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Resolute has lifted the mineral resource at its Ravenswood gold mine in North Queensland by more than 1 million ounces in the past year.

The growth was documented this week when the gold miner released its annual ore reserve and mineral resource statement.

The Ravenswood gold operations are subject to a $300 million sale deal with a consortium involving private equity manager EMR Capital and mining company Golden Energy and Resources (GEAR).

Completion is expected by the end of next month.

Resolute reported that drilling programs during 2019 and work for the Ravenswood Expansion Project had seen an increase in mineral resources at the North Queensland operation’s Buck Reef West and Sarsfield/Nolans deposits.

The nearby Mount Wright underground mine went into care and maintenance with its remaining ore reserves depleted.

Mineral resources at Ravenswood now total almost 5.9 million ounces – an increase of 1.1 million ounces on the total reported at the end of 2018. This includes an ore reserve of 2.73 million ounces.

Resolute held global ore reserves of 7.4 million ounces of gold and a mineral resources of 19.1 million ounces.

Its assets include the Mako, Syama and Bibiani gold mines in Africa.

Major boost for Ravenswood gold resources