Firefinch boosts gold resources at new Morila project in Mali to 1.49 million ounces

Firefinch Limited (ASX:FXX) (OTCMKTS:EEYMF) (FRA:N9F) has seen its initial gold resource estimate for the newly acquired Morila Project in Mali, West Africa, increase to 1.49 million ounces with the inclusion of new estimates for three previously mined open pits  – N’Tiola, Viper and Domba.

A total indicated and inferred mineral resource estimate of 2.5 million tonnes at 1.38 g/t for 113,000 ounces of contained gold at a cut-off grade of 0.5 g/t, has been delineated at the three satellite deposits. 

All resources have been estimated from existing data via Ordinary Kriging and constrained within conservative pit shells using a gold price of US$1,800 per ounce of gold to satisfy the reasonable prospects for eventual economic extraction criteria within the JORC code.

Mineral resources

The combined measured, indicated and inferred mineral resources across the Morila project is now:

➢ 39.3 million tonnes at 1.17 g/t gold for 1.49 million ounces of contained gold at a cut-off grade of 0.5 g/t.

The mineral resource for the tailings is being depleted by current mining and will be updated quarterly.

Previous production from the satellite pits was around 110,000 ounces of gold:

➢ Viper: 810,000 tonnes at 1.19 g/t gold for 31,000 ounces;

➢ N’Tiola: 850,000 tonnes at 1.42 g/t for 39,000 ounces; and

➢ Domba: 770,000 tonnes at 1.71 g/t for 42,000 ounces.

The estimates have been provided to Firefinch’s consultant mining engineers to allow mine design and scheduling to take place ahead of a tender process for the recommencement of mining at the Morila project.

Return to full production

The satellite deposits are expected to underpin the initial phase of the company’s plan to return Morila to full production.

Drilling rigs are on site to carry out infill and extension drilling at the satellite deposits with the aim of improving the delineation and classification of the inferred resource material as well as testing strike and depth extensions at each deposit.

A new geological model has been created for the main Morila deposit and all historic data validated with a new mineral resource estimate in progress.

Drilling is also being carried out around the Morila site testing stockpiles to determine which of these could provide additional feed to the Morila processing plant.

The drilling at the northern margin of the tailings dam has been completed with results to be fed into an updated mineral resource for the tailings.

Story by ProactiveInvestors