Focus Minerals Ltd (ASX:FML) Strong Drill Results Support Open Pit Development Strategy
Perth, Oct 5, 2011 AEST (ABN Newswire) - Australian gold producer Focus Minerals (
ASX:FML) has delivered a strong set of drilling results and posted a maiden Mineral Resource at two surface targets at the Tindals Mining Centre in Coolgardie, supporting its strategy to deliver a sustainable 25-30,000 ounce per annum production from the operation for the next 5 years.
Drilling at the Undaunted and Lady Charlotte targets, both located at the Tindals Mining Centre, has delivered a series of high-grade intercepts including: 5m @ 26.3g/t, 2m @ 25.7g/t, 16m @ 2.7g/t, and 12m @ 3.9g/t.
A 150 metre mineralised strike length has now been outlined at Undaunted and the deposit remains open at depth, with tightly folded mineralised diorites in the area showing strong similarities to Focus' Countess underground operation nearby.
Focus is also pleased to announce that it has established a maiden combined JORC reportable Mineral Resource of 130,000t @ 2.0g/t for 8,250 ounces at Undaunted and 103,000t @ 2.0g/t for 6,500 ounces at Lady Charlotte.
Focus Minerals Chief Executive Campbell Baird said the high-grade intersections and delivery of a maiden resource supported the significant mine life potential for new open pit operations.
"This work has clearly shown the extraordinary gold endowment in the Coolgardie region and the success that comes with a dedication to exploration," said Mr Baird.
"Over the last six months or so we have brought three pits into production and developed a number of targets into significant projects.
"These results indicate promise for ongoing open pit development in accordance with our surface growth strategy."
Drilling at Undaunted targeted previous intercepts from earlier in the year (see ASX release dated 01/03/11) and has identified a mineralised diorite with a strike length of 150m returning significant intercepts including: 16m @ 2.7g/t, 6m @ 4.5g/t and 6m @ 3.1g/t. The program also targeted an area to the south of Undaunted around old workings with multiple significant intercepts including 6m @ 3.8g/t and 3m @ 4.5g/t. The drilling has to date only targeted a depth of 40m and Focus will soon be targeting further results at depth.
Drilling at Lady Charlotte (immediately to the east of Undaunted) has targeted interpreted diorites around some historical intercepts. This has returned a number of high-grade intercepts including: 5m @ 26.3g/t, 2m @ 25.7g/t and 12m @ 3.9g/t. This is the first time Focus has undertaken RC drilling in this location, and highlights the potential in the area.
For the complete Focus Minerals announcement including figures and tables, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-FML-560104.pdf
About Focus Minerals Ltd
With over 3.8Moz of Mineral Resource, Focus Minerals Limited (ASX:FML) has a highly strategic portfolio of assets across Australia's two leading gold producing districts – the Kalgoorlie/Coolgardie belt and Laverton – and the financial muscle to continue to unlock further potential for growth.
| ||
|
