Firefinch (ASX:FFX) -
Firefinch staff meeting with Morila gold mine union representatives. Source: Andrew Taplin/Twitter
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  • Firefinch (FFX) spikes in early trade after reporting a major high-grade intersection from its first drill hole at the Morila Super Pit in Mali
  • The Morila Super Pit is part of the wider Morila Gold Project, which has produced 7.5 million ounces of gold since 2000
  • Firefinch’s first hole drilled at the Morila Super Pit in the project area returned a 10.5-metre hit grading an average of 30.4 grams of gold (g/t) from 309.2 metres
  • The company says it is drilling to grow resources and reserves and optimise open-pit and potential underground mining in the project area
  • Shares in Firefinch are up 1.79 per cent and trading at 57 cents each at 11:07 am AEST

Firefinch (FFX) has spiked in early trade after reporting a major high-grade intersection from its first drill hole at the Morila Super Pit in Mali, West Africa.

The Morila Super Pit is part of the wider Morila Gold Project, which was the catalyst for Firefinch’s transition from explorer to producer when the company bought an 80 per cent stake in the project in late 2020.

Today, Firefinch said the first diamond hole drilled at the Morila Super Pit in the project area returned a 10.5-metre hit grading an average of 30.4 grams of gold per tonne (g/t gold) from 309.2 metres.

As Firefinch puts it, this marks a return to the “high-grade heyday” for the Morila Super Pit.

Firefinch Managing Director Michael Anderson said it had taken the company just one hole to demonstrate that “Morila the Gorilla” is far from done.

“This is simply an incredible result from our first diamond core drillhole, which confirms not only the continuity of high-grade mineralisation below the previously mined pit, but also the significant potential for underground mining at Morila,” Dr Anderson said.

“This first drillhole is just the beginning. We look forward to ramping up our drilling efforts and to providing a steady flow of results from which to update the mineral resource and further optimise the life of mine plan.”

Morila’s history

The Morila gold mine has produced more than 7.5 million ounces of gold since the year 2000 under previous owners Barrick Gold and Anglogold Ashanti.

Firefinch bought an 80 per cent stake in the project from the mining giants back in 2020 for US$28.9 million, pouring its first gold from the project just two weeks later. The remaining 20 per cent is owned by the Mali government.

Since then, Firefinch made the call to look for extensions to the mineralisation at Morila, hence the diamond hole to the north of the Morila Super Pit.

Drilling in this area by the project’s previous owners returned hits like a 14-metre intersection at 21.7 g/t gold from 119 metres and a six-metre intersection at nine g/t gold from 146 metres.

Firefinch said several previous high-grade intersections outside the Morila Super Pit had never been closed off by drilling and there was also minimal drilling further than 250 metres from surface.

What’s next?

Firefinch said this was only the beginning of its planned drill testing of the Morila system, with mineralisation still open in several directions.

The company is planning a “comprehensive” drilling program in the area to grow resources and reserves, optimise the initial stages of open-cut mining and test the potential for underground mining work.

Firefinch will release more assays from exploration drilling as it receives them.

Shares in Firefinch are up 1.79 per cent and trading at 57 cents each at 11:07 am AEST.

FFX by the numbers
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