Firefinch Limited (ASX: FFX) has unveiled significant increases in its updated Mineral Resource Estimates (MRE) for the Viper and N’Tiola Deposits within the Morila Gold Project in Mali.
Highlights:
- The Viper Mineral Resource Estimate (MRE) increased by 128% to 3.27 million tonnes at 1.15g/t gold for 119,000 ounces of contained gold
- The N’Tiola MRE increased by 18% to 2.90 million tonnes at 1.03g/t gold for 96,000 ounces of contained gold
- Total Mineral Resources for the Morila Gold Project are now 2.5 million ounces of gold
The substantial increase in resources at both Viper and N’Tiola are a result of systematic drilling efforts at these deposits since Firefinch acquired Morila.
Historical drilling focussed on near surface mineralisation and consequently only a portion of these deposits was adequately drill tested.
Results from drilling have led to a re-appraisal of the potential of these mineralised systems, with mineralisation now defined over 1.5km of strike at Viper and further drilling planned for 2022.
“We set out to develop the satellite pits into a solid and confident source of ore to bridge between the tailings treatment operation that we inherited to full production form the Morila Super Pit,” Managing Director, Dr Michael Anderson, said.
“This investment in drilling has delivered that with now over 200,000 ounces of resource in these two deposits alone and we expect a solid increase in Reserves at these pits to follow. We are already delivering ore from Viper as we start to ramp up to full production from Morila.”
Viper
The updated Mineral Resource Estimate at Viper is 3.23 million tonnes at 1.15g/t gold for 119,000 ounces of gold, compared to the previous estimate of 1.55 million tonnes at 1.05g/t gold for 52,000 ounces of gold. This includes 2.47 million tonnes at 1.16g/t gold for 93,000 ounces of gold in the Measured and Indicated categories.
The Viper Deposit is located some 26 kilometres from Morila and is accessed via a haul road from the plant.
Approximately 0.81 million tonnes at a grade of 1.19g/t gold were previously mined from two small open pits at Viper and treated by Morila in 2018-2019 for 31,000 ounces of recovered gold. Mining recommenced at Viper in August 2021 and ore from the deposit is planned to make a substantial contribution to the mill feed in 2022 – 2023.
Mineral Resources for Viper were estimated based on 39,591 metres of drilling in 506 holes drilled by Firefinch, as well as prior drilling of 20,530 metres in 516 holes.
Mineralisation at Viper has now been defined over 1.5 kilometres of strike and to depths of 200 metres. Mineralisation remains open at depth and further drilling to test the extents of mineralisation is planned for 2022. There has been little systematic testing for repeats of Viper or parallel structures and systematic exploration is planned for coming years.
N’Tiola
The updated MRE at N’Tiola is 2.90 million tonnes at 1.03g/t gold for 96,000 ounces of gold. This compares to the previous estimate of 2.43 million tonnes at 1.04g/t gold for 81,000 ounces of gold. The Mineral Resource includes 2.55 million tonnes at 1.03g/t gold for 84,000 ounces in the Measured and Indicated categories.
The N’Tiola Deposit is located some 25 kilometres from the Morila plant, some 5 kilometres northeast of the Viper Deposit and is accessed via a haul road. Approximately 0.85 million tonnes at a grade of 1.42g/t gold were previously mined from an open pit at N’Tiola and treated by Morila in 2018-2019 for 39,000 ounces of recovered gold.
Mining at N’Tiola is planned to recommence in the second half of 2022 with ore from the deposit planned to make a substantial contribution to mill feed in 2022-2023. Mineral Resources for N’Tiola were estimated based on 12,025 metres in 179 holes drilled by Firefinch, as well as prior drilling of 38,652 metres in 621 drillholes.
Drilling at N’Tiola in 2021 successfully defined near-surface mineralisation at the northern and southern extremes of the deposit. The near surface mineralisation, especially at the southern end of the deposit, is anticipated to enable bringing forward the planned start of ore mining.
Drilling during 2022 will test for extensions to higher grade zones of mineralisation as well as test parallel zones inferred in geological interpretation.
For further information please visit: https://firefinchltd.com/
