West Australian gold explorer Focus Minerals (ASX: FML) has announced an 81% increase to the JORC 2012 Mineral Resource for the Greenfields gold deposit as a result of a comprehensive review of the historical resource model that was used in the 2017 Prefeasibility Study.
Overhaul of Greenfields open pit resource model delivers an 81% increase in Mineral Resource;
Underpins Focus’ decision to update Coolgardie Gold Project PFS;
Clear pathway for fast-tracked return by Focus to gold production; and
Part of strategy to fund flagship Laverton Gold Project.
Greenfields is part of Focus’ Coolgardie Gold Project (Coolgardie), which covers 175km2 of highly prospective tenements on the outskirts of the Coolgardie township in the Goldfields.
Focus is currently updating the 2017 PFS with the new Greenfields resource model and a much more favourable gold price. The updated PFS could pave the way for a return to mining at Coolgardie, which would add significant value for the Company’s shareholders as well as generate funding for our flagship development opportunity, the 100%-owned Laverton Gold Project.
Commenting, Focus Minerals’ CEO, Mr Zhaoya Wang, said:
“On behalf of the Board of Directors, I would like to commend the team for the diligent work in reexamining historical data of Greenfields. We look forward to what the new PFS could bring to Coolgardie.
“At the same time, Focus is continuing its exploration efforts at our 100%-owned Laverton Gold Project. In line with our stated commitments, the Laverton PFS study will be completed by December 2020.”