Massawa gold project

Massawa and Sofia are grassroots exploration discoveries located on the Kanoumba permit in eastern Senegal. The project is about 700 kilometres southeast of the capital city of Dakar and approximately 90 kilometres due west of Randgold’s Loulo operation in Mali. Randgold owns 83.25% of the project in partnership with a local company which owns 6.75%, after providing for the State of Senegal’s right to a noncontributory 10% share of any mine developed on the property.

Overview

Production, Resources and Reserves
ACHIEVED IN 2016
  • Expanded reserves with the inclusion of the Sofia deposit 
  • Updated technical and financial study of combined Massawa- Sofia project 
  • Completed detailed ore characterisation of the Massawa deposit 
  • Completed bio-oxidation test work of Massawa Northern Zone 
  • Updated project metallurgical flowsheet
TARGETED FOR 2017
  • Expand Sofia reserves
  • Complete drill out and metallurgical test work at Massawa
  • Update environmental and social impact assessments
  • Advance final feasibility study and development timeline of project
  • Continue exploration on the broader Kanoumba permit
MASSAWA ORE RESOURCES AND ORE RESERVES

 

 

Tonnes (Mt)

Grade (g/t)

Gold (Moz)

Attributable gold (Moz)3

at 31 December

Category

2016

2015

2016

2015

2016

2015

2016

2015

MINERAL RESOURCES1

 

 

 

 

 

 

 

 

 

Open pits

Measured

0.5

0.2

5.5

5.1

0.1

0.03

0.08

0.03

 

Indicated

19

35

4.0

2.6

2.5

2.9

2.0

2.4

 

Inferred

20

21

2.6

2.2

1.6

1.5

1.4

1.2

Underground

Inferred

1.1

2.5

4.9

4.4

0.2

0.4

0.1

0.3

TOTAL MINERAL RESOURCES

Measured and indicated

20

35

4.0

2.6

2.6

3.0

2.1

2.5

 

Inferred

21

23

2.7

2.5

1.8

1.8

1.5

1.5

ORE RESERVES2

 

 

 

 

 

 

 

 

 

Open pits

Probable

19

21

4.3

3.1

2.6

2.0

2.2

1.7

TOTAL ORE RESERVES

Proved and probable

19

21

4.3

3.1

2.6

2.0

2.2

1.7

Open pit mineral resources are reported as the insitu mineral resources falling within the $1 500/oz pit shell reported at av average cut off of 0.84g/t.  Underground mineral resources are those insitu mineral resources below the $1 500/oz pit shell of the North Zone 2 deposit reported at a 2.3g/t cut-off.  Mineral resources for Massawa were generated by Simon Bottoms and Rodney Quick, both officers of the company and competent persons.

Open pit ore reserves are reported at a gold price of $1 000/oz and at a 1.13g/t cut-off and include dilution and ore loss factors.  Open pit ore reserves were generated by Shaun Gillespie, an officer of the company and competent person

Attributable gold (Moz) refers to the quantity attributable to Randgold based on its 83.25% interest in Massawa.

Mineral resource and ore reserve numbers are reported as per JORC 2012 and as such are reported to the second significant digit.  All mineral resource tabulations are reported inclusive of that material which is then modified to form ore reserves.  Refer to the notes to the annual resources and reserves declaration on page 103 of this annual report.