• Gold resources at Countess deposit increase 43% to 71,000oz, taking total underground resources at Tindals Mining Centre to 383,000oz
• Upgrade underpinned by recent high-grade results at Countess including 7.3m at 12.6gpt, 3.4m at 12.5gpt and 13.4m at 5.8gpt; Ore body remains open at depth
• Results show Tindals Mining Centre will continue to be strong long-term cash generator
Gold producer Focus Minerals (ASX: FML) is pleased to advise that the strong production outlook for its Tindals Mining Centre in Coolgardie, WA has been highlighted by more high-grade drilling results and a subsequent 43 per cent increase in gold resources to 71,000 ounces at Tindals’ Countess deposit.
The upgrade takes total underground resources at Tindals to 383,000 ounces (2.6Mt @ 4.5g/t).
High-grade intersections returned at Countess included 7.3m @ 12.6g/t Au, 3.4m @ 12.5g/t and 13.4m @ 5.8g/t with mineralisation appearing to be a consistent thickness and grade over a strike length of more than 100m and remaining open at depth (see figure 1).
Tindals is the engine room of Focus’ cash flow generation, recording a 37 per cent increase in gold production to 21,039oz in the December quarter.
Focus Chief Executive Campbell Baird said the results pointed to a strong future for the Tindals Underground Mine, which has been funding Focus’ wider mine development strategy.
“Tindals continues to deliver solid grades from multiple ore bodies as we have ramped up production,” Mr Baird said.
“The cash generated by Tindals has enabled Focus to pursue an aggressive mine development program that will see the Company open two new mines over the next three months.“This will significantly change our production profile in the first half of this year, putting us on track to produce around 10,000 ounces a month in the second half of the calendar year.
“With three mines, a 2 million-ounce plus resource Inventory and immense exploration upside, Focus is superbly placed to take full advantage of its strong growth prospects.”