Focus Minerals provides regional exploration update on Coolgardie
Western Australian gold explorer Focus Minerals (ASX: FML) has announced results of RC drilling completed in the June quarter at its Coolgardie Gold Project.
The drilling program, carried out in the last quarter, was part of the Company’s ongoing exploration efforts to maintain and add value to the Coolgardie Project, which is subject to an Exclusivity Deed1 with Intermin Resources (ASX: IRC), now known as Horizon Minerals Ltd (ASX: HRZ) (Horizon).
Under the terms of the proposed sale of the Coolgardie Project to Intermin, Focus will receive A$40 million in cash and Horizon shares payable over 3.5 years (Proposed Transaction).
Both Horizon and Focus remain fully committed to the Proposed Transaction and are in the process of securing the necessary approvals and finalising the documentation.
The latest results of Focus’ RC drilling at the Coolgardie Project returned the following significant intersections calculated with 0.5g/t Au cut off and up to 2m internal dilution:
· Dolerite NW prospects Emu Hill and Ada including:
· 19ADRC002 – 5m @ 2.58g/t from 58m
· 19EMRC001 – 6m @ 1.65g/t from 57m
· Nepean along more than 800m N-S strike including:
· 19NPRC004 – 1m @ 5.23g/t from 28m
· 19NPRC001 – 1m @ 1.08g/t from 81m
· Jolly Britton prospect:
· 19JBRC008 – 1m @ 1.0g/t from 43m
· 19JBRC010 – 2m @ 1.98g/t from 65m
· Garden Gully prospect:
· 19GGRC001 – 1m @ 2.27g/t from 25m
Commenting on the latest significant intercepts at the Coolgardie Project, Focus Minerals CEO, Mr Zhaoya Wang, said: “The drilling at Dolerite NW has extended the strike of shallow gold mineralisation at both ADA and Emu Hill.
"In addition, a very large gold in soils anomaly at Nepean has been validated by recent wide spaced RC.
"We realise those targets would still require a significant amount of time and effort to determine whether they are commercially viable.
"However, Focus is pleased to potentially preserve the upside by holding a substantial amount of Horizon’s shares, should the Proposed Transaction completes.”