FOCUS SETS OUT PLAN TO REBUILD HIGH-GRADE RESOURCES IN COOLGARDIE; POSITION OPERATION FOR A RETURN TO PRODUCTION
Focus Minerals Ltd. (ASX: FML) said today that it is initiating a major new exploration programme at its Coolgardie Gold Project focusing on two primary systems that host multiple high-grade targets, with the aim of extending Coolgardie’s mine life to three years.
The 24 month programme has been devised following a change in exploration strategy after the closure of operations in Coolgardie that has enabled the business to focus on a longer-term exploration horizon.
The programme will focus on four priority target areas ranging from resource extensional drilling to conceptual exploration that are all in close proximity to the Three Mile Hill mill.
“Following the closure of the Coolgardie operations, we were able to take a clean sheet approach to our exploration programmes,” said Focus Minerals Chairman and Acting CEO, Don Taig.
“Ever since we went into production at the high-grade underground Perseverance orebody in 2008, we have essentially been chasing our tail on the exploration front with a constant need to weight the focus of our exploration programmes to short-term tonnes to feed the mill.
“We’ve now had our exploration team start afresh with a remit of looking to target high-grade targets that have scale, continuity and underground potential.
“We now have a four phase plan over the next 24 months that will see a really concentrated focus on an area that has had proven, high-grade underground mining success.
Four Initial target areas in the first phase of drilling are:
1. Brilliant Deeps
The Brilliant trend contains existing resources and known mineralisation along a 2.6km corridor from Brilliant to King Solomon. A number of initial holes have been designed in a programme to extend the Brilliant resource at depth including testing beneath the State Battery. Historic drill intercepts include: 8m @ 20.7g/t Au and 7m @ 3.7g/t Au.
2. Bayleys to Hanover
Bayley’s Reward was the first gold discovery on the Coolgardie field, in 1892. The Bayleys Line extends over 2.5km with reef-style lodes that have produced over 300,000oz @ 16.1g/t Au. There has been little exploration beyond the immediate mine area. The initial programme will therefore test the Bayleys Line between Bayleys and Hanover where historic RC drilling has returned 7m @ 19.64g/t and 7m @ 94.76g/t. Subsequent drilling is then planned along this line at Cosgrove and Golden Bar to test other positions.
3. Perseverance North
The Perseverance deposit has been successfully mined underground producing in excess of 100,000oz @ 11.7g/t Au. The drill targets that will be tested north of Perseverance have been less well-defined by previous drilling. The exploration programme represents an excellent conceptual model for a style of high-grade mineralisation that remains under-explored in the area.
4. Kings Cross analogues: Redemption & Lady Luck
The historic Kings Cross mine was developed on a structured that splayed off the Bayleys line, producing 100,000oz at 5.64g/t. There are multiple parallel structures to Kings Cross that also cross-cutting the Bayleys Line, some of which host old workings and anomalous gold in drill results. A small drilling program will therefore test two of the areas rated as having high potential: Redemption and Lady Luck.