Equinox Gold (TSX: EQX) has extended the mine of its Fazenda Mine in Brazil. The mine, which has been in operation since 1984, has seen its life extended to 2033 following the update of a mineral reserve and mine resource estimate.
Total reserves at the mine are said to total 763,000 ounces of contained gold at 1.80 g/t gold, which is enough to sustain operations for a further seven years at its current throughput rate of 3,400 tonnes per day. The increase is said to be net of the 242,000 ounces of gold that have been pulled out of the ground since the previous reserves update that was released in 2021.
Measured and indicated resources meanwhile improved to 1.52 million ounces at 2.21 g/t gold, an increase of 418% versus the prior update. The updated estimate is based on 1,599 drill holes conducted across 197,098 metres in aggregate
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For reference, Fazenda in 2023 produced 66,375 ounces of gold at an all in sustaining cost of $1,448 per ounce. For 2024, the mine was guided to produce between 65,000 and 70,000 ounces of gold at all in sustaing costs between $1,560 and $1,660.
Equinox Gold last traded at $7.59 on the TSX.
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