West Australian gold explorer Focus Minerals Ltd (ASX: FML) has announced a significant increase in the JORC 2012 Mineral Resource Estimate for the Karridale gold deposit, part of the Company’s 100%-owned Laverton Gold Project.
The update has been compiled from drilling completed in the September 2019 quarter to target the central part of the Karridale resource.
This updated Karridale Mineral Resource is reported to 180m depth from surface using 0.6g/t Au cut-off and comprises:
Indicated Resource: 14.4 Mt @ 1.39 g/t Au for 644,000 ounces – increase of 317%
Inferred Resource: 2.3 Mt @ 1.32 g/t Au for 99,000 ounces – 81% inferred resource converted
Total Resource: 16.7 Mt @ 1.38 g/t Au for 742,000 ounces – increase of 10% The Mineral Resource is reported on a dry tonnage basis.
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 resource update. A total of 299 drill holes were used, comprising 270 reverse circulation (RC) holes for 53,491m and 29 diamond holes with an RC pre-collar (RCDD) for 10,631m.
The 10% increase in estimated Inferred and Indicated Mineral Resources at Karridale was compiled from 40m x 40m infill of the central part of the resource reported to the ASX on 27 May 2019.
This overall resource increase and majority conversion to indicated status was delivered at a highly competitive cost of $24/ounce.
The closer-spaced drilling converted all inferred resources within the targeted area to indicated status and resulted in a 5% improvement in grade. Indicated Resources at Karridale have increased by more than 300%, or 498,322 ounces, at a cost of $3.30 per Indicated ounce.
The mineralisation at Karridale remains open in all directions.
Commenting on the significant increase in Karridale’s Mineral Resource, Focus Minerals’ CEO, Mr Zhaoya Wang, said: “The mineral resource at Karridale continues to grow and improve with each drilling program, at a low cost of $24 per ounce that represents tremendous value for Focus’ shareholders.
“The Karridale resource remains open in all directions, with substantial under-drilled and unclassified blocks yet to be targeted.
“The large increase in Indicated Resource at Karridale improves our confidence that this project can underpin both Stage 1 and later Stage 2 open pit operations at Laverton.”