Ramelius Resources lifts production outlook for Mount Magnet
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The news: Ramelius Resources has hiked its outlook on its Mount Magnet project, with the site's Eridanus deposit expected to exceed forecasts both in terms of tonnes and grade produced.
The numbers: Incorporating recent drilling and mining information, Ramelius' mineral resource estimate for the project is now 1.2 million ounces, 64% higher than previously guided in June last year.
Ramelius shares were up 1% to $2.02 in early trading on the ASX.
The context: The Western Australian miner said its Eridanus project is expected to "figure prominently" for the entirety of Mount Magnet's 10-year mine plan. It said that further drilling, due to commence in June, has the potential to increase resources again, leading into underground and open pit mining studies in the second half of the calendar year.
Last month, Ramelius upgraded its full-year production guidance after posting record quarterly gold production for the March quarter.
The source: ASX announcement
