Perth, Australia — 25 March 2013 – The declining rate of new gold discoveries and grades across the global market during the last decade has accelerated over the last 4 years.
Data and analysis from IntierraRMG reveals that the two-year period from 2003 to 2004 was the best in the study range, with over 400Moz of new gold discovered. This includes inferred, indicated and measured ounces with an average grade of 1.65g/t. In contrast, 2005 and 2006 had the lowest number, with just over 150Moz of new gold discovered – albeit with a similar grade.
Discoveries then increased significantly during 2007 to 2008 with greater than 390Moz. The average grade also increased significantly to 2.65g/t “’ the highest in the 10 year period.
Over the next two years, slightly more than 250Moz were discovered with a declining grade of 1.25g/t. This deterioration continued through 2011 and 2012 as the amount of new gold ounces discovered dipped below 225Moz with a reduced grade of 1.17g/t.
The analysis revealed that in this 10-year study period, Africa lead the way with new discoveries of 479Moz of gold with an average grade of 2.8g/t. Next was North America, although with only 290Moz, and with a much lower grade of 1.3g.t.
Europe had the third most new discoveries with 240Moz with a higher grade than North America of 2.0g/t. South America recorded 188Moz, while Australasia saw 74Moz of new discoveries with an average grade of 1.4g/t.
IntierraRMG Western Hemisphere director Glen Jones concluded, “With global drilling activity waning, IntierraRMG forecasts that the next few years will continue the trend with fewer new gold discoveries.”
Source: IntierraRMG. For more information, click here.