Ten Sixty Four Limited (ASX:X64) Updates Mineral Resources and Ore Reserves
Mineral Resources Update
Ten Sixty Four Limited (ASX:X64) and its affiliate Philsaga Mining Corporation have announced updated Mineral Resources for the Co-O Mine as of 31 December 2023. The total Mineral Resources stand at 3,537,300 tonnes with a grade of 7.95 g/t gold, containing 904,400 ounces of gold. This represents a 4.0% increase in total ounces compared to the previous year, despite a 4.0% decrease in gold grade.
Ore Reserves Update
The updated Ore Reserves for the Co-O Mine are now estimated at 1,660,000 tonnes with a grade of 5.55 g/t gold, totaling 296,000 ounces of gold. This reflects a 7% decrease in contained gold ounces from the 31 December 2022 estimate. The slight increase in average ore grade from 5.47 g/t to 5.55 g/t has partially offset the reduction in total ounces.
Project Developments
Significant advancements have been made in the Royal Crowne Vein Deposit, with excavation of a vertical shaft reaching a depth of 102 metres. Additionally, drilling from lower mine levels has returned favourable results, contributing to the increased Mineral Resources. Ten Sixty Four is preparing an updated Mineral Resources and Ore Reserves statement for 31 December 2024, expected in the June 2025 quarter.
Future Outlook
The company remains focused on expanding its resource base and optimizing mining parameters. Ongoing exploration and development efforts aim to enhance the continuity and grade of the Co-O Mine’s mineralisation. Ten Sixty Four continues to adhere to the JORC 2012 reporting standards in its resource and reserve estimations.
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