Burgundy Diamond Mines (ASX: $BDM) mine life extension announcement

Burgundy Diamond Mines Limited (ASX: $BDM) has initiated targeted mine life extension delineation and geotechnical drilling at its active Misery underground mine in Calgary, Alberta. The Misery underground mine historically produces approximately 1.1 million tonnes of mined ore annually, with a production value of around US$235 million (~A$350 million). The mine's ore body appears larger than originally modelled, leading to the identification of two extension drill targets: a vertical extension to the main ore body and a lateral extension to the southwest. A 30,000 tonne bulk sample will be collected from the southwest extension target during the fourth quarter for grade and pricing information. The results of the drilling programs will be released this year and in the first half of 2025, culminating in an updated Mineral Resource and Ore Reserve estimate.

Burgundy Diamond Mines Chief Executive Officer & Managing Director, Kim Truter's statement

Misery is an exceptional asset which can generate around A$350 million per annum in production value from just over a million tonnes of ore. Any additional tonnage we are able to declare through our drilling work will be significantly value accretive. This represents part of our important ongoing technical work to extend the overall mine life across the Ekati portfolio and represents an exciting step in that process.

Burgundy Diamond Mines mine life extension summary

Burgundy Diamond Mines (ASX: $BDM) has commenced targeted mine life extension delineation and geotechnical drilling at its Misery underground mine, aiming to extend the mine life and increase production value. The identification of two extension drill targets, along with the collection of a bulk sample for grade and pricing information, marks an important step in the ongoing technical work to extend the overall mine life across the Ekati portfolio. The results of the drilling programs will be released this year and in the first half of 2025, leading to an updated Mineral Resource and Ore Reserve estimate. Burgundy is aiming to publish its first updated mine plan before the end of the year, reflecting the company's commitment to advancing its evaluation work for the Misery underground targets and maximizing the value of its operations.