We have bucket loads of gold and zero reasons to not be mining it.Focus Minerals
Focus Minerals (ASX: FML; US-OTC: FCSUF) has two 100%-owned gold projects in Western Australia — Coolgardie and Laverton. Total resources in all categories at both projects contain 6.1 million oz., not an inconsiderable amount. At Coolgardie, the resource includes 1.4 million measured tonnes grading 2.3 grams gold per tonne, 18.1 million indicated tonnes grading 2.3 grams gold per tonne, and 15.3 million inferred tonnes grading 2.1 grams gold per tonne. The total contained gold is close to 2.5 million ounces.
Coolgardie, Goldfields, Western Australia. Stock image.An updated prefeasibility study for Coolgardie outlines proven and probable reserves of 6.6 million tonnes grading 1.97 grams gold for 422,000 ounces. About A$28 million ($20.8 million) of the A$48 million ($35.7 million) pre-production capex budget is to be spent rehabilitating the existing Three Mile Hill mill and tailings containment. The remaining A$20 million ($14.8 million) will go toward the development of two open pits and an underground mine. The project carries an after-tax net present value at a 7.5% discount rate of A$183 million ($136 million) and an internal rate of return of 71%.
Focus is the largest landholder in the Coolgardie camp, and has explored only 2% of the area so far. The company is planning an exploration program to test the potential for new, higher grade orebodies near the mill as well as a regional program near Coolgardie.
The Laverton property includes the high-grade underground Lancefield gold mine as well as several large open pits that have been mined by Focus and its predecessors. Focus is interested in expanding open pit resources, testing underground targets, and exploring targets that could lead to large-scale bulk mining at Laverton.
A prefeasibility study for the first stage of production at Laverton was completed in March. With a refurbished Barnicoat mill, the project metrics include a pre-tax net present value (5% discount rate) of A$132 million ($98 million) based on mining oxide and transition material in five deposits.
The Laverton resource includes 921,000 measured tonnes grading 2 grams gold per tonne, 42.4 million indicated tonnes at 1.6 grams gold, and 17.9 million inferred tonnes grading 2.5 grams gold. There are an estimated 3.6 million oz. of gold in all categories.
Focus is concentrating its efforts on transitioning both Coolgardie and Laverton to mine-ready projects by growing its resource base and preparing for eventual mining.
GD
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