Focus Minerals Ltd.

Published : March 26th, 2008

Substantial Resource Upgrade for Countess Gold Deposit, Coolgardie

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Focus Minerals Limited (ASX: FML)

 

ASX RELEASE                                                  26 March 2008

 

 

SUBSTANTIAL RESOURCE UPGRADE FOR COUNTESS GOLD DEPOSIT, COOLGARDIE

 

 

KEY POINTS

 

  • 70% Increase in overall Countess Resource to 452,900t @ 4.0g/t for 57,700oz.
  • Countess Indicated Resource of 256,200t @ 4.4g/t for 36,000oz.
  • Indicated Resource for combined Tindals Mining Centre increases to 348,900oz.
  • Countess deposit remains open down plunge, to the south and along strike
  • Maiden gold production due to commence at Perseverance in April 2008.

 

Australian-based gold and nickel company Focus Minerals Ltd (ASX: FML) is pleased to announce a substantial increase in Inferred and Indicated Resources at the Company�s Countess Gold Project; located within the Tindals Mining Centre at Focus soon to be 100%-owned Coolgardie Gold Project, Western Australia. 

 

The Resource upgrade at Countess is an increase from the project�s initial JORC-compliant Inferred Resource of 246,000t @ 4.3g/t, for approximately 33,700 contained ounces to a revised Indicated Resource of 256,200t @ 4.4g/t, for an estimated 36,000 ounces and an Inferred Resource of 196,700t @ 3.4g/t, for approximately 21,700 ounces. This equates to a 70% increase in the total Countess Resource to 452,900t @ 4.0g/t for approximately 57,700 contained ounces.

 

The revised Countess Resource will be the subject of a new Feasibility Study, which will ascertain the viability of the new resource and the synergies of potentially mining Countess in conjunction with Perseverance. This represents another significant step towards achieving the Company�s objective of becoming a 100,000 ounce per annum producer at Coolgardie within the next three years.

 

The positive results at Countess further reinforce the potential of the nearby Perseverance Project, where Focus recently announced a 28% upgrade in Indicated Resources to 118,500 ounces. The Company is preparing to commence initial gold production at Perseverance in April after completing a positive Feasibility Study in December 2007.

 

The updated Countess Resource model (see Table 1) is based on 7,940m of drilling in 35 Diamond Core drill holes. The Resource comprises three distinct zones � the West Lode, East Lode and Tindals Deep Lode.

 

The Countess Resource upgrade has increased the current combined Tindals Mining Centre resource inventory - which now stands at more than 0.55 million ounces (Table 2) -  to an Indicated Resource of 3.8 million tonnes at 2.9g/t Au for 348,900 ounces and an Inferred Resource of 2.2 million tonnes at 2.9g/t Au for 208,100 ounces. Historically the deposits comprising this centre have produced a total of 500,000 ounces from both open pit and underground operations.

 

The latest round of exploration drilling - carried out in late 2007 - combined with ongoing validation of historical data, has had a positive impact on the new geological model. The understanding of the West Lode has been significantly improved, with the new information enhancing the geological model.

 

The deposit remains open down plunge, to the south and along strike, and the Company is currently making plans to conduct further step-out drilling to further increase the resource.

 

Commenting on the new resource figures, Focus Minerals� Managing Director, Mr Peter Williams, said: �This is an excellent upgrade to our resource base and comes at an opportune time for Focus as we gear up for our maiden gold production in April this year, initially with ore sourced from the Perseverance deposit."

 

�Given the zones are open along strike, and down plunge to the south, there is still plenty of potential for further upgrades and we will continue with our program of exploration drilling at both Countess itself and the Tindals Mining Centre as a whole,� he added.

ENDS

 

Released by:

On behalf of:

Nicholas Read/Jason Cunningham

Don Taig, Chairman

Peter Williams, Managing Director

Read Corporate
Focus Minerals Ltd

Telephone: (+61-8) 9388-1474

Telephone: (+61-8) 9215-7888

www.readcorporate.com.au

Web: www.focusminerals.com.au

 

 

 

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 form and content in which it appears.

 

 

BACKGROUND INFORMATION � FOCUS MINERALS LTD

 

Focus Minerals Ltd (ASX: FML) is an Australian-based exploration and development group whose focus is to become a significant gold and nickel producer in the Coolgardie-Kalgoorlie-Widgiemooltha region of Western Australia.

 

Focus Minerals is the largest landholder in the Coolgardie Gold Belt located in Western Australia, 560km east of Perth and 35km west of the �Super Pit� in Kalgoorlie-Boulder. More than 2.6 million ounces of gold has been produced from the Coolgardie gold belt alone since 1892. Focus holds the mineral rights to more than 210sq km of tenements including Measured, Indicated and Inferred Resources exceeding 1.65 million ounces of gold as well as the 1.2mtpa Three Mile Hill processing plant.

 

Focus Minerals is also fast tracking development of its wholly-owned Nepean Nickel Project (current estimated resource totalling 591,300t @ 2.2% Ni) located 25km south of Coolgardie. Focus has a view of recommencing mining operations from the historic production centre in 2008.

 

Table 1            - Countess Resource

 

Zone

Category

Tonnes

Au g/t

Ounces

West Lode

Indicated

210,800

4.5

30,600

 

Inferred

24,300

3.8

2,900

East Lode

Indicated

45,400

3.7

5,400

 

Inferred

74,700

2.8

6,600

Tindals Deep Lode

Inferred

97,800

3.9

12,200

Total Indicated

 

256,200

4.4

36,000

Total Inferred

 

196,700

3.4

21,700

 

Resource reported at 2g/t lower cut-off grade

Upper cut of 18g/t used for West Lode, Upper cut of 12g/t used for East Lode, and a Upper cut of 10g/t used for Tindals Deep Lode.

 

Table 2 - Tindals Mining Centre Resources

Indicated

 

 

 

Prospect

Tonnes

Grade (g/t)

Ounces

Dreadnought

3,024,000

2.0

194,400

Perseverance Quartz-Sulphide East

265,000

9.9

84,600

Perseverance Quartz-Sulphide West

103,600

5.9

19,500

Perseverance Footwall West

96,000

4.2

13,000

Perseverance Upper Diorite

26,200

1.6

1,400

Countess - Underground

256,200

4.4

36,000

Total Indicated

3,771,000

2.9

348,900

 

 

 

 

Inferred

 

 

 

Dreadnought

434,500

1.8

24,600

Perseverance Quartz-Sulphide East

92,700

3.0

8,900

Perseverance Quartz-Sulphide West

20,700

3.6

2,400

Perseverance Footwall West

51,700

3.7

6,200

Perseverance Upper Diorite

13,300

2.6

1,100

Perseverance Lower Diorite

17,400

4.3

2,400

Cyanide - Underground

367,000

5.5

65,400

Empress - Underground

129,500

4.7

19,500

Countess Underground

196,700

3.4

21,700

Big Blow Surface

180,000

1.6

9,300

Big Blow UG

88,000

5.0

14,100

Empress/Alicia

550,000

1.5

27,300

Happy Jack

107,000

1.5

5,200

Total Inferred

2,248,500

2.9

208,100

 

 

READ CORPORATE
Public Relations Corporate Communications
T: (+61-8) 9388-1474 | F: (+61-8) 9388-1472 | E: info@readcorporate.com.au | Web: www.readcorporate.com.au 

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Focus Minerals Ltd.

PRODUCER
CODE : FML.AX
ISIN : AU000000FML4
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Focus Min. is a gold development stage company based in Australia.

Focus Min. holds various exploration projects in Australia.

Its main assets in production are COOLGARDIE, TINDALS MINING CENTRE and MOUNT GOLD in Australia and its main exploration properties are NEPEAN MINE, MOUNT (REDEMPTION JV), LAKE COWAN and TREASURE ISLAND in Australia.

Focus Min. is listed in Australia and in Germany. Its market capitalisation is AU$ 53.0 millions as of today (US$ 36.2 millions, € 32.6 millions).

Its stock quote reached its highest recent level on March 05, 2004 at AU$ 9.75, and its lowest recent point on December 21, 2018 at AU$ 0.15.

Focus Min. has 182 750 000 shares outstanding.

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3/31/2015Focus Minerals Limited – Financial Report YE 2014
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