Goldplat (AIM:GDP) told investors it has upgraded the JORC-compliant mineral resource estimate for the tailings storage facility (TSF) at its 90.63%-owned South African subsidiary Goldplat Recovery, lifting the gross contained gold estimate to 130,560 ounces from 81,959 ounces previously.
The AIM-listed gold recovery group, which operates processing facilities in South Africa and Ghana servicing the African and South American mining industry, said the new estimate carries an effective date of 31 August and was prepared by Sound Mining International SA.
The resource now stands at 2.34 million tonnes grading 1.74 g/t gold, all classified as Measured, of which 118,330 ounces are attributable to Goldplat. That compares with the 81,959 ounces of gold in 1.43 million tonnes announced in January 2016, which the new estimate supersedes.
The 2016 figure included material in footwall soils beneath the facility that has not been carried into the 2026 estimate; stripped out on a like-for-like basis, the 2016 tailings resource stood at 73,895 ounces in 1.20 million tonnes.
Goldplat attributed the increase principally to roughly one million tonnes of additional tailings deposited on the facility after the 2016 drilling, up until deposition moved to a new storage site in December 2023.
The entire resource now qualifies as Measured after the 2026 drilling programme, comprising 25 vertical auger holes totalling 522 metres, covered the full footprint of the facility, whereas the 2016 estimate relied mainly on perimeter drilling.
The updated estimate covers gold only; silver and uranium oxide, both included in the 2016 estimate, have not been re-estimated and should no longer be relied upon.
Goldplat said a concept study for reclaiming and processing the tailings is under way with South African engineering, procurement and construction management contractor LogiProc, to be followed by a feasibility and economic assessment once management approves the concept work.
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The company said it continues to weigh processing routes both through its own facilities and third-party infrastructure, including potentially using the servitudes, plant and deposition capacity of DRDGOLD.
"The upgraded JORC Resource is an important step in unlocking the value of the TSF, although it will take time to ensure operational readiness," said chief executive Werner Klingenberg, adding that the company is working with independent third parties to establish the recoverability of the contained gold while the economic route to recovery is developed.
Goldplat said the ability to process the tailings and realise their value remains subject to significant technical, regulatory, funding and execution uncertainties, with the next step being to clarify recoverability before settling on a processing route and timeline.