Lundin Gold’s Growing Confidence

In a triumphant declaration, Lundin Gold CEO Ron Hochstein unveiled the company’s latest feat – a notable expansion of the mineral reserves at the Fruta del Norte mine. Hochstein beamed with optimism, heralding the addition of approximately 2.6 million ounces before mining depletion since operations commenced in 2019.

Shifting Sands: The Drill Program Impact

An essential catalyst for Lundin Gold’s success has been the 2023 conversion drilling program. This initiative has not only bolstered the company’s measured and indicated resources but has also unearthed promising prospects for further growth in the upcoming year. Hochstein expressed his enthusiasm for the potential to secure additional ounces in the near future.

The Inferred to Indicated Metamorphosis

The noteworthy expansion of Lundin Gold’s measured and indicated resources can be largely attributed to the strategy of reclassifying inferred material to indicated status. By extending their focus to areas beyond the current reserve boundary, including the north, at depth, and to the south of the FDN deposit, the company has uncovered new indicated regions. Notably, 350,000 ounces of gold were incorporated into the inferred material following successful conversion and near-mine drilling efforts in 2023.

A Golden Prospect: Inferred Resource Details

The inferred resource now houses 1.5 million ounces of gold, nestled within 8.0 million tonnes, boasting a respectable grade of 5.77 g/t gold. This robust resource base serves as a testament to Lundin Gold’s commitment to sustainable mining practices.

Operational Fortitude

Even amidst these substantial developments, Lundin Gold managed to produce an impressive 281,273 ounces from the Fruta del Norte mine in 2023. The company’s all-in sustaining cost per ounce of gold sold stood at a commendable $860, underscoring their operational efficiency and financial acumen in a volatile market.