Hi,
the following was cut and pasted from FML website:
Second gold bearing system emerging at Lake Cowan
Focus Minerals Ltd (“Focus”, “FML”, “Company”) has identified a second
gold bearing system 3km east, and parallel to the Treasure Island
mineralised zone, Lake Cowan, located ~50km southeast of Kambalda, WA.
The new gold system has been discovered through aircore drilling over a
prominent N-NE fault structure evident on detailed airborne magnetics but
covered by lake sediments. The new gold zone represents a gold anomaly
(defined by >50ppb assays) defined over 1.2km in length, which remains
open along strike and at depth. Some of the latest assays include: 7m @
518ppb (0.5g/t Au) from 32m; 12m @ 229ppb from 8m; and 4m @ 265ppb
from 44m; which are considered highly anomalous to background. Though,
very much early days, a coherent zone of shallow mineralisation is emerging
with many holes terminating within mineralisation; further work is required.
Unseasonal rainfall over the region has hindered exploration with higher than
normal water levels on the lake surface causing some access issues;
conditions are improving with FML hopeful that final results from the
preliminary aircore drilling will become available in early CY2012. Over 84%
of the aircore holes drilled are awaiting assays. The next stage of planned
exploration involves infill aircore drilling to better define the gold
mineralisation, which will then be tested by diamond drilling.
More high-grade gold at „Blind Pew?; Palaeochannel to test
At the Blind Pew prospect, located at the southern end of Treasure Island,
Focus has identified gold in laminated quartz veins with recently completed
diamond drilling intersecting additional zones of narrow, high-grade (up to
24g/t Au) gold mineralisation. The quartz veins at this prospect are up to
15m thick and remain open along strike and at depth and can be traced over
a few hundred metres in length. More detailed exploration is planned,
including the application of ground based geophysics (sub audio magnetics).
Focus has also identified a palaeochannel system to the north of Treasure
Island. The system drains from the north and has the potential for alluvial
gold mineralisation (though untested). Preliminary land-based aircore drilling
is expected to commence in December 2011.
Integrating Crescent acquisition; retain Buy recommendation
In October 2011, Focus completed its off-market takeover of Laverton gold
producer Crescent Gold (CRE), for an 81.6% interest. The acquisition
provides a platform of production growth, while diversifying operations and
effectively doubling the Company?s resource base. The integration of the
Laverton operations has commenced with Focus concentrating on delivering
higher grade ore feeds to the Granny Smith mill (under an OPA) and
reducing costs. In the September quarter 2011, CRE produced 21.9Koz at
est. total cash costs of A$1440/oz, which was an improvement on the
previous quarter but still at the high-cost end for producers. With operational
improvements and ore grade increases cash costs are expected to be
lowered. FML?s Coolgardie operations contributed 21.9Koz at A$944/oz cash
operating costs (C1 costs plus royalties), for Group production of 35.6Koz.
The Treasure Island project remains an exciting early-stage exploration play
that has the potential to yield a number of significant-sized gold deposits. We
continue to recommend FML as Buy with a price target of 12cps.
DYOR
K
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