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- Materials stock Firefinch (FFX) has delivered an initial mineral resource estimate (MRE) for three open pits within the Morila gold project
- The satellite deposits — known as N’Tiola, Viper, and Domba — are now said to carry 113,000 ounces of gold
- More broadly, it means the overall Morila resource has jumped to 1.49 million gold ounces
- Situated in southwest Mali, Morila is a historical gold asset that produced over 7.4 million ounces of gold up until the end of last year
- Now, Firefinch is conducting infill and extensional drilling across the project’s deposits in a bid to bring it back into production
- Before that happens, Firefinch hopes to update the project’s overall MRE
- So far today, there’s been no change to Firefinch’s share price — company stock is trading at 14.5 cents
Firefinch (FFX) has delivered an initial mineral resource estimate (MRE) for three open pits within the Morila gold project in southwest Mali.
The three satellite deposits — known as N’Tiola, Viper, and Domba — now carry a combined inferred and indicated MRE of 2.5 million tonnes at 1.38 grams per tonne gold for 113,000 ounces.
More broadly, it means the ASX lister, formerly known as Mali Lithium, has increased the overall Morila resource to 1.49 million gold ounces.
Specifically, the project’s MRE now sits at 39.3 million tonnes at 1.17 grams per tonne gold for 1.49 million ounces of contained gold.
Situated in southwest Mali, Morila is a historical gold asset that produced over 7.4 million ounces of gold up until the end of last year.
Now that the initial MRE has been delivered, it has been passed on to Firefinch’s mining engineers to assist in mine design and scheduling. This will prepare Morila for an upcoming tender process in which FFX hopes to prepare the project to come back into production.
Specifically, Firefinch claims the satellite deposits at Morila are key to getting the project back up and running — so drill rigs are on-site completing infill and extensional drilling. It’s hoped this will allow Firefinch to upgrade its resource classification from the inferred level to something more concrete.
Outside the satellite deposits, Firefinch is also testing the Morila stockpiles to see if they could provide additional feedstock for the project’s processing plant. Beyond that, the company is also exploring the tailings deposit in a bid to update its mineral resource.
Overall, all this activity will culminate in an updated MRE for the Morila gold project. While there’s currently no timeline for when this will be completed, Firefinch says it’s a work in progress and it’ll update the market when the job is done.
So far today, there’s been no change to Firefinch’s share price. Company stock is trading at 14.5 cents at 10:53 am AEDT.
