Firefinch Limited (ASX: FFX) has published its Mineral Resource and Ore Reserve statement for the Morila Gold Project for the year ending 31st December 2021.
Highlights:
· Morila Gold Project total Mineral Resources of 2.5 million ounces of contained gold
o Indicated 27.4 million tonnes at 1.49g/t gold for 1.3 million ounces
o Inferred 23.2 million tonnes at 1.56g/t gold for 1.2 million ounces
· Total Ore Reserves of 1.1 million ounces of contained gold o Probable Ore Reserves of 23.8 million tonnes at 1.40g/t
· Mineral Resource Estimate for Morila Deposit to be updated during Q2 2022 leading to new Ore Reserves and a re-optimisation of the Life of Mine Plan for Morila
Mineral Resources for the Morila Deposit were published in February 2021.
The company has carried out an extensive drilling campaign at the Morila Deposit which is ongoing as at the date of this statement.
The Mineral Resource will be updated with the results of this drilling during the first half of 2022.
No mining has been carried out at Morila during 2021, with stripping of waste commencing in January 2022, and the Mineral Resource remains current.
Tailings: Mining of the Morila Tailings was carried out during 2021. Mining is largely completed as at the date of this statement, with only minor clean-up of the dam floor remaining. Accordingly the Mineral Resource has been removed from the statement.
Viper: An updated MRE for the Viper Deposit was recently published. The MRE was depleted for mining as at 31st December 2021.
N’Tiola: An updated MRE for the N’Tiola Deposit was recently published. No mining has been carried out at N’Tiola during 2021.
Domba: The MRE for Domba was published in November 2020. No drilling or mining has been carried out at Domba during 2021 and the MRE remains current.
Beledjo-Koting: The MRE for Beledjo-Koting Deposit was published in May 2021. No drilling or mining has been carried during 2021 and the MRE remains current.
A programme of grade control drilling was completed in early 2022, which will be used to refine the resource model for mining purposes. Comparison with previous Ore Reserve Estimates.
The company announced its first Ore Reserves for Morila in May 20217 and these remain current as at the date of this statement. The Ore Reserve for Morila will be updated following the current update to the Morila MRE.
The smaller Ore Reserves for Viper and N’Tiola are currently being updated using the MREs recently released as well as current modifying factors such as prevailing gold price assumptions and actual costs from the Morila operation.
A total of 8,000 ounces was produced from Viper during 2021, with the forthcoming Ore Reserve to be depleted by mining. All other production in 2021 was sourced from areas outside the Ore Reserves (Tailings, Morila Pit 5).
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