The asset’s updated mineral resource estimate is pegged now at 4.39 million of gold-equivalent ounces, at an average grade of 5.38 grams per tonne. That compares to the 3.54 million gold-equivalent ounces Torex reported in April 2021.
Of the updated indicated resource, 60% of the gold-equivalent estimate is attributable to gold, 33% to copper and the remainder to silver, the Toronto-based miner said.
Inferred gold resources dropped, consequently, by 47% to 780,000 ounces, Torex said.
“The conversion rate from the inferred category to the indicated category was solid, with indicated mineral resources increasing by 4.5 million tonnes and inferred resources declining by 4.9 million tonnes,” it said.
BMO Capital Markets analyst Ryan Thompson said the update had a positive impact on the bank’s net asset value granted to the miner’s underground deposit.
“Our estimated Media Luna NAV increased to $712m, 12% higher than our…
