Lundin Gold Fruta del Norte Gold Mine Reserves Surged

SEATTLE (Scrap Monster): Lundin Gold Inc. announced updated estimates of mineral reserves and mineral resources for its Fruta del Norte (FDN) gold mine in Ecuador as at the end of the previous year.

The company reported measured and indicated resources at 23.53 Mt with an average grade of 9.24 grams per tonne containing 6.99 million ounces. The proven and probable reserves for Fruta del Norte are reported at 21.70 Mt with an average grade of 7.89 g/t containing 5.50 Moz of gold.

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Commenting on the development, Ron Hochstein, President and CEO noted that Lundin Gold has grown FDN's Mineral Reserves since operations began in 2019, adding approximately 2.6 Moz before mining depletion. This success is attributed to the exceptional quality of the asset and the strong geology team. Furthermore, he hoped that the mine would add more ounces over the coming year, as a result of the planned extensive conversion and exploration programs for 2024.

The new areas of indicated resources include extensions to the North, at depth and to the South of the FDN deposit. The successful conversion drilling, mine design modifications and changes to technical parameters have delivered increases to the reserve estimate, the company press release noted.