West Australian gold explorer Focus Minerals (ASX: FML) says it is well positioned to advance its plan to become a profitable, sustainable and disciplined gold producer after signing off on a year of significant progress at its 100%-owned Laverton Gold Project in the north-eastern Goldfields.
Releasing its 2019 Annual Report today, Focus said it had drilled 559 reverse circulation and diamond holes at Laverton last year for a combined 72,440m as it worked on upgrading and increasing the mineral resources of the Karridale, Beasley Creek and Beasley Creek South, Telegraph and Lancefield North and Wedge deposits, which make up the Stage 1 production plan.
The Laverton project has a mineral resource of 1.1 million ounces, at an average grade of 1.5 grams per tonne. A resource update is expected in the middle of this year. Feasibility work is underway. At December 31, Focus had $13.9 million in cash and equivalents.