Firefinch Limited (ASX: FFX) has unveiled an update on the 2022 production plan for the Morila Gold Project in Mali, West Africa.
A strong production performance of 10,874 ounces of gold was delivered for the first quarter of 2022, which is consistent with guidance of 10,000 to 11,500 ounces of gold.
Production is now benefitting from the commencement of mining at N’Tiola which started six weeks ahead of schedule.
The company maintains its guidance for calendar year 2022 of approximately 100,000 ounces of gold.
Forecast production for the remainder of the year is as follows:
• Q2: 17,000 – 20,000 ounces of gold
• Q3: 30,000 – 35,000 ounces of gold
• Q4: 36,000 – 40,000 ounces of gold F
“After a year in the role as Managing Director, I am very pleased to report we have delivered on our plan of transitioning from tailings reprocessing to hard rock mining,” Managing Director, Dr Michael Anderson, said.
“Our Q1 2022 gold production of 10,874 ounces comfortably met guidance and pleasingly was delivered injury free. We are on the brink of benefitting from the mining of the Morila Super Pit and N’Tiola, both of which have commenced ahead of schedule.
“We are confident to maintain our 2022 production guidance for Morila at 100,000 ounces of gold and it is exciting to look forward to annualised production rates in H2 2022 in excess of 140,000 ounces.
“We are also refreshing the Life of Mine Plan and intensifying drilling as we seek to fully test the potential of Morila and its satellite ore bodies.”
Dr Anderson said the company anticipates an increase in gold production in the second half of 2022, underpinned by production from the Morila Super Pit, which supports a material uplift in grade. Other ore sources are the Viper and N’Tiola satellite deposits.
Tailings and other ore sources will be wound down during Q2. The mining of waste and removal of waste dumps at the Morila Super Pit, and waste mining at the satellite pits, is ramping up to the rate required to support production from the Morila Super Pit and its satellite pits at the forecast higher rates towards the end of 2022.
2022 Production Plan
Quarter 2: the Viper satellite pit will continue to be the primary ore contributor with grade increasing as mining moves from oxide ore to fresh ore. Ore will also present at the Morila Super Pit during the quarter. The cutback at N’Tiola will be completed during the quarter and importantly in-pit tailings repatriation will commence from the Morila Super Pit.
Quarter 3: the Morila Super pit ore contribution will increase and become the primary ore source with an ongoing contribution from Viper and an increasing contribution from N’Tiola.
Quarter 4: the Morila Super Pit and N’Tiola will continue to be the primary ore sources. First ore will present from the Beledjo satellite pit, a greenfield pit with near surface ore. Beledjo will make a healthy contribution to the 2023 production plan.
Commencement of Mining at N’Tiola
Mining operations commenced at the N’Tiola deposit on 31st March 2022. This is the fourth mining area opened up by Firefinch after Morila Pit 5, Viper and the Morila Super Pit.
Mining at N’Tiola commenced six weeks ahead of schedule and is being carried out in collaboration with EGTF, a Malian owned and operated business. The EGTF partnership at Morila commenced on day one of Firefinch’s ownership (15th November 2020) and EGTF have successfully mined and hauled more than 6 million tonnes of waste and ore to date.
To date the contract value with EGTF is in excess of US$22 million and we are pleased that we have been to be able to ensure significant economic benefit to the Malian community as a result of engaging a Malian owned and operated contractor.
Given their successful performance over the past 18 months EGTF have been awarded an additional 12-month contract to undertake mining at the satellite pits.
For further information please visit: https://firefinchltd.com/
