Total
0
Shares
Firefinch (ASX:FFX) delivers initial MRE for Morila gold deposits
The Morila Gold Processing Plant Source: Firefinch
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Firefinch (FFX) has exceeded its monthly guidance, producing 4228 ounces of gold from processing tailings in December 2020
  • 7683 ounces has now been produced since the company acquired ownership of the Morila Gold Mine in November
  • FFX has also confirmed cash and gold on hand at $33 million on December 31
  • The company says it is now evaluating potential new ore feeds at the Morila main pit
  • A detailed update will be provided by the company in the quarterly report due in late January
  • Firefinch is trading up 10 per cent at 22 cents

Firefinch (FFX) has exceeded its monthly guidance, producing 4228 ounces of gold from processing tailings during December 2020.

In an announcement released today, Firefinch says 7683 ounces has now been produced since the company acquired ownership of the Morila Gold Mine in November.

The Mali mine was purchased from mining giant Anglo-Gold Ashanti (AGG) for US$28.8 million (around A$37.1 million)

FFX has also reaffirmed a production target of 10,000 to 10,500 ounces of gold for the quarter and confirmed cash and gold on hand at $33 million on December 31, 2020.

Executive Chairman of Firefinch, Dr Alistair Cowden says of the results, “we are delighted with the gold production and overall progress at Morila. In just two months the Firefinch team have safely achieved above forecast production."

What the future holds

The company says it is now evaluating potential new ore feeds at the Morila main pit. Two reverse circulation drill rigs are on site, undertaking infill drilling at Morila’s satellite resources to improve confidence in planned open pits through increased data coverage.

Meanwhile, Firefinch is assessing options to advance and realise the Goulamina Lithium Project in Mali.

The Goulamina Lithium Project comprises a landholding of 100 square kilometres covering highly prospective hard rock lithium pegmatites in the Bougouni region of southern Mali.

Dr Alistair Cowden said of Goulamina "we are in a very fortunate position with our Goulamina lithium asset."

"Recent strong interest in lithium equities has improved the standing of the Goulamina Lithium Project, one of the world’s best undeveloped and uncommitted lithium assets."

A detailed update will be provided by the company in the quarterly report due in late January.

An updated mineral resource estimate for the Morila deposit is also expected in coming weeks.

Firefinch are trading up 10 per cent at 22 cents at 12:49 pm AEDT.

FFX by the numbers
More From The Market Herald
Gold Mountain (ASX:GMN) - CEO, Tim Cameron (centre) - The Market Herald

" Gold Mountain (ASX:GMN) finds three more drill targets at Mt Wipi

Gold Mountain (GMN) has identified more prospective drill targets at the Mt Wipi Project in Papua New Guinea.
eMetals (ASX:EMT) intersects high-grade gold at Twin Hills

" eMetals (ASX:EMT) intersects high-grade gold at Twin Hills

eMetals (EMT) has received results from drilling at the Twin Hills Project in Western Australia.
Zuleika Gold (ASX:ZAG) completes drilling at Credo

" Zuleika Gold (ASX:ZAG) completes drilling at Credo

Zuleika Gold (ZAG) has completed its 27-hole reverse circulation (RC) drilling program at the Credo Project in Western Australia.
Silver Mines (ASX:SVL) hits 1826g/t silver at Bowdens

" Silver Mines (ASX:SVL) hits 1826g/t silver at Bowdens

Silver Mines (SVL) has intersected up to 1825 grams of silver per tonne (g/t) from the Bowdens Silver Project in New South Wales