Norseman Gold PLC (LON:NGL, ASX:NGX) revealed today an updated resource statement for its main Norseman Gold project in Western Australia. The reserves as at March 31 remained stable at 420,000 ounces of gold, while the total reserve tonnes had increased to 2.3 million tonnes at a grade of 5.7 g/t gold, said the company. Resources had increased in the measured category by 13 percent but decreased overall by 9 percent to 3.4 million ounces of gold. Total resources now stand at 22 million tonnes at a grade of 4.7 g/t gold. Previously, it stood at 21 million tonnes at a grade of 5.3 g/t gold for 3.8 million ounces. Norseman said the reduction in the resource was mainly due to the re-assessment of the North Royal resource, external to the current pit design and of deeper resources previously quoted as surface resources. Total reserve ounces were unchanged except a significant increase of 122 percent in the open pit reserve because of the inclusion of the ounces from the North Royal open pit, said the company. Underground reserve ounces decreased by 14 percent, while the tonnage remained unchanged. Norseman said it drilled more than 77,000 metres this financial year, of which around 60,000 metres comprised resource and exploration drilling. It said a number of projects would be further explored and add to the resource base in the next few years, namely Butterfly Deeps, Cobbler North, Crown reef, Harlequin South reef and Royal Coachman reef. These projects have had initial drilling conducted and the firm is expected to return to them once the current four mines are operating at acceptable production profiles. Planned drilling programmes at the mines commissioned in the last financial year are expected to both increase existing resources and reserves, and extend the current mine plans, added the company.

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