patersons - updated resource estimate - impact

The event of the updated resources estimate has been analysed by Patersons Securities and detailed in an impact statement that discloses the following:-
The resources update was in line, in terms of a 10% increase in tonnage. Grade did drop about 10%, giving a similar content to the previous estimate. Increased from 79.9mt at 1.3% indicated to 87.6mt at 1.17% indicated. Investors should be aware that BTR have released this update, as it is needed to be used in the Pre-Feasibility Study due in July. Indicated resources will be converted into reserves. Timing will allow BTR to secure a mining licence over Mumbwa which means, BTR will not have to relinquish any ground under its exploration licence. Better geological understanding - metalurgical testwork is underway with results expected in May. The Phase 7 drill will focus on increasing geological confidence & converting some indicated to measured resources with step out drilling targetting high grade resources extensions to the West and the North West of the deposit. Patersons retain their buy on BTR.