FOCUS COMMENCES NEW DRILL PROGRAMS; TARGETING EXPANSION OF ORE RESERVES & MINERAL RESOURCES
- Drilling commences at Treasure Island, Coolgardie and Laverton
Focus Minerals Ltd. (ASX: FML), a leading Australian gold producer and explorer, has commenced a suite of new drilling programs across its Coolgardie and Laverton operations following the completion of the $225 million Placement of shares to Shandong Gold International Mining Corporation Limited.
“We are targeting growth in Ore Reserves to 1 million ounces and in Mineral Resources to 5.5 million ounces over the next three years,” said Focus Minerals Chief Executive Officer Campbell Baird.
“We have 1,650 square kilometres of tenements in two world class gold producing districts, but less than 4% of these tenements have been explored, so we’re very excited about what the future holds.”
Focus’ Mineral Resource currently stands at 59Mt @ 2.2g/t for 4.3Moz and Ore Reserves of 7.6Mt @ 2.19g/t for 0.51Moz.
Mr Baird said more than 40 priority targets had been identified across its tenement package.
The new programs that have commenced immediately are:
- Treasure Island – A specialised lake diamond drill rig has been commissioned at the Treasure Island Gold Project to target a 4km long anomaly on the eastern zone (see ASX announcement 16 February 2012). The eastern zone target is the second gold bearing system identified running through the project which is located on the Boulder Lefroy fault 35km to the south along strike from the major gold camp of St Ives in Kambalda, Western Australia.
- Coolgardie – An RC rig has been mobilised to drill a number of high priority targets in close proximity to Focus’ Three Mile Hill processing plant starting with the Jolly Britons (see ASX announcement 27 June 2012). Previous RC drilling over a 500m strike between the Jolly Britons prospect and Patricia Jean pit delivered a series of high-grade intercepts, including 10m @ 21.0g/t, interpreted to be associated with a significant mineralised fault structure extending from two major pits along a 6km strike to the south.
- Laverton – An RC drill program has commenced at the eastern zone of the Burtville Pit following on from drilling at the western zone that increased Mineral Resources at Burtville by 140% (see ASX release dated 7 August 2012). Production has commenced at the western zone of the pit that will see a large cut back and depth extension to the pit. The goal of the drilling is to expand the Mineral Resource in the eastern zone with a view to future development.
Mr Baird said further drilling programs are planned to commence in the first quarter of calendar 2013.