New Satellite Resources see Global Mineral Resources at Morila increase to 2.43 Million Ounces
• New Mineral Resource estimates completed for Satellite Deposits (N’Tiola, Viper, Morila Pit
5 and Koting) following intensive drilling campaigns.
• An 80% increase in Mineral Resources for the Satellites to 218,000 ounces of contained gold,
with a 164% increase within the higher confidence Measured and Indicated categories to
190,000 ounces of contained gold.
• Global Mineral Resources at Morila now total 2.43 million ounces of contained gold,
including 1.31 million ounces in the Measured and Indicated categories.
• The new Mineral Resources will enable finalisation of Ore Reserves and a Life of Mine Plan
(LOMP), which are expected to be released in early May 2021.
Firefinch Limited (ASX: FFX) (Firefinch or the Company) is pleased to announce an upgrade to the
Mineral Resources for the satellite deposits (Satellites) within the Morila Gold Project (Morila or the
Project). The Mineral Resources have been estimated utilising all available drilling, including over
30,000 metres of Firefinch drilling completed this year (19,000 metres of drilling at N’Tiola, Viper, and
Pit 5 and over 11,000 metres on the adjacent Massigui Project, principally Koting).
Mineral Resources
The updated Measured, Indicated and Inferred Mineral Resources for the satellite deposits are:
6.2 million tonnes at 1.09g/t gold for 218,000 ounces of contained gold (Table 1).
This compares to 2.5 million tonnes at 1.38g/t gold for 113,000 ounces in the prior Mineral Resource
(refer ASX Announcement 24th November 2020).
This results in an increase in Morila’s Global Mineral Resource (Table 4) to:
50.5 million tonnes at 1.50g/t gold for 2.43 million ounces of contained gold.
190,000 ounces of the satellite resources are now contained within the high confidence Measured
and Indicated categories (5.5 million tonnes at 1.07g/t gold), enabling Ore Reserves and mining
schedules to be finalised to support the re-commencement of open pit mining. The Global Measured
and Indicated Resource at the Morila Project has increased to 28.4 million tonnes at 1.43g/t gold for
1.31 million ounces of contained gold (refer Table 4 and Appendix 1 below).
Firefinch’s Managing Director, Dr Michael Anderson, commented:
“This is an excellent outcome. We aimed to have sufficient satellite feed available to support
operations in the lead up to accessing ore from the Morila Super Pit, and we have delivered. Our
investment in intensive drilling across the known deposits has paid off with this substantial increase
in Satellite Resources. Importantly, we have a significant inventory of Measured and Indicated
Resources on which to base our forthcoming Life of Mine Plan, the blueprint for the production
ramp-up at Morila. Drilling is continuing and we are confident of adding further resources and
reserves. I look forward to keeping shareholders informed of our progress.”
