Australia’s Resolute Mining (ASX, LON: RSG) has increased the mineral resource estimate for its Tabakoroni gold deposit in Mali as well as the size of the measured and indicated mineral resources by 40%.
The Western Australia-based miner said the asset, part of its Syama complex, has increased the estimated resources to 9.2 million tonnes at 4.4 grams a tonne, indicating 1.3 million ounces of gold.
Resolute’s previously reported mineral resource estimate (MRE) for the deposit indicated 6.9-million tonnes at 4.3 g/t gold for 0.96-million ounces of gold.
The company, which last year sold its Bibiani gold mine in Ghana to Asante Gold (TSX-V: ASE), said the updated estimate confirmed the potential for a new open pit or an underground gold mine.
“The Tabakoroni deposit is only drilled to shallow depths, to date, and has significant potential to grow at depth and along strike to the north and south,” it said in the statement.
Mali is Africa’s third-largest gold producers and home to industrial mines operated by companies including Barrick Gold , B2GOLD, Resolute Mining, AngloGold Ashanti and Hummingbird Resources.
The nation of 20 million was supposed to hold an election this month, after military officers ousted the President and seized power in a coup d’etat last year. But it has delayed the election by four years, which granted it West Africa’s economic bloc of 15 nations (ECOWAS) harshest sanctions yet.