Goldplat plc (LSE:GDP), the AIM-listed mining services group with gold recovery operations in South Africa and Ghana, has announced an updated JORC-compliant Mineral Resource estimate for the tailings storage facility (TSF) operated by its 90.63%-owned subsidiary, Goldplat Recovery (Pty) Limited, in Benoni, South Africa.
The revised estimate identifies a Measured Mineral Resource of 2.34 million tonnes grading 1.74 grams per tonne (g/t) gold, containing 130,560 ounces of gold. Of this total, approximately 118,330 ounces are attributable to Goldplat.
The estimate, prepared by Sound Mining International SA (Pty) Limited, has an effective date of 31 August 2026 and replaces the previous resource assessment published in January 2016.
Updated Gold Resource Compared With 2016 Estimate
The latest estimate compares with the previously reported total Mineral Resource of 81,959 ounces of gold contained in 1.43 million tonnes grading 1.78 g/t, which included Measured, Indicated and Inferred resources.
However, the earlier assessment incorporated material from the footwall soils beneath the tailings facility, which has been excluded from the updated estimate.
On a comparable basis, the 2016 tailings-only resource comprised approximately 1.20 million tonnes containing 73,895 ounces of gold.
The updated assessment therefore represents an increase of 56,665 contained ounces, or approximately 77%, compared with the earlier tailings-only estimate.
Goldplat attributed the increase primarily to approximately one million tonnes of additional tailings deposited at the facility between the drilling programme supporting the 2016 estimate and December 2023.
The company also reported that the entire updated resource has been classified in the Measured category, compared with the combination of resource classifications used in the previous assessment.
Drilling Programme Covers Entire Tailings Facility
The revised Mineral Resource estimate incorporates results from a new auger drilling programme covering the full footprint of the Benoni tailings storage facility.
The programme comprised 25 vertical drill holes totalling 522 metres, with an average depth of approximately 21 metres. Samples were collected at 1.5-metre intervals throughout the facility’s depth.
Goldplat said the updated drilling programme provided broader coverage than the earlier assessment, which relied predominantly on drilling around the facility’s perimeter.
No new bulk density measurements were undertaken as part of the latest programme. Instead, the estimate applies a bulk density of 1.34 tonnes per cubic metre, established during drilling conducted in 2015.
The facility received tailings from January 2003 until December 2023, when Goldplat Recovery transferred deposition activities to a new tailings storage facility.
Gold-Only Estimate Excludes Silver, Uranium and Footwall Soils
The updated Mineral Resource estimate covers gold exclusively.
Silver and uranium oxide resources included in the 2016 assessment have not been re-estimated, and Goldplat stated that the previous estimates for those minerals should no longer be relied upon.
The footwall soils beneath the tailings storage facility were also excluded from the updated geological model and resource calculation.
The revised figures therefore relate solely to gold contained within the tailings material covered by the latest assessment.
Concept Study Underway to Assess Tailings Reprocessing
Goldplat has commissioned South African engineering, procurement and construction management contractor LogiProc (Pty) Ltd to undertake a concept study examining options for reclaiming and processing material from the tailings facility.
Subject to management approval of the concept study, the company intends to proceed with a feasibility and economic assessment.
Goldplat is considering potential processing arrangements using its existing facilities or third-party infrastructure.
Among the options under evaluation is the possible use of servitudes, processing plant and deposition capacity associated with DRDGOLD.
The company is also working with independent third parties to assess the recoverability of gold contained within the tailings.
Goldplat cautioned that the ability to process the facility and realise its potential economic value remains subject to significant technical, regulatory, funding and execution uncertainties.
The updated Mineral Resource estimate establishes the quantity and grade of the reported gold resource but does not determine how much gold can ultimately be recovered economically.
CEO Comments on Resource Assessment and Processing Plans
Werner Klingenberg, CEO of Goldplat, commented:
“The upgraded JORC Resource is an important step in unlocking the value of the TSF, although it will take time to ensure operational readiness. Alongside the resource upgrade, we are working with independent third parties to establish the recoverability of the gold contained in the TSF, whilst the economic route to recovery is developed. The next step is to provide clarity on recoverability, and then to settle the processing route and timelines.”
More About Goldplat PLC
Goldplat plc is an AIM-listed mining services group operating gold recovery businesses in South Africa and Ghana, serving customers across the African and South American mining industries.
Its South African subsidiary, Goldplat Recovery (Pty) Limited, operates gold recovery facilities in Benoni, including the tailings storage facility covered by the updated JORC Mineral Resource estimate.
The company is evaluating the technical and economic feasibility of recovering gold from the facility as part of its ongoing operational activities.
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