Ramelius Resources (ASX:RMS) has announced an updated resources and reserves statement on its properties in Western Australia. The total resources now stand at 2.25 million ounces of gold at an average grade of 2.4g/t. The reserves are approximately 427,000 ounces at the same grade which is a big improvement compared to the previous estimate. This increase in the average grade is a direct effect from the acquisition of the Vivien and Kathleen Valley projects in Western Australia.
The Kathleen Valley which will be an open-pit project has an average grade of 2.3 g/t gold and contains 130,000 ounces of gold, whilst the Vivien project has an average grade of 7.1g/t for 184,000 ounces of gold. Even though these grades are impressive, it’s a pity these two projects are located quite far away from the Mt Magnet mine where the company is currently producing gold.
> Click here to read the company’s press release
Disclosure: The author holds no position in Ramelius Resources. Please see our disclaimer for current positions.
