project Mineral Resources Estimate (MRE) to 6.95Moz (100%) and an Ore Reserves Estimate (ORE) to 2.38Moz (100%) as at December 31, 2021.
The Tropicana JV also updated its Regis’ 30% share of Tropicana JV MRE 38Mt at 1.7 g/t Au for 2.09Moz as at December 31, 2021
Regis’ 30% share of Tropicana JV ORE. Now stands at 13Mt at 1.7 g/t Au for 0.71Moz as at December 31, 2021
The addition of 250koz (Regis’ 30% share 75koz)) of new Mineral Resources was offset by CY21 depletion of 420koz (Regis’ 30% share 126koz) and increases in cost assumptions for mining and processing by 540koz (Regis 30% share 162koz)
Meanwhile, the addition of 300koz (Regis’ 30% share 90koz) of new Ore Reserves was offset by CY21 depletion of 400koz (Regis’ 30% share 120koz) and increases in cost assumptions for mining and processing by 130koz (Regis’ 30% share 39koz).
Tropicana Underground delivered a maiden Reserve of 80koz (100%)
The Mineral Resources and Ore Reserves underpin an expected mine life of 10+ years
Regis’ Managing Director and CEO, Jim Beyer, said significant near mine and regional exploration programmes continue around Tropicana to unlock new discovery and mine life extensions across this Tier 1 ore body
“Since the acquisition of the 30% interest in Tropicana in May 2021 it has continued to deliver on our expectations. Following these Resource and Reserve additions we continue to view Tropicana as a world class asset in a Tier 1 location that will continue to grow and be a long life, low cost producer for the next 10+ years.
“Today’s update reinforces that Tropicana has the orebody to underpin strong financial returns and deliver on our strategic objectives.
“Regis continues to be excited to invest with AngloGold Ashanti in this underexplored greenstone belt to identify new discoveries and unlock a long future of production at the operation.
“Delivery of the maiden Reserve at Tropicana is a particular source of excitement as the momentum growing production and extending the life of the underground mines continues to build.”
