SINGAPORE: An annual independent review has found that CNMC Goldmine Holdings Limited (CNMC) has a record amount of gold resources in the ground as at the end of 2018 even after a bumper year of gold production.
The Group’s flagship Sokor project in Malaysia’s Kelantan state had a resource estimate 914,000 ounces of gold in the ground as at 31 December 2018, according to Australia-based mining consulting firm Optiro Pty Ltd.
This is the highest resource recorded since CNMC started exploration at the 10km site in 2007 and represents a 26% increase from the estimated 724,000 ounces of gold in the ground a year ago as at 31 December 2017.
The increase validates the Group’s ongoing exploration programme to find new mineral resources to replace what had been removed from the ground. In 2018, a record 31,473 ounces of fine gold were produced. This was more than double the 14,817 ounces of fine gold produced in 2017.
“There is considerable potential remaining in the Sokor Block mining licence to locate additional gold and base metal mineralisation,” Optiro accounted in a 73-page report, which also indicated the presence of significant amounts of silver, lead and zinc resources at Sokor as at 31 December 2018. The Group is planning to construct a flotation plant to monetize these base metal resources.
Chris Lim, CNMC’s Chief Executive Officer, said: “Optiro’s findings reaffirm our conviction that Sokor remains a viable project. This is why we are making plans to increase gold production capacity and for construction of new infrastructure, such as a dedicated national grid power line. These investments will go a long way in driving our production growth and cost reduction efforts in the years ahead.”[the_ad id=”32940″]