(Ecofin Agency) - Teranga Gold reported it has revised upward estimates at its Wahgnion gold project in Burkina Faso. According to the updated estimates based on results from a 73,000-metre infill drill program completed in 2017, the mine would now host 50.5 million tons of measured and indicated resources grading 1.51 g/t, representing 2.4 million oz of gold.

This figure exceeds the 1.8 million previously announced last September. “Based on these excellent results, we are targeting a conversion rate of more than 50% of these additional 600,000 ounces of mineral resources into reserves,” said CEO Richard Young. The company plans to release an updated reserve estimate for the mine in the third quarter this year.