Lundin Gold has revised its estimates of reserves and resources for its Fruta del Norte (FDN) gold mine in Ecuador. The proven and probable reserves now contain 4.5 million oz. of gold within 21.7 million tonnes of ore, boasting an average grade of 7.89 g/t gold.
Measured and indicated resources show 7.0 million oz. in 23.5 million tonnes with an average grade of 9.24 g/t gold.
Lundin Gold’s president and CEO, Ron Hochstein, expressed satisfaction with the updated estimate, noting a significant increase in FDN’s mineral reserves since operations commenced in 2019, with an addition of approximately 2.6 million oz. before mining depletion. Hochstein highlighted the success of the 2023 conversion drilling program in expanding measured and indicated resources, and expressed optimism for further potential growth in the coming year based on planned conversion and exploration efforts for 2024.
The expansion of measured and indicated resources was largely due to the reclassification of inferred material to indicated status in areas adjacent to the current reserve boundary. These new indicated areas include extensions to the north, at depth, and to the south of the FDN deposit. Approximately 350,000 oz. of gold were added to the inferred material as a result of conversion and near-mine drilling activities completed in 2023.
The inferred resource now contains 1.5 million oz. of gold within 8.0 million tonnes, with a grade of 5.77 g/t gold.
In 2023, Lundin Gold produced 281,273 oz. from the Fruta del Norte mine, with an all-in sustaining cost per ounce of gold sold amounting to US$860.
