Focus Minerals (ASX:FML) has completed Stage 2 drilling of...

Focus Minerals (ASX:FML) has completed Stage 2 drilling of Bonnie Vale in Coolgardie, Western Australia. 

Highlight results include 5 meters at 17.8 g/t gold.

The purpose of Stage 2 was to test the potential of additional mineralisation down-dip and along strike of the main mineralised structures and follow up the significant intersections earlier this year, which included 6 metres at 9.45 g/t.

Focus is currently planning additional drill holes to test the size and grade of the quartz reefs delineated in Stages 1 and 2 of the Bonnie Vale exploration.

Focus also owns the 1.45Mtpa Barnicoat mill in Laverton which has been on care and maintenance since 2009.

In addition to its gold interests, Focus and Cobre Montana (ASX:CXB) have started the Coolgardie Rare Metals Venture to evaluate lithium and rare metals within their 20 prospecting licences and 2 mining leases.

These cover Lepidolite Hill where, in addition to lithium, the mica contains high concentrations of rubidium as well as Tantalum Hill, a well-documented tantalite occurrence.

Cobre is sole funding exploration to the point of committing to a definitive feasibility study within five years of the commencement date.

The company is certainly well capitalised, holding around $80 million in cash within a capitalisation of $130 million.