Bassari Resources (ASX:BSR) has announced a first reserve estimate on its Makabingui gold project in Senegal where it has outlined an open pit reserve estimate of 158,000 ounces of gold at an average grade of 5.7g/t. This grade is a positive surprise as the average grade of the resource estimate was 4g/t for the 336,000 ounces in the indicated category, and 2.2g/t for the 669,000 inferred ounces.
This reserve estimate should increase the confidence in the project and more specifically in the company’s high grade starter pit strategy. Bassari is already negotiating with banks and potential financiers to get the project financed and construction-ready as soon as possible.
Disclosure: The author holds no position in Bassari Resources. Please see our disclaimer for current positions.