GHANA – Junior Tribune Resources has reported a maiden gold resource of 1.81-million ounces at its Adiembra gold deposit, in Ghana.
The Australian Securities Exchange (ASX)-listed company explained that its maiden resource is estimated to contain about 20.99-million tonnes of gold rich ore estimated to yield 2.7 g/t gold.
The discovery comes at a time when gold prices have been souring, smashing the US$2000/oz mark for the first time in 100 years.
Going by the current prices, the new discovery with a potential of producing 1.81 million ounces of Gold would be worth at least US$3.43 billion.
Junior Tribune MD, Anton Bills in a statement said that the maiden gold resource “is outstanding and reinforces our confidence that the Japa project could be a major long-life gold production center in Ghana.”
Bills further noted that Junior Tribune was already well advanced in planning the next drilling campaign aimed at expanding and upgrading the Adiembra resource.
He revealed that the gold mining company anticipated drilling to commence in the next few months.
The discovery is good news for the Ghanaian economy especially now when revenues have been dwindling due to depressed demand in the international market.
Oil prices slid from the highs of US$70 per barrel of crude oil in January to lows of below US$40 in March and there are no hopes of them rebounding to the pre-crisis levels any time soon.
They currently continue to tumble around the US$40 mark amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns just as major producers ramp up output.
Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, are for instance expected to step up output this month, adding around 1.5 million barrels a day of supply.
U.S. producers also plan to restart shut-in production and inventories remain near historical highs creating a further glut that would suppress any rise in crude oil prices.
This only leaves Gold and other precious metals as the only mineral raking in profits during the COVID-19 period.
Given that gold accounts for 90% of the value of all minerals mined in the country, it would be critical in catalysing economic recovery and in offsetting the setbacks brought about by a dismally performing oil industry.
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