Olympus Pacific Minerals says its global gold resources have grown to 4.53 million ounces, after major production increases at its Asia Pacific properties.
The company’s Bau central deposit in Sarawak, East Malaysia, has grown by 23% to more than 3 million ounces of gold after a 122 drill-hole program at the resource in 2011. Additionally, there has been an upgrade of 349,600 ounces of gold from inferred to measured and indicated resource categories.
The total measured and indicated resource at the Jugan and Bekajang sectors under development now stands at 15.5 million tonnes @ 1.56 grams/tonne gold for 779,500 ounces of gold.
Olympus’ chief executive officer John Seton says this resource increase is important as it confirms Bau as a major gold field. “Shareholders should also bear in mind that Bau has already yielded some 3 million ounces of gold from historic production and the company holds consolidated tenements over most of the Bau gold trend, much of which remains under-explored.”
The Bau goldfield lies within the Borneo metalliferous belt, which contains several other important gold mining camps including Kelian, Mamut and Mt Muro.
It has been intermittently mined since the mid-1800s. The most recent was the Tai Parit mine, which closed in 1996 after producing 1.2 million ounces of gold from a single open-pit averaging 7 grams/tonne gold.
Ongoing Bau project resource drilling is expected to enable a further resource update later in 2012. Olympus owns an 83.25% stake in the Bau joint venture, and plans to acquire an additional 10% share by 2015.
The company’s net gold resources in Vietnam fell slightly in 2011, due to depletion from mine production at Phuoc Son. The current measured and indicated resources are 4.3 million tonnes @ 2.86 grams/tonne gold for 397,759 ounces of gold.
New ore sources recently identified at the company’s Bong Mieu mining property in Vietnam are yet to be explored and it is hoped a JORC/NI43-101 compliant estimate will be announced this year.
Exploration of the Capcapo gold-copper project in the Philippines is scheduled to commence during the second half of 2012. Continued exploration on all these properties will contribute to resource expansion during 2012.