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Lundin Gold Announces Increase in Mineral Reserves to 5.50 Million Ounces at Fruta Del Norte Gold Mine
VANCOUVER, BC, March 27, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) ("Lundin Gold" or the "Company") today reports its
About this update from Lundin Gold Inc.
[{"type":"text","content":" VANCOUVER, BC, March 27, 2024 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG) (OTCQX: LUGDF) (\"Lundin Gold\" or the \"Company\") today reports its updated estimates of Mineral Reserves (\"Reserves\") and Mineral Resources (\"Resources\") as at December 31, 2023 for its Fruta del Norte gold mine (\"FDN\") in Ecuador. The tables of the updated estimates of Mineral Reserves and Resources can be found at the end of this release. Highlights Measured and Indicated Resources are reported at 23.53 Mt (\"Mt\") with an average grade of 9.24 grams per tonne (\"g/t\") containing 6.99 million ounces (\"Moz\") of gold. Proven and Probable Reserves for FDN are reported at 21.70 Mt with an average grade of 7.89 g/t containing 5.50 Moz of gold. 2022 Mineral Reserves 5.02 Mining Depletion (-) 0.48 Technical Updates and Mine Design Changes (+) 0.58 Resource Conversion (+) 0.38 2023 Mineral Reserves 5.50 Ron Hochstein, President and CEO, commented, \"I am extremely pleased to announce our year-end Reserve and Resource estimate. With this updated estimate, Lundin Gold has grown FDN's Mineral Reserves since operations began in 2019, adding approximately 2.6 Moz before mining depletion. This kind of success is only possible with an asset of exceptional quality like FDN and a strong geology team. Our 2023 conversion drilling program has enabled us to grow our Measured and Indicated Resources, and the near-mine program has also provided additions to our Inferred Resources. Based on planned conversion and exploration programs for 2024, I am very excited for the potential to add more ounces over the coming year.\" Mineral Resources Update The 2023 conversion drilling campaign was successful at reclassifying Inferred Resources to Indicated in areas immediately beyond the current Reserve boundary. The new areas of Indicated Resources are illustrated in Figure 1, and include extensions to the North, at depth and to the South of the FDN deposit. Figure 1: New Zones of Indicated Resources from 2023 Conversion Drilling A total of 0.35 Moz of new Inferred Resources were also added as a result of the conversion and near-mine drilling completed in 2023. Inferred Resources are reported at 7.98 Mt with an average grade of 5.77 g/t containing 1.5 Moz. Figure 2: 2022 Resources Compared to 2023 Resources1,2 Notes: (1) Measured and Indicated M...