Emerald Resources NL (ASX:EMR) Increases Okvau Gold Mine Ore Reserve by 245 Koz
Ore Reserve Update
Emerald Resources NL (ASX:EMR) has announced an increase in the Ore Reserve of its Okvau Gold Mine by 245,000 ounces (Koz), bringing the total to 14.5Mt @1.5g/t Au for 700 Koz. The updated reserve includes current in-pit reserves and introduces a second ramp to enhance open-pit access. The Ore Reserve estimation utilised a lower cut-off grade of 0.5g/t Au at a gold price of US$2,200 per ounce.
Gold Production
The Okvau Gold Mine, commissioned in 2021, has achieved its FY24 production guidance of 114 Koz gold. Since the first gold pour in June 2021, the mine has produced approximately 380 Koz of gold, underscoring Emerald’s operational efficiency and adherence to budgetary constraints.
Growth
Emerald Resources reports significant exploration and resource growth potential in both Cambodia and Australia. In Cambodia, the 100% owned Memot Project has an indicated and inferred resource of 1.03Moz. Meanwhile, the Dingo Range Gold Project in Western Australia boasts a measured, indicated, and inferred resource of 1.01Moz, supported by approximately 950km² of prospective tenure.
ESG
The company remains focused on delivering a net positive impact on environmental and social values near its mining operations. Emerald is committed to achieving carbon-neutral operations in Cambodia and ensures strict compliance with corporate governance, international guidelines, and local laws through active stakeholder engagement.
Executive Comments
Morgan Hart, Managing Director, stated, “The Okvau Gold Mine resource and reserve update continues to support the Company’s view that resources will be replenished on an ongoing basis. This update improves the certainty of access to the Okvau Gold Mine with the mine design now allowing for two ramps for underground portal positions.
“In addition, the Okvau resource update has taken our global resources to over 3 million ounces of gold which includes our two development projects, the 100% owned Memot Gold Project in Cambodia and the 100% owned Dingo Range Gold Project in Western Australia. These development projects along with the strong cash flows generated from the Okvau Gold Mine underpin our growth strategy of becoming a multi-mine, +300Kozs per annum gold producer.”
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