Guyana Goldfields’ reserves drop 43% with new deposit model

The amount of gold in proven and probable reserves at Guyana Goldfields’ (TSX: GUY) Aurora mine in Guyana has been lowered 1.69 million oz., compared with estimates a year ago, based on “a new and more appropriate mine model,” the company says. Total proven and probable reserves in open-pit and underground categories at the end of 2018 stand at 2.27 million oz. gold (in 26.95 million tonnes grading 2.63 grams gold per tonne), down from 3.97 million oz. (43 million tonnes at 2.87 grams gold) at the end of 2017. Year-over-year, that represents a 37% drop in tonnage, an 8% drop in grade and a 43% drop in gold ounces in the reserve category. Of the reserve shortfall, 188,000 oz. gold came from depletion from mining, and 1.51 million oz. from the revised model, completed by Roscoe Postle Associates. Continue reading at The Northern Miner.