6th Dec 2019 12:09
(Alliance News) - Base Resources Ltd on Friday announced its estimates for its maiden Ranobe Ore Reserves in Madagascar.
The company said Ranobe - which is the foundation of its wholly-owned Toliara project in the country- estimates 586 million tone of ore at an average heavy mineral grade of 6.5%, containing 38 million tones of in-situ heavy minerals. This is consistent with the company's assumptions underpinning the pre-feasibility study.
The company also said samples from a drilling program completed during 2019 are currently being processed, seeking to upgrade mineral resources and ore reserves estimates for Ranobe in 2020.
The initial ore reserves estimate has been prepared after pre-feasibility study demonstrated a positive economic outcome, the company noted.
Base Resources acquired in January 2018, following positive findings from the pre-feasibility study and is currently progressing the project through a definitive feasibility study phase, due for completion later this month.
Base Resources shares were down 2.9% in London at 11.90 pence each on Friday.
By Loreta Juodagalvyte; [email protected]
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