Firefinch (FFX) has increased the mineral resource for the Morila gold deposit in Mali by over one million ounces.
The Morila Gold Mine is one the world’s great open pit gold mines, having produced over 7.5Moz of gold since 2000 at grades that were among the highest in the world, earning it the moniker. The mineral resource now stands at 66.7 million tonnes at 1.55 grams per tonne gold for 3.33 million ounces of gold.
Global mineral resources
As a result of the update, the global mineral resources for the project now stand at 73.5 million tonnes at 1.52g/t gold for 3.58 million ounces of gold. The update includes recent drilling results from the Morila Super Pit, particularly from the MidWest and Morila East zones of the deposit.
The company said its increased confidence from the update provides a robust basis for medium-term and long-term mine planning and evaluation of the Morila operations. The firm intends to complete a study into underground mining at Morila which will confirm the economics of an underground operation and determine the cut-off grades, to be used for the underground resource.
Drilling operations have ceased at Morila, however, samples from the drilling program are still being processed and assayed. Recent results from the MidWest zone are from drilling which tested the extents of mineralisation intersected with best results including 4.2 metres at 10.6 g/t gold from 294.6 metres including two metres at 20.8 g/t gold and 22.1 metres at 3.21 g/t gold including 1.9 metres at 17.5 g/t gold. Shares in Firefinch last traded at 20 cents since its shares were put into suspension on June 23.