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FOCUS MINERALS LTD — Interim / Quarterly Report 2021
Jul 29, 2021
64932_rns_2021-07-29_70524cce-ba2b-4d3f-bb8a-9a0e28442b44.pdf
Interim / Quarterly Report
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Market Announcement
30 July 2021
Quarterly Activities Report for June 2021 Quarter
Highlights:
-
30% increase to Coolgardie Gold Project deposit CNX’s Inferred and Indicated Mineral Resource including conversion of 2.2Mt @ 1.5g/t for 105Koz to Indicated status
-
Confirmed at least 400m strike of CNX-style mineralisation from surface at the emerging Green Light deposit
-
18% increase for Coolgardie deposit’s Big Blow deposit’s Inferred and Indicated Mineral Resource
-
Coolgardie deposit Happy Jack’s Mineral Resource updated
-
Coolgardie feasibility works progressing well
-
Total exploration expenditure for the quarter: $3.5m
-
Cash (unrestricted) as at 30 June 2021: $10.91m
West Australian gold explorer Focus Minerals ( ASX: FML ) ( Focus or the Company ) is pleased to provide its Quarterly Activities Report for the quarter ended 30 June 2021.
Most of the Company’s activities during the quarter were centred on the Coolgardie Gold Project ( Coolgardie ) though Focus also carried out work to advance its Laverton Gold Project ( Laverton ).
During the quarter, Focus completed 44 reverse circulation (RC) holes/pre-collars for 6,632m and 34 diamond holes/tails for 6,542.34m drilling at Coolgardie. The drilling was completed for:
-
Feasibility/permitting purposes including geotech, hydrogeology and metallurgical data/sampling;
-
Resource development activities; and
-
Exploration and tenement management.
Other activities included ongoing Mineral Resource reviews at Coolgardie.
Coolgardie Gold Project
| Classification | Tonnage (Mt) | Au Grade(g/t) | Au Moz | Increase |
|---|---|---|---|---|
| Total Measured | 1.4 | 2.3 | 0.10 | 0% |
| Total Indicated | 20.4 | 2.2 | 1.47 | +7% |
| Total Inferred | 14.1 | 2.1 | 0.95 | -10% |
| Total Mineral Resource |
35.9 | 2.2 | 2.52 | +1% |
Total Coolgardie Measured, Indicated and Inferred Resources including Mineral Resources updated in the June 2021 Quarter for CNX, Big Blow and Happy Jack
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Figure 4: Coolgardie location map highlighting deposits included in the 2020 Coolgardie PFS, Mineral Resources currently under review and the updated CNX open pit Mineral Resource.
Activity summary
-
Coolgardie Gold Project feasibility works progressing well;
-
44 RC holes/pre-collars for 6,632m and 34 DD holes/tails for 6,542.34m drilling at Coolgardie;
-
• Diamond drilling at CNX was predominantly designed for feasibility purposes including:
-
geotech – preliminary wall angle for feasibility pit design;
-
metallurgical sampling to determine hardness/abrasive index;
-
test the Mineral Resource ahead of a proposed resource update; and
-
Next phase of CNX resource development is underway;
-
Geotech review underway to determine pit wall angles at Big Blow/Happy Jack;
-
Geotech drilling/logging at Alicia to determine pit wall angles;
-
Hydrogeological drilling at Alicia, Big Blow, Dreadnought and Brilliant;
-
Brilliant South infill resource development and geotech drilling completed and results expected in the September 2021 Quarter;
-
Strong results from Coolgardie drilling (calculated using 0.5 g/t cut off, up to 3m internal dilution) include:
-
CNX
-
21CNDD004 20m @ 5.2g/t from 178m for (GxM 104)
-
21CNRD027 10m @ 7.14g/t from 185m for (GxM 71)
-
21CNRC026 15m @ 2.57g/t from 95m for (GxM 38)
-
21CNRC026 10m @ 3.27g/t from 118m for (GxM 33)
-
-
Green Light
-
21CNRC015 19m @ 1.93g/t from 64m for (GxM 37)
-
21CNRC001 33m @ 0.89g/t from 87m for (GxM 29)
-
21CNRC017 14m @ 1.57g/t from 202m for (GxM 22)
-
21CNRC030 12m @ 1.42g/t from 33m for (GxM 17)
-
-
-
Mineral Resource review underway for Brilliant South to incorporate new drilling for the September Quarter 2021;
-
Maiden Mineral Resource being compiled for Greenlight by the December 2021 Quarter;
-
Next CNX Mineral Resource update is due by the December 2021 Quarter; and
-
Continued exploration success paves way for stronger resource position to underpin a resumption of gold production at Coolgardie.
Laverton Gold Project
| Classification | Tonnage (Mt) | Au Grade(g/t) | Au Moz |
|---|---|---|---|
| Total Measured | 0.9 | 1.99 | 0.06 |
| Total Indicated | 42.4 | 1.56 | 2.12 |
| Total Inferred | 17.9 | 2.52 | 1.45 |
| Total Mineral Resource | 61.3 | 1.85 | 3.64 |
| Total Laverton Measured, Indicated and Inferred Resources |
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Figure 1: Key Laverton deposits under review and Stage 1 PFS results.
Activity summary
-
Beasley Creek and Beasley Creek South Mineral Resources prepared for updating in the December 2021 Quarter;
-
Craigiemore-to-Mary Mac Hill trend Mineral Resource prepared for update to JORC 2012 compliance in the December 2021 Quarter; and
-
West Laverton-to-Bulldog trend Mineral Resource prepared for update to JORC 2012 compliance in the December 2021 Quarter.
Corporate
During the quarter, Focus spent about $3.5m on exploration activities including drilling, assays, payments to consultants and exploration personnel.
On 19 May, Focus announced its intention to progress mining approvals for the Coolgardie Gold Project. The Company has engaged 360 Environmental to provide support in gaining environmental and health and safety approvals through the Department of Mines and Industry and the Department of Water and Environmental Regulations.
On 31 March, Focus published its Annual Report for the year ended 31 December 2020. The Company held its Annual General Meeting on 28 May.
Per ASX Listing Rule 5.3.5, Focus paid $230,000 to related parties of the Company and their associates, covering Executive Directors’ salaries, non-Executive Directors’ fees, superannuation and rent for the CEO.
As at 30 June, the Company’s cash position is as follows:
| Cash at Bank and Deposits Cash held on bond Total Cash and Equivalents |
$10.913m $13.535m |
|---|---|
| $24.448m |
Tenement Movements during the Quarter
Coolgardie Gold Project
| Tenement | Location | Percentage as at 1 April 2021 |
Percentage as at 30 June 2021 |
Note |
|---|---|---|---|---|
| M15/0150 | Bayleys | 100% | 100% | |
| M15/0630 | Bayleys | 100% | 100% | |
| M15/1434 | Bayleys | 100% | 100% | |
| M15/1788 | Bayleys | 100% | 100% | |
| P15/5717 | Bayleys | 100% | 100% | |
| P15/5995 | Bayleys | 100% | 100% | |
| P15/6254 | Bayleys | 100% | 100% | |
| P15/6256 | Bayleys | 100% | 100% | |
| M15/0277 | Bonnie Vale | 100% | 100% | |
| M15/0365 | Bonnie Vale | 100% | 100% | |
| M15/0595 | Bonnie Vale | 100% | 100% | |
| M15/0662 | Bonnie Vale | 100% | 100% | |
| M15/0711 | Bonnie Vale | 100% | 100% | |
| M15/0770 | Bonnie Vale | 100% | 100% | |
| M15/0852 | Bonnie Vale | 100% | 100% | |
| M15/0857 | Bonnie Vale | 100% | 100% | |
| M15/0877 | Bonnie Vale | 100% | 100% | |
| M15/0981 | Bonnie Vale | 100% | 100% | |
| M15/1384 | Bonnie Vale | 100% | 100% | |
| M15/1444 | Bonnie Vale | 100% | 100% | |
| M15/1760 | Bonnie Vale | 100% | 100% | |
| M15/1853 | Bonnie Vale | 0% | 0% | Under application |
| P15/5159 | Bonnie Vale | 100% | 100% | |
| P15/5702 | Bonnie Vale | 100% | 100% | |
| P15/5703 | Bonnie Vale | 100% | 100% | |
| P15/5704 | Bonnie Vale | 100% | 100% | |
| P15/6598 | Bonnie Vale | 0% | 0% | Under application |
| G15/0007 | Infrastructure | 100% | 100% | |
| G15/0046 | Infrastructure | 0% | 0% | Under application |
| L15/0027 | Infrastructure | 100% | 100% | |
| L15/0028 | Infrastructure | 100% | 100% | |
| L15/0034 | Infrastructure | 100% | 100% | |
| L15/0042 | Infrastructure | 100% | 100% | |
| L15/0051 | Infrastructure | 100% | 100% | |
| L15/0059 | Infrastructure | 100% | 100% | |
| L15/0063 | Infrastructure | 100% | 100% | |
| L15/0077 | Infrastructure | 100% | 100% | |
| L15/0078 | Infrastructure | 100% | 100% | |
| L15/0088 | Infrastructure | 100% | 100% | |
| L15/0090 | Infrastructure | 100% | 100% | |
| L15/0095 | Infrastructure | 100% | 100% | |
| L15/0096 | Infrastructure | 100% | 100% | |
| L15/0114 | Infrastructure | 100% | 100% | |
| L15/0116 | Infrastructure | 100% | 100% | |
| L15/0119 | Infrastructure | 100% | 100% |
| Tenement | Location | Percentage as at 1 April 2021 |
Percentage as at 30 June 2021 |
Note |
|---|---|---|---|---|
| L15/0122 | Infrastructure | 100% | 100% | |
| L15/0123 | Infrastructure | 100% | 100% | |
| L15/0126 | Infrastructure | 100% | 100% | |
| L15/0127 | Infrastructure | 100% | 100% | |
| L15/0130 | Infrastructure | 100% | 100% | |
| L15/0161 | Infrastructure | 100% | 100% | |
| L15/0164 | Infrastructure | 100% | 100% | |
| L15/0168 | Infrastructure | 100% | 100% | |
| L15/0169 | Infrastructure | 100% | 100% | |
| L15/0171 | Infrastructure | 100% | 100% | |
| L15/0172 | Infrastructure | 100% | 100% | |
| L15/0173 | Infrastructure | 100% | 100% | |
| L15/0174 | Infrastructure | 100% | 100% | |
| L15/0175 | Infrastructure | 100% | 100% | |
| L15/0177 | Infrastructure | 100% | 100% | |
| L15/0179 | Infrastructure | 100% | 100% | |
| L15/0186 | Infrastructure | 100% | 100% | |
| L15/0193 | Infrastructure | 100% | 100% | |
| L15/0194 | Infrastructure | 100% | 100% | |
| L15/0200 | Infrastructure | 100% | 100% | |
| L15/0211 | Infrastructure | 100% | 100% | |
| L15/0283 | Infrastructure | 100% | 100% | |
| L15/0294 | Infrastructure | 100% | 100% | |
| L15/0371 | Infrastructure | 100% | 100% | |
| L15/0403 | Infrastructure | 0% | 0% | Under application |
| L15/0405 | Infrastructure | 0% | 0% | Under application |
| L15/0421 | Infrastructure | 0% | 0% | Under application |
| E15/0986 | Lake Cowan | 100% | 100% | |
| G15/0043 | Lake Cowan | 0% | 0% | Under application |
| L15/0408 | Lake Cowan | 0% | 0% | Under application |
| M15/1882 | Lake Cowan | 0% | 0% | Under application |
| P15/5964 | Londonderry | 100% | 100% | |
| P15/5966 | Londonderry | 100% | 100% | |
| P15/5967 | Londonderry | 100% | 100% | |
| P15/5968 | Londonderry | 100% | 100% | |
| P15/5969 | Londonderry | 100% | 100% | |
| P15/5970 | Londonderry | 100% | 100% | |
| P15/5971 | Londonderry | 100% | 100% | |
| P15/5972 | Londonderry | 100% | 100% | |
| P15/6118 | Londonderry | 100% | 100% | |
| P15/6119 | Londonderry | 100% | 100% | |
| P15/6120 | Londonderry | 100% | 100% | |
| P15/6121 | Londonderry | 100% | 100% | |
| P15/6122 | Londonderry | 100% | 100% | |
| P15/6123 | Londonderry | 100% | 100% | |
| P15/6176 | Londonderry | 100% | 100% | |
| P15/6177 | Londonderry | 100% | 100% | |
| P15/6178 | Londonderry | 100% | 100% | |
| M15/0385 | Lord Bob | 100% | 100% | |
| M15/1789 | Lord Bob | 100% | 100% |
| Tenement | Location | Percentage as at 1 April 2021 |
Percentage as at 30 June 2021 |
Note |
|---|---|---|---|---|
| P15/5712 | Lord Bob | 100% | 100% | |
| P15/5939 | Lord Bob | 0% | 0% | Under application |
| P15/6102 | Lord Bob | 100% | 100% | |
| M15/0384 | Norris | 100% | 100% | |
| M15/0515 | Norris | 100% | 100% | |
| M15/0761 | Norris | 100% | 100% | |
| M15/0791 | Norris | 100% | 100% | |
| M15/0871 | Norris | 100% | 100% | |
| M15/1153 | Norris | 100% | 100% | |
| M15/1422 | Norris | 100% | 100% | |
| M15/1793 | Norris | 100% | 100% | |
| P15/5807 | Norris | 100% | 100% | |
| P15/6002 | Norris | 100% | 100% | |
| P15/6033 | Norris | 100% | 100% | |
| P15/6605 | Norris | 0% | 0% | Under application |
| M15/0154 | Three Mile Hill | 100% | 100% | |
| M15/0636 | Three Mile Hill | 100% | 100% | |
| M15/0645 | Three Mile Hill | 100% | 100% | |
| M15/0781 | Three Mile Hill | 100% | 100% | |
| M15/0827 | Three Mile Hill | 100% | 100% | |
| M15/1341 | Three Mile Hill | 100% | 100% | |
| M15/1357 | Three Mile Hill | 100% | 100% | |
| M15/1358 | Three Mile Hill | 100% | 100% | |
| M15/1359 | Three Mile Hill | 100% | 100% | |
| M15/1432 | Three Mile Hill | 100% | 100% | |
| M15/0023 | Tindals | 100% | 100% | |
| M15/0237 | Tindals | 100% | 100% | |
| M15/0410 | Tindals | 100% | 100% | |
| M15/0411 | Tindals | 100% | 100% | |
| M15/0412 | Tindals | 100% | 100% | |
| M15/0646 | Tindals | 100% | 100% | |
| M15/0660 | Tindals | 100% | 100% | |
| M15/0675 | Tindals | 100% | 100% | |
| M15/0958 | Tindals | 100% | 100% | |
| M15/0966 | Tindals | 100% | 100% | |
| M15/1114 | Tindals | 100% | 100% | |
| M15/1262 | Tindals | 100% | 100% | |
| M15/1293 | Tindals | 100% | 100% | |
| M15/1294 | Tindals | 100% | 100% | |
| M15/1433 | Tindals | 100% | 100% | |
| M15/1461 | Tindals | 100% | 100% | |
| P15/5949 | Tindals | 100% | 100% | |
| P15/5987 | Tindals | 100% | 100% | |
| P15/6251 | Tindals | 100% | 100% | |
| P15/6252 | Tindals | 100% | 100% | |
| P15/6253 | Tindals | 100% | 100% | |
| P15/6257 | Tindals | 100% | 100% | |
| P15/6333 | Tindals | 0% | 0% | Under application |
| M15/1874 | Nepean | 0% | 0% | Transferred*,RoyaltyRights |
| P15/5574 | Nepean | 0% | 0% | Transferred*,RoyaltyRights |
| Tenement | Location | Percentage as at 1 April 2021 |
Percentage as at 30 June 2021 |
Note |
|---|---|---|---|---|
| P15/5575 | Nepean | 0% | 0% | Transferred*,RoyaltyRights |
| P15/5739 | Nepean | 0% | 0% | Transferred*, Royalty Rights |
*Agreement to transfer title as per deed of settlement announcement 18 September 2020. Transfer not yet registered.
Laverton Gold Project
| Tenement | Location | Percentage as at 1 April 2021 |
Percentage as at 30 June 2021 |
Note |
|---|---|---|---|---|
| E38/1864 | Admiral Hill – Barnicoat | 100% | 100% | |
| E38/3232 | Admiral Hill - Barnicoat | 100% | 100% | |
| E38/3238 | Admiral Hill - Barnicoat | 100% | 100% | |
| E38/3565 | Admiral Hill - Barnicoat | 0% | 0% | Under application |
| M38/0264 | Admiral Hill - Barnicoat | 100% | 100% | |
| M38/0318 | Admiral Hill - Barnicoat | 100% | 100% | |
| M38/0376 | Admiral Hill - Barnicoat | 100% | 100% | |
| M38/0377 | Admiral Hill - Barnicoat | 100% | 100% | |
| M38/0387 | Admiral Hill - Barnicoat | 100% | 100% | |
| M38/0401 | Admiral Hill - Barnicoat | 100% | 100% | |
| M38/0507 | Admiral Hill - Barnicoat | 100% | 100% | |
| M38/1032 | Admiral Hill - Barnicoat | 100% | 100% | |
| M38/1042 | Admiral Hill - Barnicoat | 100% | 100% | |
| P38/4519 | Admiral Hill - Barnicoat | 0% | 0% | Under application |
| E38/1642 | Burtville | 100% | 100% | |
| E38/2032 | Burtville | 100% | 100% | |
| E38/3050 | Burtville | 100% | 100% | |
| E38/3051 | Burtville | 100% | 100% | |
| E38/3088 | Burtville | 100% | 100% | |
| E38/3217 | Burtville | 100% | 100% | |
| M38/0008 | Burtville | 100% | 100% | |
| M38/0073 | Burtville | 91% | 91% | |
| M38/0089 | Burtville | 91% | 91% | |
| M38/0261 | Burtville | 100% | 100% | |
| M38/1281 | Burtville | 100% | 100% | |
| E38/3424 | Central Laverton | 100% | 100% | |
| M38/0143 | Central Laverton | 100% | 100% | |
| M38/0236 | Central Laverton | 100% | 100% | |
| M38/0270 | Central Laverton | 100% | 100% | |
| M38/0342 | Central Laverton | 100% | 100% | |
| M38/0345 | Central Laverton | 100% | 100% | |
| M38/0363 | Central Laverton | 100% | 100% | |
| M38/0364 | Central Laverton | 100% | 100% | |
| M38/1187 | Central Laverton | 100% | 100% | |
| P38/4163 | Central Laverton | 100% | 100% | |
| E38/3639 | Chatterbox | 0% | 0% | New application |
| M38/0049 | Chatterbox | 100% | 100% | |
| M38/0101 | Chatterbox | 100% | 100% | |
| M38/0535 | Chatterbox | 100% | 100% | |
| M38/0693 | Chatterbox | 100% | 100% | |
| G38/0020 | Infrastructure | 100% | 100% | |
| G38/0024 | Infrastructure | 100% | 100% | |
| G38/0025 | Infrastructure | 100% | 100% | |
| G38/0033 | Infrastructure | 100% | 100% | |
| L38/0034 | Infrastructure | 100% | 100% | |
| L38/0052 | Infrastructure | 100% | 100% | |
| L38/0053 | Infrastructure | 100% | 100% | |
| L38/0054 | Infrastructure | 100% | 100% |
| Tenement | Location | Percentage as at 1 April 2021 |
Percentage as at 30 June 2021 |
Note |
|---|---|---|---|---|
| L38/0055 | Infrastructure | 100% | 100% | |
| L38/0056 | Infrastructure | 100% | 100% | |
| L38/0057 | Infrastructure | 100% | 100% | |
| L38/0063 | Infrastructure | 100% | 100% | |
| L38/0075 | Infrastructure | 100% | 100% | |
| L38/0076 | Infrastructure | 100% | 100% | |
| L38/0078 | Infrastructure | 100% | 100% | |
| L38/0092 | Infrastructure | 100% | 100% | |
| L38/0101 | Infrastructure | 100% | 100% | |
| L38/0108 | Infrastructure | 100% | 100% | |
| L38/0152 | Infrastructure | 100% | 100% | |
| L38/0153 | Infrastructure | 100% | 100% | |
| L38/0160 | Infrastructure | 100% | 100% | |
| L38/0165 | Infrastructure | 100% | 100% | |
| L38/0166 | Infrastructure | 100% | 100% | |
| L38/0173 | Infrastructure | 100% | 100% | |
| L38/0177 | Infrastructure | 100% | 100% | |
| L38/0179 | Infrastructure | 100% | 100% | |
| L38/0183 | Infrastructure | 100% | 100% | |
| L38/0231 | Infrastructure | 100% | 100% | |
| L38/0335 | Infrastructure | 0% | 0% | Under application |
| L38/0336 | Infrastructure | 100% | 100% | |
| L38/0337 | Infrastructure | 100% | 100% | |
| L38/0338 | Infrastructure | 100% | 100% | |
| L38/0339 | Infrastructure | 0% | 0% | Under application |
| E38/2873 | Lake Carey | 100% | 100% | |
| E38/3604 | Lake Carey | 0% | 0% | Under application |
| P38/4099 | Lake Carey | 100% | 100% | |
| P38/4100 | Lake Carey | 100% | 100% | |
| P38/4102 | Lake Carey | 100% | 100% | |
| E38/3186 | Lancefield | 100% | 100% | |
| M38/0037 | Lancefield | 100% | 100% | |
| M38/0038 | Lancefield | 100% | 100% | |
| M38/0159 | Lancefield | 100% | 100% | |
| M38/0547 | Lancefield | 100% | 100% | |
| M38/1272 | Lancefield | 100% | 100% | |
| P38/4347 | Lancefield | 100% | 100% | |
| P38/4348 | Lancefield | 100% | 100% | |
| P38/4349 | Lancefield | 100% | 100% | |
| E38/1725 | Prendergast | 100% | 100% | |
| E38/1869 | Prendergast | 100% | 100% | |
| E38/2862 | Prendergast | 100% | 100% | |
| P38/4091 | Prendergast | 100% | 100% | |
| M38/0425 | Murrin Murrin | 0% | 0% | Au rights |
| M38/0505 | Murrin Murrin | 0% | 0% | Au rights |
The release of this ASX announcement was authorised by Mr Zhaoya Wang, CEO of Focus Minerals Ltd.
For further information please contact:
For media and investor enquiries please contact:
Nicholas Ong Peter Klinger Company Secretary Director, Investor Relations Focus Minerals Ltd. Cannings Purple Phone: +61 8 9215 7888 Phone: +61 411 251 540 Email: [email protected] Email: [email protected]
About Focus Minerals Limited (ASX: FML)
Focus Minerals is a Perth-based, ASX-listed gold exploration company focused on delivering shareholder value from its 100%-owned Laverton Gold Project and Coolgardie Gold Project, in Western Australia’s Goldfields.
The flagship Laverton Gold Project covers 386km[2] area of highly prospective ground that includes the historic Lancefield and Chatterbox Trend mines. Focus’ priority target is to confirm sufficient gold mineralisation at the Beasley Shear Zone, Lancefield-Wedge Thrust, Karridale and Burtville to support a Stage 1 production restart at Laverton. In parallel, Focus is working to advance key Laverton resource growth targets including Sickle, Ida-H and Burtville South. Focus has delivered first results from a progressive Pre-Feasibility Study (Pre Tax NPV5.0% A $132M) and is advancing study work utilising Laverton’s expanded Mineral Resource position.
Focus is also committed to delivering shareholder value from the Coolgardie Gold Project, a 175km[2] tenement holding that includes the 1.4Mtpa processing plant at Three Mile Hill (on care and maintenance), by continuing exploration and value-enhancing activities. An updated PFS in September 2020 highlighted the potential for a low capital cost, fast-tracked return to mining at Coolgardie and delivered an NPV7.5% of $183 million. The Company’s efforts are now focused on increasing production ready Mineral Resources at Coolgardie.
Competent Person Statement
The information in this announcement that relates to Exploration Results is based on information compiled by Mr Alex Aaltonen, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Aaltonen is an employee of Focus Minerals Limited. Mr Aaltonen has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.
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