06:37 AM EDT, 04/02/2024 (MT Newswires) -- Aura Minerals Inc. ( ORAAF ) overnight Monday reported updated mineral reserves and mineral resources (MRMR) for its four operating mines, namely the Aranzazu, Apoena, Minosa and Almas mines, as well as its development projects including Borborema and Matupa for the year ended Dec. 31, 2023.

Proven and probable (P&P) mineral reserves rose 32% with 1.2 million gold equivalent ounces (GEO) added before depletion. At the four operating mines, an increase of about 856,000 GEO before depletion exceeded 2022 depletion on a consolidated basis, with a net increase in P&P reserves at Apoena, Aranzazu and Almas. About 812,000 GEO was attributed to the Borborema project.

Measured and indicated (M&I) mineral resources increased 49% with 2.4 million GEO added before depletion/conversion. More than 100% of depleted metals were replaced at each of the sites with the exception of Minosa.

Inferred mineral resources rose 27% with 221,000 GEO added after conversion, as a result of the addition of approximately 400k GEO attributed to the Borborema Project. The net reduction in inferred mineral resources for the mines in production between 2022 and 2023 was primarily due to the successful conversion of inferred mineral resources to M&I mineral resources at each of the sites except Minosa.

Among other 2023 AIF highlights, Aura completed an exploration program totaling 114,074.37 meters of drilling with over US$24 million invested to increase MRMR and replace depleted ounces. Exploration was conducted across all properties except Minosa. Exploration is expected to resume at Minosa in 2024.

Contributing to the increase in MRMR was the addition of the Borborema project and significant growth of at Apoena mines, which saw its largest increase in mineral reserves in its operating history since 2017.