Golden Star Resources has announced a 47% increase in its mineral reserves and mineral resources estimate at its Wassa gold mine in Ghana.
Ghana – Golden Star further reported that proven and probable mineral reserves increased by 6% to 1.8 million ounces of gold after mined depletion.
Measured and indicated mineral resources are stable at 5.9 million ounces of gold. Meanwhile, inferred mineral resources increased by 12% to 7.2 million ounces of gold.
President and CEO Sam Coetzer commented: “The updated mineral reserve at Wassa shows a significant increase, specifically in the upper levels of the mine, and strongly suggests that there is excellent potential to increase our production rate in the near term.
“In addition, the increase of over 1 million ounces of gold in inferred mineral resources at the Wassa complex to over 6.4 million ounces of gold further demonstrates the potential for the mine. Golden Star Resources continues to improve its view of the orebody and I am very excited by how Wassa is turning into a world-class mine,” he added.
Wassa is located on the eastern side of the Ashanti belt, approximately
150 km west of the capital of Accra. The mine consists of a lithological sequence characterised by meta-mafic volcanic and meta-diorite dykes. The deposit is intruded by Eoeburnean felsic porphyry on the south-western side of the mine fold.
Orebodies of the deposit are hosted by a series of interbedded metavolcanic and metasedimentary units. The mineralisation is structurally controlled and made of broadly tabular zones hosting narrow quartz vein material.
Open-pit mining at Wassa started in October 1998 before Golden Star acquired the mine in 2002 in a sale and placed under care and maintenance. Mining at the open pit was resumed from April 2005. The project was expanded into a high-grade underground mine in 2016.
Golden Star owns and operates the mine, holding a 90% interest, while the Ghanaian government holds the remaining 10% ownership, earning a 5% royalty on the gross revenue of the mines gold production.