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Elemental Altus Notes Increase in Reserves and Resources at Karlawinda Gold Mine, Australia
Vancouver, British Columbia--(Newsfile Corp. - October 31, 2022) - Elemental Altus Royalties C...
About this update from Elemental Royalty Corporation
[{"type":"text","content":"Elemental Altus Notes Increase in Reserves and Resources at Karlawinda Gold Mine, AustraliaVancouver, British Columbia--(Newsfile Corp. - October 31, 2022) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or \"the Company\") notes the recent announcement by Capricorn Metals Limited (ASX: CMM) (\"Capricorn\") of an increase in Ore Reserves and Mineral Resources at the producing Karlawinda gold mine in Western Australia. Elemental Altus owns a 2.0% Net Smelter Return (\"NSR\") royalty on Karlawinda.Frederick Bell, CEO of Elemental Altus, commented:\"We are delighted to see an increase in resources as well as high levels of reserve replacement at the Karlawinda gold mine in Western Australia, on which Elemental Altus holds a 2.0% NSR royalty. This is testament to the strong operational team, as well as the geological continuity of the orebody, which remains open along strike and down dip. With a 12 year mine-life currently planned, we see the potential for a series of further extensions as the mine develops.\"Reserve and Resource increase at Karlawinda Gold ProjectCapricorn has replaced depletion of gold reserves by 201%, with the declaration of an updated JORC 2012 compliant Ore Reserve of 53.0 million tonnes at a grade of 0.8 g/t for 1,344,000 oz of contained gold. This represents a 28% increase from the Ore Reserve declared in March 2020 and a 12% increase once depletion through mining is taken into account. The current Ore Reserve underpins a mine-life of over 12 years with annual gold production rates of 110,000 oz to 120,000 oz.Between March and August this year, Capricorn drilled 30,518 m as part of a resource definition programme. As a result of this and a further 187,068 m of grade control drilling, Capricorn has now announced an increase in the Mineral Resource at Karlawinda to 82.3 million tonnes in the Indicated category grading 0.7 g/t for 1,945,000 oz of contained gold plus a further 16.9 million tonnes in the Inferred category grading 0.6 g/t for 346,000 oz of contained gold. This represents a 13% increase on the March 2020 estimate and a 7% increase after depletion.Capricorn reports that the 947,000 oz of gold delineated in the Mineral Resource Estimate, in both Indicated and Inferred categories, but not currently included in the Ore Reserve Estimate are primarily located down d...