Aris Mining Expands Gold Reserves at Segovia Operations in Colombia

Aris Mining Corporation is a Canadian organization with numerous high-grade underground mine operations in Columbia, including its Segovia Operations and the Marmato Mine. Together, these mines produced 235,000 ounces of gold in 2022. In recent company news, Aris Mining announced its Segovia Operations gold mineral resource and reserve estimates effective at the start of 2023, including the full replacement of mined gold ounces in 2022.

The results show a clear expansion at the Segovia Operations in Columbia. December 31, 2022’s outputs displayed proven and probable mineral reserves of 755,000 of gold from 2.4 million tons at 9.95 grams per ton. To put these results into perspective, December 31, 2021’s report showed outputs of 744,700 ounces from 2.3 million tons at 10.1 grams per ton.

The update also included improved measured and indicated mineral resources of 1.7 million gold ounces, up from 2021’s figure of 1.6 million ounces, from 5 million tons at 10.6 grams per ton of gold. The same report showed 1.6 million ounces of inferred gold resources, slightly down from 2021’s 1.7 million ounces, from 5.3 million tons at 9.44 grams per ton of gold.

“Segovia is a high-grade gold operation that has been producing gold for more than 150 years. Following the 2022 in-mine and near-mine drilling campaign, we are pleased to report another year of replacing mined ounces with new reserves and resources,” Aris Mining’s CEO, Neil Woodyer, explains.

While the Segovia Operations in Columbia show continual regeneration and growth, the company isn’t stopping here. Aris Mining is on a mission to create value through scale and diversification programs throughout its numerous global projects. With Segovia specifically, this means pushing the boundaries with further exploration.

“For 2023, we have planned an exploration drilling program of 84,500 meters at Segovia focussed on increasing the mineral reserves and life of mine plan, extending the known resources at the four producing mines, and further exploring strategic high priority vein targets located adjacent to the current mining operations,” Woodyer explains.

Aris Mining operates several underground mines throughout Columbia, including the Segovia Operations and the Marmato mine. Aside from these projects, the company also controls the Soto Norte joint project focusing primarily on underground gold, silver, and copper mining with the allowance from environmental licensing for further development.

Aris Mining operates an additional mine in Guyana, the Toroparu Project, which targets both gold and copper reserves. Across each of these underground pursuits, Aris Mining plans to continue further acquisition and expansion efforts to unlock value.

Aris Mining is not the only mining corporation actively expanding in 2023. In recent news, another large mineral explorations and development corporation, Conroy Gold and Natural Resources PLC, began a drilling program at its Clay Lake target in County Armagh, Ireland, to locate potential gold reserves.

The exploration program involved collecting four samples across the 328-foot section of the stream bed by drilling at a 700-foot depth with a -60-degree incline. Each of the four samples contained gold, with the highest concentration level measuring 1.31 grams per ton of gold.

Considering Clay Lake’s gold-in-soil target anomaly size of 1.2 by 0.6 miles, the company expects high yields from this development. When compared to results from the company’s other mining operations, it’s not unreasonable to predict productions as high as millions of ounces from the Clay Lake target.

Aris Mining and Conroy Gold are just a couple examples of corporations hungry to strike more gold. As demand for gold across the globe skyrockets, more mining companies want to take advantage of these high prices.

While global gold supplies slowly increase from improved mining productions, the rate cannot meet demand levels because of the steadily falling recycling rates. Gold recycling is currently still 30% below its all-time high from 2012, though 2022 provided a 2% increase in mining production from the year prior. As more mines prioritize exploration efforts to improve outputs, we may see a slight supply improvement.

2022 marked the highest year for gold demand in the last decade, with the measured level at 4,741 tons. To put this figure into perspective, the 2022 total supply of gold was 4,754 tons, just barely breaching the demand rate. With expectations of increased demand and tightening supply chains in the coming year, we could see an approaching deficit that skyrockets gold prices.

While Aris Mining’s individual efforts may not greatly influence gold prices, the expansion movement is not a siloed system. As always, investors should consult their financial advisors before making portfolio decisions.

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