West Australian gold explorer Focus Minerals (ASX: FML) is pleased to announce a maiden Mineral Resource of 45,600 ounces for the Green Light gold deposit, part of the company’s Coolgardie Gold Project (Coolgardie).
Green Light is an emerging deposit at Coolgardie Gold Project, which covers 138km2 of highly prospective tenements on the outskirts of the Coolgardie township in the Goldfields region.
Focus is advancing work to prepare Coolgardie for a resumption of mining operations, as announced last week, and has launched a $45.7 million entitlement offer to raise working capital.
Green Light is a lookalike to the 157,800oz CNX gold deposit, which is along strike. Just like CNX, where the mineralisation is characterised as bulk tonnage with widths between 30m and 45m over a 700m strike, Green Light is shaping as an open pittable resource option for the Coolgardie restart.
The Green Light maiden Mineral Resource is reported on a dry tonnage basis, using a 0.5 g/t Au cut-off to 200mRL (depth of 230m), and comprises 1.22 million tonnes at 1.17 g/t Au for 45,600oz.