The Resolute Mining Limited (ASX: RSG) share price has pushed higher this morning following the announcement of a major resource and reserve upgrade.
In morning trade the gold miner's shares are up 1.5% to $1.77.
What did Resolute announce?
This morning Resolute announced a major upgrade to the mineral resources and ore reserves for its Ravenswood Gold Mine in Queensland.
According to the release, Ravenswood ore reserves have increased by 1 million ounces or 58% from 1.7 million ounces to 2.7 million ounces.
In addition to this, the mineral resources at Ravenswood have increased by 24% from 4.8 million ounces to 5.9 million ounces. The upgrades to its available gold inventory at Ravenswood are net of depletion at June 30 2019.
Resolute's managing director and CEO, John Welborn, appeared to be very pleased with the increase in its gold inventory at the Ravenswood operation.
He said: "One million additional ounces of gold in Ore Reserves at Ravenswood is an excellent outcome from our recent drilling programs and study work. Available gold resources at Ravenswood now exceed five million ounces demonstrating its status as an outstanding Australian gold mine."
Mr Welborn revealed that the company hopes to increase its production at Ravenswood materially over the coming years.
Adding: "With almost three million ounces of gold in Ore Reserves we are now directing our ongoing study work to focus on an optimised REP that can produce ~200,000 ounces annually over a 15-year mine life. The expanded gold inventory demonstrates that Ravenswood presents a unique opportunity for transformation into a large scale, low cost operation with an exceptionally long mine life that will deliver considerable economic benefits to the Ravenswood community, the Queensland Government and Resolute shareholders."
Elsewhere in the industry, the Saracen Mineral Holdings Limited (ASX: SAR) share price has edged higher following the release of its fourth quarter update and the St Barbara Ltd (ASX: SBM) share price has dropped lower following the completion of its Atlantic Gold acquisition.
