(Ecofin Agency) - Mining company Xtract Resources announced that gold resources at its Manica project, Mozambique, increased 36% to 1.26 million oz. The new estimate follows a technical study of mineral resources of the Fair bride deposit at the project, conducted by Minxcon Projects.

The miner also indicated that the study’s results will be integrated to the project’s bankable feasibility study, which is about to be completed.

“Not only has the gold content increased significantly, the total measured and indicated volume available to be mined has also increased by over 56%. The life-of-mine of the project has the potential to be increased well beyond 12 years with further drilling,” said Xtract’s CEO, Jan Nelson.

The Manica project is located 4 km north of Manica near Zimbabwe’s border. It covers 75 km2 and is wholly owned by Xtract Resources.

Louis-Nino Kansoun