- Focus Minerals (FML) has updated the mineral resources for the Big Blow and Happy Jack deposits, which are part of the Coolgardie Gold Project in WA
- Combined, the deposits have a total mineral resource of 1.024 million tonnes at 1.7g/t gold for 54,500 ounces using a cut-off grade of 0.7g/t
- The updated resources follow the completion of reverse circulation drilling last month which aimed to update the Happy Jack, Big Blow, Alicia, and Brilliant deposits
- Focus is now progressing geotechnical work ahead of pit optimisation work as well as an estimation of ore reserves
- Company shares are up a slight 1.72 per cent and are trading at 29.5 cents
Focus Minerals (FML) has updated the mineral resources for the Big Blow and Happy Jack deposits which are part of the Coolgardie Gold Project in WA.
Last month, the Western Australian gold explorer completed reverse circulation drilling at both deposits which has led to the resource updates.
Now, Big Blow has an indicated and inferred resource of 499,000 tonnes at 2g/t gold for 32,000 ounces.
The Happy Jack deposit has an indicated and inferred resource of 525,000 tonnes at 1.3g/t gold for 22,500 ounces.
Combined, the deposits have a total mineral resource of 1.024 million tonnes at 1.7g/t gold for 54,500 ounces using a cut-off grade of 0.7g/t.
According to Focus, the updated mineral resources are more reliable and relevant than the previous JORC 2004 estimates which proved inaccurate during the minimal open-pit mining activities conducted over 2012 and 2013.
“Our technical team completed this resource update quickly and efficiently to deliver new options for supplemental higher-margin open pit feed that can be assessed as part of our work on the next Coolgardie mine schedule,” CEO Zhaoya Wang said.
As stated in a previous announcement, Focus is also reviewing the Alicia and Brilliant deposits within the Coolgardie Project.
The company is currently progressing geotechnical work ahead of open-pit design and optimisation as well as an estimation of ore reserves.
Focus’ shares are up a slight 1.72 per cent and are trading at 29.5 cents at 11:06 am AEST.