Bassari Resources Limited (ASX: BSR) is an Australian listed gold company transitioning from explorer to producer. The Company is focused on bringing its Makabingui Gold Project in Senegal, West Africa, into production in 2019.
In its permits some 30+ gold targets have been identified by exploration. However, Bassari has concentrated work on the one million ounce gold deposit at Makabingui and the gold project at Konkoutou.
At Makabingui, Bassari has reported a maiden ore reserve of 860,000 tonnes at 5.7g/t for 158,000 ounces of gold. These reserves are within the one million ounce resource of 2.6 G/T at Makabingui. An underground scoping study completed in September 2014 returned high-grade gold results of 7g/t gold for ~120,000 ounces in high-grade underground scope targets.
In 2014 the Company completed a feasibility study for Makabingui which returned outstanding results, including an average gold grade of >5.6 g/t, C1 cash costs of US$683/oz, capital cost of $12.1 million and an IRR of 404%. In 2017 an updated feasibility study was completed which produced similar results.
Having recently obtained a project finance loan from a Senegal bank, the Company's immediate focus is the near-surface open-pit mining at Makabingui, as well as further field work along the major gold corridor immediately south of Makabinbgui.
Focused on bringing its 1 million ounce, Makabingui Gold Project in Senegal, West Africa, into production