Shares in Ramelius Resources Limited (ASX: RMS) are edging higher today following a resource statement from the gold miner.
At the time of writing, the Ramelius share price is up 1.91% trading at $1.44. It's worth noting though, the company's share price has slipped 7% over the past week and is down 12% in a month.
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Ramelius reveals FY21 resource statement
Investors are sending the Ramelius share price slightly higher after the miner's latest update to the ASX.
According to its release, Ramelius announced new estimates of mineral resources and ore reserves for the end of FY21.
The company advised that increases in mineral resources were achieved through exploration drilling and resource additions at its gold projects in Western Australia. This includes deposits at the Eridanus, Galaxy and Edna May gold mines.
As such, mineral resources are up 15% over the prior corresponding period. Ramelius highlighted the findings:
- Estimated total mineral resources: 110 metric tonnes at 1.6 grams per tonne of gold for 5.4 metric tonnes of gold
- Estimated total ore reserves: 17 metric tonnes at 2 grams per tonne of gold for 1.1 metric tonnes of gold
The miner reported that inferred resources dropped from 1,400 tonnes of gold to 1,200 tonnes of gold. This led the indicated category to jump to 3,800 tonnes of gold, up from 3,000 tonnes recorded in FY20.
The term 'inferred resources' refers to quantity, grade (quality) and mineral content that is estimated with a low level of confidence. An upgrade to 'indicated category' increases the level of geological knowledge and confidence of probable ore reserves.
All resources are based on combinations of reverse circulation (RC) and diamond drill holes.
About the Ramelius share price
Over the past 12 months, the Ramelius share price has lost almost 40% in value, with year-to-date down around 15%. The gold miner's share price has been treading south ever since the beginning of June.
Ramelius presides a market capitalisation of roughly $1.1 billion, with more than 814 million shares on its books.
