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- Firefinch Resources (FFX) has increased the mineral resource estimate (MRE) at the satellite prospects within the Morila Gold Project in Mali by 80 per cent
- Using all available drilling results, the MRE has estimated the prospects at 218,000 total ounces of contained gold, with a 164 per cent increase in measured and indicated categories to 190,000 ounces of gold
- Global mineral resources at Morila have consequently increased to 50.5 million tonnes at 1.50g/t gold for 2.43 million ounces of contained gold
- The company will now use the new mineral resource estimates to finalise ore reserves and a life-of-mine plan
- Shares are trading in the grey at 38 cents apiece
Firefinch Resources (FFX) has increased the mineral resource estimate (MRE) at the satellite prospects within the Morila Gold Project in Mali by 80 per cent.
Using all available drilling results, the company now estimates the satellite deposits to contain 218,000 ounces of gold.
Additionally, there is a 164 per cent increase within the higher confidence measured and indicated categories to 190,000 ounces of contained gold.
This is compared to the prior MRE from November last year that indicated 2.5 million tonnes at 1.38 grams per tonne (g/t) gold for 113,000 ounces.
Global mineral resources at Morila have consequently increased to 50.5 million tonnes at 1.50g/t gold for 2.43 million ounces of contained gold.
The drill results used towards the estimate included 30,000 metres of drilling completed this year, which encompassed 19,000 metres of drilling at N’Tiola, Viper, and Pit 5, as well as over 11,000 metres on the adjacent Massigui Project, principally Koting.
At N’Tiola, the updated MRE is 2.43 million tonnes at 1.04g/t gold for 81,000 ounces of gold with 2.42 million tonnes at 1.05g/t gold for 81,000 ounces in the measured and indicated categories.
Over at Viper, the MRE has increased to 1.55 million tonnes at 1.05g/t gold which includes 1.52 million tonnes at 1.04g/t gold for 51,000 ounces in the measured and indicated categories.
The MRE for Pit 5 has also increased to 0.84 million tonnes at 1.10g/t gold for 30,000 ounces of gold, including 0.65 million tonnes at 1.04g/t gold for 22,000 ounces in the indicated category.
Firefinch will evaluate Pit 5 as a stand-alone project independent of the main Morila resource, due to its location and proximity to the surface.
From the results, 190,000 ounces of satellite resources are now contained within the high confidence measured and indicated categories, with 5.5 million tonnes at 1.07g/t gold, enabling ore reserves and mining schedules to be finalised to support the re-commencement of open-pit mining.
Firefinch’s Managing Director, Dr Michael Anderson, said the company will use the inventory of measured and indicated resources to base its forthcoming “life-of-mine plan”, which is the blueprint for the production ramp-up at Morila.
Shares are trading in the grey at 38 cents apiece at 9:46am AEST.
