West Australian gold explorer Focus Minerals (ASX: FML) today announced a Mineral Resource update for the CNX deposit, part of the Coolgardie gold project in WA, and plans for imminent extension drilling.
HIGHLIGHTS:
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Open Pit Mineral Resource at CNX increased by 173% following new geological interpretation and review.
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Updated resource improves Coolgardie’s already robust $183m PFS NPV.
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CNX stockwork mineralisation sub-crops and averages 30-46m width.
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Strong potential for structural and geological continuity.
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Intervening 350m inferred strike yet to be drill-tested.
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New Exploration Target to be assessed during 1st half of 2021.
Coolgardie covers 175km2 of highly prospective tenements on the outskirts of the Coolgardie township in the Goldfields region. An updated Pre-Feasibility Study (PFS) delivered a NPV7.5% of $183 million.
CNX (formerly Caledonia North Extended) is immediately north-west along strike to the Three Mile Hill open-cut mine. The mineralisation sub-crops over a drill-defined strike of 680m. Twin hole and minor extension drilling at CNX is underway ahead of a resource reclassification. The updated CNX open pit Mineral Resource is reported on a dry tonnage basis using 0.7 g/t Au cut off to 290mRL and a southern strike extent cut off to 6,577,490N (MGA94, Zone 51).
Commenting on the CNX Mineral Resource update, Focus Minerals’ CEO, Mr Zhaoya Wang, said:
“Our technical team continues to deliver outstanding results by applying modern geology and technical know-how to our Coolgardie and Laverton gold projects. CNX is ideally located to supply our Three Mile Hill plant, which will be the centrepiece of a proposed restart of gold mining operations at Coolgardie. The addition of CNX bulk mineralisation will greatly enhance our mining plans.”
