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Lundin Gold updated its estimates of reserves and resources for its Fruta del Norte gold mine in Ecuador. Proven and probable reserves contain 4.5 million oz. of gold in 21.7 million tonnes of ore with an average grade of 7.89 g/t gold.
“With this updated estimate, Lundin Gold has grown FDN’s mineral reserves since operations began in 2019, adding approximately 2.6 million oz. before mining depletion,” Lundin Gold CEO Ron Hochstein said in a news release. Much of the reason the M+I resources grew was due to reclassifying inferred material to indicated in areas immediately beyond the current reserve boundary. The new indicated areas include extensions to the north, at depth, and to the south of the FDN deposit. A total of 350,000 oz. of gold were added to the inferred material as a result of conversion and near-mine drilling completed in 2023.
Lundin Gold produced 281,273 oz. from the Fruta del Norte mine in 2023. The all-in sustaining cost per ounce of gold sold was $860.Vale buys 45% stake in Alianca Energia for $541 million
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