Equinox Gold announced a seven-year life extension for its Fazenda gold mine in Brazil. Specifically, the mine now operates until 2033. Notably, a 142% increase in proven and probable reserves fuels this extension. Consequently, reserves now total 763,000 ounces of gold. This reflects continued reserve growth. Indeed, 242,000 ounces were mined since 2021. The updated reserve base includes 13.2 million tonnes of ore.
Expansion in Resources
Furthermore, Equinox Gold reported substantial mineral resource growth. Measured and indicated resources surged by 418%. Subsequently, they now stand at 1.524 million ounces of gold. Inferred resources rose by 68%. Thus, they reach 266,000 ounces. This growth is supported by 197,098 meters of drilling. Moreover, 1,599 drill holes were completed from 2021 to 2023.
Exploration and Future Expansion
Initially, the impressive growth follows three years of focused exploration. Accordingly, these efforts laid a foundation for future expansion. Subsequently, the company plans continued exploration. This includes evaluating underground and open-pit potential. Additionally, they will expand into the regional greenstone belt. Henceforth, a 60,000-meter diamond drilling program is scheduled for 2025.
Mining Plan and Key Deposits
To illustrate, the operational plan includes nine open-pit and three underground areas. Key deposits like CLX and Canto 2 account for a significant portion. Specifically, they contribute to 75% of reserves and 85% of resources. Moreover, new open-pit areas like Barrocas Southwest, Papagaio, and Raminhos are part of the plan. Effectively, this update shows a major boost to the mine’s future. SuperMetalPrice reports this is a significant development for the Brazilian gold mining sector.
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