Sumitomo Metal Mining Announces Increased Mineral Resources Near Coté Gold Mine
Sumitomo Metal Mining Co., Ltd. has revealed a significant increase in the estimated mineral resources in the Gosselin area, close to the Coté gold mine development project in Canada. This announcement, made on March 26, follows IAM Gold's report on March 15, which highlighted that the estimated mineral resources in the area have reached 137 tons of gold. This marks an increase of 33 tons from the figures reported in October 2009, with the projected Mineral Resource initially at 93 tons, now up by 40 tons.
Located about 1.5 kilometers northeast of the Coté gold deposit, the Gosselin district's latest resource estimate points to 161.3 million tons of ore. This represents an upsurge of 36.8 million tons from the prior assessment, with the average gold grade slightly increased to 0.85 grams per ton.
Construction progress on the Coté gold deposit development project was reported to be at 98% completion by the end of last year. With production set to commence in March, the project is on track for commercial production by the end of the first half of the fiscal year 2024. Notably, this development will introduce Ontario's first autonomous mining vehicles, marking a significant milestone in the region's mining industry.
The increase in mineral resources not only signifies a promising expansion for Sumitomo Metal Mining but also underscores the potential for further development and economic benefits in the area.
