West Australian gold company Focus Minerals Limited (ASX: FML) has unveiled a 2022 Ore Reserve update for the Coolgardie Gold Project.
The Coolgardie project includes 175 sq. km of highly prospective tenements on the outskirts of the Coolgardie township in Western Australia’s Eastern Goldfields.
Highlights:
- A 2022 Ore Reserve of 7.48M tonnes at 1.81 g/t for 436,532 contained ounces has been estimated using a gold price A$2,200 per ounce
- An initial Ore Reserve estimate of 48,500 oz has been completed for the CNX open pit
- New geotech information and mine designs allow reduction of strip ratio of Greenfields and Brilliant pits by 36% and 31% respectively
- To date, only 31% of the total Coolgardie Measured and Indicated Resources have been included in the updated Ore Reserves
- A Life of Mine Plan will be developed based on the 2022 Ore Reserves estimates
This updated Ore Reserve estimate demonstrates an economically viable future for the Coolgardie Gold Operations, with an improvement in overall strip ratio, the addition of CNX deposit and a new underground mine ready for development at Bonnie Vale,” Executive Chairman, Wanghong Yang, said.
“The result of these updated Ore Reserves will provide the platform for Focus to transition from Explorer to Producer.”
Initial Ore Reserves for the Bonnie Vale, Brilliant South and Greenfields deposits were published in the 2020 PFS in September 2020).
Only 31% of the total Coolgardie Measured and Indicated Mineral Resources were considered for the 2022 Ore Reserve estimate.
