Dual-listed Equinox Gold has extended the mine life of its Fazenda mine in Bahia, Brazil, by seven years to 2033, following an updated mineral reserve and mineral resource estimate effective June 30, 2024.

Operating since 1984 as a combined underground and openpit mine, Fazenda mineral reserves increased by 142% to 763 000 0z of contained gold. This expansion accounts for 242 000 oz of mining depletion since the last update in 2021, and sustains operations at the current throughput rate of 3 400 t/d.

Measured and indicated mineral resources increased by 418% to 1.524-million ounces of contained gold, excluding reserves and net of mineral resource conversion. Average grades increased by 22% and 25%, respectively

“Results from focused exploration at Fazenda over the last three years have exceeded our expectations, delivering significant mine life extension and resource growth net of mining depletion.

“The success of these efforts now provides a foundation on which to evaluate potential expansion opportunities at the Fazenda mine,” says Equinox exploration EVP Scott Heffernan.

Future exploration programmes will continue to evaluate underground and openpit opportunities in the immediate area of the Fazenda property, and to assess regional potential in the greenstone belt that extends to Equinox Gold's Santa Luz mine to the north.

The company continues to see significant exploration potential at Fazenda and has approved a 60 000 m diamond drill programme for this year, which will focus on mineral reserve replacement and additional near-mine resource growth.

The Fazenda mineral reserve and mineral resource update incorporates 197 098 m of drilling completed from January 1, 2021, to December 31, 2023, and includes additional geotechnical information, updated mining costs and an updated gold price for the mine design.

Fazenda's proven and probable mineral reserves at June 30, 2024, are estimated at 13.2-million tonnes grading 1.80 g/t gold for 763 000 oz of contained gold, a 142% increase, net of mining depletion, over the previous estimate in 2021.

The mine's measured and indicated mineral resources, exclusive of mineral reserves, are estimated at 21.4-million tonnes grading 2.21 g/t gold for 1.524-million ounces of contained gold, representing a 418% increase over the previous estimate net of resource conversion.

Inferred mineral resources have increased by 68% to 4.7-million tonnes grading 1.77 g/t gold for 266 000 oz of contained gold.

New openpit deposit areas include Barrocas Southwest, Papagaio, and Raminhos.