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Contango's resource estimate at Garalo gold mine jumps following independent report
StockMarketWire.com
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Investment company Contango said its gold resource estimate at the Garalo gold in Mali had increased by 460% following the completion of an independent technical report.
The publication of the report showed potential gold resource of 1.8 million ounces at average grade of 1 g/t, representing 460% uplift from the previous estimate, the company said.
The report had 'made it clear that Garalo is significantly larger than first envisaged, with the potential to be a sizeable, multi-million-ounce standalone mine,' it added.
The report expanded the production case and the company said it would target first gold in the fourth quarter of 2021.
At 8:38am: (LON:CGO) Contango Holdings Plc Ord 1p share price was 0p at 5.6p
Story provided by StockMarketWire.com
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