Lundin Gold Inc reports its updated estimates of Mineral Reserves and Mineral Resources as at December 31, 2024 for its Fruta del Norte gold mine (FDN) in Ecuador. The tables of the updated estimates of Mineral Reserves and Resources can be found at the end of this release.
Based on contained gold ounces, the 2024 estimates are the highest ever published at FDN for Mineral Reserves and Resources. Inferred Resources increased by 59% to 2.36 million ounces of contained gold from 13.95 metric tonnes with an average grade of 5.27 grams per tonne net of conversion of 0.65 Moz to Measured and Indicated.
FDN South was the lead contributor to the Inferred Resource growth increasing contained ounces from 0.73 Moz in 2023 to 2.09 Moz from 12.35 Mt with an average grade of 5.25 g/t. Measured and Indicated Mineral Resources increased to 7.06 Moz of contained gold from 30.62 Mt with an average grade of 7.17 g/t. Proven and Probable Mineral Reserves increased to 5.54 Moz of contained gold from 22.06 Mt with an average grade of 7.81 g/t, after 2024 mining depletion of 0.54 Moz.
Ron Hochstein, President and CEO, commented, “I am extremely pleased to announce our year-end 2024 Mineral Reserve and Resource estimate, marking another year of significant growth for FDN. This latest update represents the largest Reserve and Resource statement in the Company’s history based on contained gold ounces. In addition to increasing our Mineral Reserves after mining depletion, our 2024 near-mine exploration success at FDN and mainly FDNS has resulted in notable additions to our Inferred Resources, growing them by 1.7 Moz through the drill bit. With continued conversion and exploration programs planned for 2025, I am very excited about the potential for further growth, including our plans to publish an initial resource for Bonza Sur later this year.”
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