Rambler Metals & Mining (RMM.L) has released an updated resource estimate on its Ming copper-gold mine in Canada. The total tonnage in the measured and indicated resource category has increased by 5% to 24.5M tonnes but what’s even more interesting is the grade increase. The copper grade increased by 4% to 1.7%, the gold grade went up by 6% to 0.34 g/t while the silver grade increased by 7% to 2.69 g/t gold. Despite a 5% increase in the tonnage, the total amount of contained copper increased by 8% while the 264,000 ounces of gold in the measured and indicated category represent an 11% increase compared to the previous resource estimate from September 2017.
Rambler’s updated resource now also contains 5 million tonnes of rock in the in the inferred resource category and a similar boost of the copper grade has pushed the inferred copper resource 85% higher to 209 million pounds.
Now the new resource has been completed, Rambler will be working towards defining a mineral reserve which should be ready by the end of the year. In 2020, Rambler aims to produce 6-8,500 tonnes of copper and 4-6,000 ounces of gold, weighted towards the second semester as Rambler wants to keep the mill running at at least 1,400 tonnes per day from Q3 on.
Disclosure: The author has no position in Rambler and is awaiting the financial results first.