Mid-tier Australian gold producer Regis Resources has released its annual mineral resource and ore reserve update for the 2022 calendar year.
The company said its mineral resources and ore reserves show progress against its long-term strategy, as well as provides a solid platform to launch the next phase of growth.
Highlights from the report include underground reserves outpaced depletion for the second year in a row as new results highlight underground life extensions at the Duketon gold project and the Tropicana joint venture, which Regis Resources chief executive officer Jim Beyer said was pleasing to see.
“We are extremely pleased that our underground mines at both Duketon and Tropicana have outpaced depletion for the second year in a row. We have spent the last two years investing in these mines and it is very satisfying to deliver reserve growth on these investments over this short time horizon,” Beyer said.
“It is still early days in the maturity of these undergrounds and we look forward to the continuing growth potential as we mine deeper. Our long reserve life of eight years and located wholly within Australia provides a strong platform to deliver on our long-term growth objectives and achieve superior returns for our shareholders.”
Other highlights from the report includes group ore reserves of 3.6 million ounces (Moz) and group mineral resources of 7.0Moz, both as of 31 December 2022.
There was an increase in new ore reserves of 210,000 ounces (koz) and an increase in new mineral resources of 400koz, both offset by the 2022 calendar year depletion.
Long term gold price assumptions for the calculation of reserves and resources were updated but remain at moderate levels at a weighted average of $1800 per ounce for reserves and $2430 per ounce for resources.
Additionally, early results from the Garden Well exploration decline at the Duketon project has reinforced the potential for a new production front and growth in ounces per vertical metre. The underground site also established an exploration target.