Equinox Gold has updated its mineral reserve and mineral resource estimate for the Fazenda gold mine in Bahia State, Brazil, extending the mine’s operational life by seven years to 2033.
The revised estimate showcases substantial increases in both gold reserves and resources, positioning the mine for a robust production outlook over the next decade, said the Canadian mining company.
Proven and probable mineral reserves at the Fazenda mine have increased by 142% to 763,000 ounces of contained gold, even after accounting for 242,000 ounces mined since the last update in 2021.
The updated reserves are based on 13.2 million tonnes of ore.
Equinox Gold exploration executive vice president Scott Heffernan said: “Results from focused exploration at Fazenda over the last three years have exceeded our expectations, delivering significant mine life extension and resource growth net of mining depletion.
“The success of these efforts now provides a foundation on which to evaluate potential expansion opportunities at the Fazenda Mine.
“Future exploration programmes will continue to evaluate underground and open pit opportunities in the immediate area of the Fazenda property as well as assess regional potential in the greenstone belt that extends to Equinox Gold’s Santa Luz Mine to the north.”
Measured and indicated mineral resources at the Brazilian gold mine have expanded by 418% to 1.524 million ounces of gold. In addition, inferred mineral resources increased by 68% to 266,000 ounces.
The updated estimates incorporate data from 197,098m of drilling across 1,599 holes conducted between January 2021 and December 2023.
The current mine plan includes contributions from nine open-pit and three underground mining areas.
Key deposits, including CLX and Canto 2, account for 75% of the mineral reserves and 85% of the mineral resources. New open-pit areas, such as Barrocas Southwest, Papagaio, and Raminhos, also feature in the updated plan.
Equinox Gold has also approved a 60,000m diamond drilling programme for 2025.
