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- Firefinch (FFX) has intersected broad zones of mineralisation at the N’Tiola deposit within the Morila Gold Project in Mali
- In November last year, the company, formerly Mali Lithium, acquired an 80 per cent interest in the mine
- Best intercepts from the infill and extensional drilling at N’Tiola included 15 metres at 1.94 grams per tonne gold
- Firefinch expects the drilling will improve both the size and confidence of the mineral resource which will then inform the pit design
- Shares are up 2.56 per cent to trade at 20 cents
Firefinch (FFX), formerly Mali Lithium, has intersected broad zones of mineralisation at the N’Tiola deposit within the Morila Gold Project.
In November 2020, the company purchased an 80 per cent interest in Morila SA, the owner of the Malian mine, from Barrick Gold and AngloGold Ashanti (AAG).
Since 2000, Morila has produced 7.5 million ounces of gold and Firefinch is ramping up production at the mill, with aims of doubling output to 80,000 ounces of gold per annum.
Drilling at the N’Tiola satellite deposit was completed within and adjacent to the bounds of the current mineral resource of 1.13 million tonnes at 1.25 grams per tonne gold for 45,000 ounces of contained gold.
A key part of the company’s strategy is to mine smaller, open-pit satellite deposits, including N’Tiola which, to date, has produced 39,000 ounces of gold.
Firefinch has drilled within the bounds of the mineral resource as well as adjacent to the pit shell and best intercepts included 15 metres at 1.94 grams per tonne gold from 107 metres downhole.
Firefinch expects the results will improve both the size and confidence of the indicated and inferred mineral resource. The updated resource estimate will then inform the N’Tiola pit design and be used for a maiden ore reserve.
The satellite deposit, along with Viper and Domba, will be form part of Firefinch’s initial phase of rebooting Morila to full production.
Shares are up 2.56 per cent to trade at 20 cents at 11:32 am AEDT.
