BRIEF: Lingbao finds more gold at Tongbai Laowan mine
Gold miner Lingbao Gold Group Co. Ltd. (3330.HK) said on Sunday that it has completed exploration of the entire area surrounding its Tongbai Laowan gold mining project, and determined that its gold resources are 73% higher than initial estimates.
Lingbao said the resource estimate stood at 1.02 million ounces, or approximately 31.57 tons, at the end of last year. After additional exploration and factoring in differences in estimation scope, the resource estimate at the end of September had risen to 1.75 million ounces, equivalent to about 54.51 tons.
The Tongbai Laowan gold mining area is situated in Tongbai County of Central China’s Henan province, within the eastern segment of the Qinling orogenic belt. The licensed mining area is approximately 7 kilometers in length and 1.2 kilometers in width, reaching depths of 350 meters below sea level. The exploration program, conducted over three years, involved 94 drill holes totaling over 41,000 meters.
Shares of Lingbao Gold opened up 2.5% at HK$15.24 on Monday. The stock is down around 30% from its 52-week high.
By Lau Chi Hang
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