Significant New Gold & Nickel Targets Identified at Mount
Announced by: FML
Announced on: 02/02/2006 08:31:26
Status: Market sensitive (Y)
PERTH
Level 34 Exchange Plaza
2 The Esplanade
Perth Western Australia 6000
Phone: 61 8 9421 2121
Fax: 61 8 9421 2122
Email:
[email protected]
KALGOORLIE
PO Box 646
Kalgoorlie Western Australia 6430
Phone: 61 8 9021 7600
Fax: 61 8 9021 7556
Email:
[email protected]
MEDIA / ASX RELEASE 2 FEBRUARY 2006
SIGNIFICANT NEW GOLD AND NICKEL TARGETS
IDENTIFIED AT THE MOUNT
AGGRESSIVE FOLLOW-UP DRILLING PLANNED AT KEY DEPOSIT WITHIN REDEMPTION JV
WA-based gold company Focus Minerals Ltd (ASX: FML) and its joint venture partner, Canadian-
based Matador Exploration Inc., continue to generate encouraging exploration results from their
Redemption Joint Venture in Western Australia with results of a program of MMI (Mobile Metal Ion)
geochemistry generating 11 new high-priority gold targets and two nickel targets at The Mount
Project
(370,000 ounces of current resources) near Widgiemooltha, 35km south-west of Kambalda.
The encouraging results from The Mount follow recently announced high-grade drilling results from
the 235,000-ounce Dreadnought Project, one of the other key deposits within the Redemption Joint
Venture which was established last year consolidating ownership of a 210km
2
tenement holding in the
Coolgardie region of Western Australia.
The MMI program at The Mount identified 11 discreet gold anomalies and two areas with high
nickel prospectivity. The gold anomalies lie within two north-west trending corridors that are
coincident with major regional structures with a similar trend to gold mineralization to that defined at
the existing gold resource at The Mount. The areas with high values of nickel occur as distinct layers
within an ultramafic sequence and are interpreted to represent basal members of komatiitic flows.
The MMI sample program, which was completed in late 2005, extended and in-filled limited previous
MMI geochemical sampling conducted over specific targets and EM conductors. The Mount
tenements have now been sampled by MMI geochemistry at a minimum 50m x 50m spacing with 25m
x 50m spacing in priority areas.
Focus Minerals' Managing Director, Mr Peter Williams, said the MMI results were very encouraging
with the joint venture partners planning an aggressive reverse circulation exploratory drilling program
to follow up the MMI anomalies. "Additional field checks and surface rock sampling is currently
underway," he said. "Once this is complete, we will move to begin follow-up drilling."
"The application of MMI geochemistry demonstrates that the Redemption Joint Venture is employing
a broad range of sophisticated exploration techniques to unlock the value of the Coolgardie gold
field," Mr Williams commented.
The Mount Project covers an area of 1,025 hectares and is located in the Norseman-Wiluna greenstone
belt on the eastern margin of the Widgiemooltha Dome, a prolific nickel and gold producing area. The
Mount currently hosts a JORC compliant inferred resource of 2,090,000 tonnes grading 5.5g/t Au for
369,570 contained ounces of gold and has a past production history of 12,180 ounces gold from small-
scale underground and open pit operations.
Gold mineralization at the Mount is hosted in a folded north-northwest trending sequence on mafic
and ultramafic rocks and comprises at least 12 quartz lodes, which are in near vertical, sub-parallel
shears, commonly altered with tourmaline, biotite and carbonates. The newly identified anomalies
occur primarily north and east of the known resource area.
COMPETENT PERSON'S STATEMENT
The information in this report relating to Resources and Reserves are based on work supervised by Mr Chuck McCormick
who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr McCormick has the relevant
experience as a "Competent Person" as defined in the 2004 edition of the Australasian Code for Reporting of Mineral
Resources and Ore Reserves in relation to the mineralisation reported on. Mr McCormick is Exploration Manager of Focus
Minerals Ltd.and consents to the inclusion of the material in the from and content in which it appears.
ENDS
Released by:
On behalf of:
Jan Hope / Nicholas Read
Peter Williams, Managing Director
Jan Hope & Partners
Focus Minerals Limited
Telephone: (+61-8) 9388-1474
Telephone: (+61-8) 9421-2121
Web:
www.focusminerals.com.au
BACKGROUND INFORMATION FOCUS MINERALS LIMITED
Focus Minerals Limited (ASX Ticker: FML) is an Australian-based exploration and development group whose
focus is to become a significant gold producer in the Coolgardie region of Western Australia.
Through its Redemption Joint Venture with Canadian-based Matador Exploration Inc, Focus Minerals is the
largest landholder in the Coolgardie Gold Belt located in Western Australia, 560km east of Perth and 35km
south of the "Super Pit" in Kalgoorlie. Over 2.6 million ounces of gold has been produced from the Coolgardie
gold belt alone since 1892.
The Redemption Joint Venture has the mineral rights to more than 210km
2
of under-explored greenstone
tenements including Indicated and Inferred Resources totaling 1.4 million ounces of gold (Indicated Resource of
5.32 million tonnes at 1.8g/t gold for 315,720 ounces and Inferred Resource of 13.7 million tonnes at 2.5g/t gold
for 1,080,825 ounces), located in one of the world's most significant gold and nickel mining regions.
The Redemption Joint Venture also has a 100% interest in the fully permitted, 1.2mtpa Three Mile Hill
processing plant. Matador is sole funding A$8 million of exploration expenditure at Coolgardie in stages over
three years with a first-year minimum commitment of A$2.7 million. The overall objective of the Redemption
Joint Venture is to define sufficient reserves to enable the Three Mile Hill Plant to operate at full capacity with 5
years of scheduled ore treatment, providing cash flow to further explore the surrounding highly prospective gold
belt. To this end, the Redemption Joint Venture has already initiated scoping studies on key deposits within its
tenements to determine the viability of reactivating the Three Mile Hill plant.
ENDS
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