Gold explorer Focus Minerals (ASX: FML) has revealed a 25 per cent increase in the Mineral Resource estimate for the Karridale deposit, a key component of its Laverton gold project in Western Australia. To-date, less than half of the Karridale footprint has been drill-tested.
Western Australian gold explorer Focus Minerals (ASX: FML) has announced a significant increase in the JORC 2012 Mineral Resource Estimate for the Karridale deposit, part of the Company’s Laverton Gold Project. The update includes drilling completed in 2018 south of the maiden resource area.
This updated Karridale Mineral Resource is reported to 180m depth from surface using 0.6g/t Au cut-off and comprises:
Indicated Resource: 3.1 Mt @ 1.5 g/t Au for 154,000 contained ounces – increase of 14%
Inferred Resource: 12.6 Mt @ 1.3 g/t Au for 518,000 contained ounces – increase of 28%
Total Resource: 15.7 Mt @ 1.3 g/t Au for 672,000 contained ounces – increase of 25% The Mineral Resource is reported on a dry tonnage basis.
Karridale is one of several significant deposits and prospects across Focus’ Laverton Gold Project, which covers a 507 square kilometre parcel of highly prospective tenements on the outskirts of the Laverton township, in Western Australia’s north-eastern Goldfields. Various companies have drilled at Karridale in the past 40 years.
However, only holes drilled by Focus since 2013 are used in this Mineral Resources. A total of 197 drill holes were used, comprising: 175 Reverse Circulation (RC) holes and 22 diamond holes with an RC pre-collar (RCDD), totalling 45,365m.
Focus is also pleased to announce that the 25% increase in estimated Mineral Resources at Karridale was achieved at a highly competitive discovery cost of $12/oz and; less than 200m depth from the surface. The mineralisation at Karridale remains open in all directions.
Commenting on the increase in Karridale’s Mineral Resource, Focus Minerals CEO, Mr Zhaoya Wang, said: “This is a very pleasing outcome for Focus and based on the success of the successful rounds of drilling that we have carried out at Karridale.
“So far only 40% of the Karridale footprint has been drill-tested, with mineralisation open along strike and depth to highlight the resource growth potential.
“As we continue drilling across our broader Laverton Gold Project area, our confidence is rising that we have the potential to define a regionally significant gold project in the north-eastern Goldfields.”