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FOCUS MINERALS LTD — Interim / Quarterly Report 2021
Apr 28, 2021
64932_rns_2021-04-28_0f2e8506-52a9-4377-96c1-ee94de5136b2.pdf
Interim / Quarterly Report
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==> picture [140 x 99] intentionally omitted <==
Market Announcement
29 April 2021
Quarterly Activities Report for March 2021 Quarter
Highlights:
-
Positive results from a progressive PFS for Stage 1 of Laverton Gold Project development
-
Significant drilling intersections at Beasley Creek and Beasley Creek South, part of Laverton
-
Significant drilling intersections at CNX, at the Coolgardie Gold Project, support the recently announced resource model with extensive feasibility, permitting and resource development activities now underway
-
Significant results at several other Coolgardie deposits ahead of Mineral Resource review/updates
-
Skull Creek discovery on E38/1864 at Laverton and location of the Lancefield Thrust on E38/3186
-
Total exploration expenditure for the quarter: $2.87m
-
Cash (unrestricted) at 31 March 2021: $15.73m
West Australian gold explorer Focus Minerals ( ASX: FML ) ( Focus or the Company ) is pleased to provide its Quarterly Activities Report for the three-month period ended 31 March 2021.
During the quarter, Focus completed 69 reverse circulation (RC) holes for 9,009m and eight diamond (DD) holes for 1,731m drilling at the Laverton Gold Project ( Laverton ). Focus also completed eight RC holes for 1,572m and five DD holes for 1,139.1m at the Coolgardie Gold Project ( Coolgardie ). The drilling was completed for:
-
Feasibility/permitting purposes including: geotech, hydrogeology and metallurgical data/sampling
-
Resource development activities
-
Exploration and tenement management
Other activities during the quarter included ongoing resource reviews at Coolgardie and final works to enable reporting on the Stage 1 Laverton Pre-feasibility Study (PFS).
Laverton Gold Project
Laverton’s total Measured, Indicated and Inferred Resources, including the Burtville Mineral Resource Update (refer ASX announcement dated 21 October 2020), comprises:
| 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 |
==> picture [452 x 497] intentionally omitted <==
Figure 1: Key Laverton deposits under review and Stage 1 PFS results.
Stage 1 Laverton Progressive PFS Summary
Highlights:
-
Laverton Stage 1 scenario delivers JORC 2012 Probable Ore Reserves of 12.6Mt @ 1.34g/t for 546koz gold (refer ASX announcement dated 16 April 2021)
-
Stage 1 scenario based on JORC 2012 Mineral Resource of 16.4Mt @ 1.47g/t for 770koz, just 21% of Laverton’s Total Mineral Resource of 61.3Mt @ 1.85g/t for 3.64Moz
-
Stage 1 scenario using refurbished Barnicoat Mill delivered undiscounted free cash of $223M (using Australian dollar gold price of $2,207/oz) with Pre-Tax NPV of $132M[1] and Pre-Tax IRR of 17.2%
-
Stage 1 PFS produces 513koz of gold at average AISC of $1,497/oz
-
Results increase Board confidence in larger-scale Laverton Gold Project
-
Next-phase PFS work is underway, using much greater resource footprint
| Open Pit* | Recovered Gold (koz) |
Diluted Grade (g/t) |
Average AISC ($/ounce) |
Pre-tax Free Cash ($M) |
|---|---|---|---|---|
| Karridale | 183 | 1.12 | 1,666 | 41 |
| Burtville | 92 | 0.93 | 1,481 | 40 |
| Beasley Creek | 124 | 2.27 | 1,353 | 76 |
| Beasley Creek South | 76 | 2.47 | 1,300 | 51 |
| Wedge | 38 | 1.58 | 1,533 | 14 |
| Total/Average PFS Schedule | 513 | 1.37 | 1,497 | 223 |
Laverton Drilling Summary
During the quarter, 69 RC holes for 9,009m and eight DD holes for 1,731m were completed. Strong results from drilling (calculated using 0.5 g/t cut off, up to 3m internal dilution and 0.0 g/t applied to core loss) included:
-
Beasley Creek DD intersections from feasibility drilling
o21BSDD002 – 16m @ 3.62g/t from 210m (GxM 57.9) -
21BSDD003 – 11m @ 2.27g/t from 234m (GxM 25)
-
21BSRC019 – 9m @ 2.57g/t from 83m (GxM 23.1)
-
Beasley Creek RC intersections from resource development drilling
-
21BSRC019 – 9m @ 2.57g/t from 83m (GxM 23.1)
-
21BSRC013 – 7m @ 2.3g/t from 70m (GxM 16.1)
-
21BSRC012 – 5m @ 2.91g/t from 61m (GxM 14.6)
-
21BSRC014 – 8m @ 1.7g/t from 113m (GxM 13.6)
-
Beasley Creek South intersection from feasibility drilling
-
21BSDD006 – 9m @ 2.32g/t from 88m (GxM 20.9)
-
21BSDD005 – 7m @ 2.84g/t from 114m (GxM 19.9)
-
21BSDD005 – 4m @ 4.88g/t from 125m (GxM 19.5)
-
Mineralisation in reconnaissance drilling of the Barnicoat East Fault zone at Skull Creek (calculated using 0.5 g/t cut off, up to 3m internal dilution)
-
21GRER010 – 16m @ 0.86g/t from 4m (13.7 GXM)
-
21GRER010 – 12m @ 1.01g/t from 28m (12.2 GXM)
-
Lancefield Shear located on E38/3186 (calculated using 0.5 g/t cut off, up to 3m internal dilution)
-
21LNRC003 – 6m @ 3.08g/t from 60m (GxM 18.5)
-
21LNRC005 – 6m @ 2.1g/t from 76m (GxM 12.6)
1 5% Discount Rate
Coolgardie Gold Project
Coolgardie’s total Measured, Indicated and Inferred Resources including CNX (refer ASX announcement dated 17 December 2020) comprises:
| Classification | Tonnage (Mt) | Au Grade(g/t) | Au Moz | Increase |
|---|---|---|---|---|
| Total Measured | 1.4 | 2.27 | 0.10 | 0% |
| Total Indicated | 18.1 | 2.35 | 1.37 | -3% |
| Total Inferred | 14.9 | 2.13 | 1.02 | 13% |
| Total Mineral Resource |
34.4 | 2.25 | 2.49 | 3% |
==> picture [410 x 514] intentionally omitted <==
Figure 2: Coolgardie location map highlighting deposits included in the 2020 PFS, Mineral Resources currently under review and the updated CNX open pit Mineral Resource.
Coolgardie Drilling Summary
Eight RC holes for 1,572m and five DD holes for 1,139m were completed at CNX, with results due in the June 2021 Quarter. The diamond drilling was designed for feasibility purposes including:
-
geotech – preliminary wall angle for feasibility pit design
-
metallurgical sampling to determine hardness/abrasive index
-
testing the Mineral Resource ahead of resource update
The geotech component of the drilling will not be sampled until completion of geotech logging in June.
Strong results from drilling at other Coolgardie deposits and prospects (calculated using 0.5 g/t cut off, up to 3m internal dilution) included:
Alicia o 20ALRC042[1] – 29m @ 2.76g/t from 41m (80.0 GxM) o 20ALRC032[1] – 22m @ 3.76g/t from 76m (82.7 GxM) o 20ALRC002[1] – 23m @ 2.75g/t from 55m (63.2 GxM) CNX o 20CNRC001[1] – 37m @ 3.49g/t from 59m (129.1 GxM) Undaunted o 20UNRC001[1] – 15m @ 2.13g/t from 19m (31.9 GxM) o 20UNRC001[1] – 12m @ 2.22g/t from 43m (26.6 GxM) Jackpot South o 20JPRC003[1] – 15m @ 1.48g/t from 70m (22.2 GxM) o 20JPRC002[1] – 4m @ 3.17g/t from 9m (12.7 GxM) Brilliant o 20BLRC012[1] – 19m @ 2.87g/t from 215m (54.5 GxM) o 20BLRC013[1] – 10m @ 2.38g/t from 164m (23.8 GxM)
Mineral Resource reviews are in progress for Alicia, Big Blow, Happy Jack to bring the resources to JORC 2012 reporting compliance. A Mineral Resource review underway for Brilliant to incorporate moderate dipping mineralisation. Continued exploration success paves the way for a stronger resource position to underpin a resumption of gold production at Coolgardie.
Corporate
In accordance with Listing Rule 5.3.1, Focus reports that it has spent approximately $2.87m on exploration during the quarter, covering drilling and assay costs and payments to consultants and exploration personnel.
On 14 January 2021, Lingquan Kong was appointed as Director. On 31 March 2021, Focus published its Annual Report for the year ended 31 December 2020.
Per ASX Listing Rule 5.3.5, Focus paid $233,000 to related parties of the Company and their associates, which included Executive Directors’ salaries, non-Executive Directors’ fees, superannuation and rent for the CEO.
As at 31 March 2021, the Company’s cash position is as follows:
| Cash at Bank and Deposits Cash held on bond Total Cash and Equivalents |
$15.726m $13.535m |
|---|---|
| $29.261m |
Tenement Movements during the Quarter
Coolgardie Gold Project
| Tenement | Location | Percentage as at 01 January 2021 |
Percentage as at 31 March 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% | |
| P15/5713 | Bonnie Vale | 100% | 0% | Surrendered |
| P15/5714 | Bonnie Vale | 100% | 0% | Surrendered |
| 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% |
| Tenement | Location | Percentage as at 01 January 2021 |
Percentage as at 31 March 2021 |
Note |
|---|---|---|---|---|
| L15/0096 | Infrastructure | 100% | 100% | |
| L15/0114 | Infrastructure | 100% | 100% | |
| L15/0116 | Infrastructure | 100% | 100% | |
| L15/0119 | Infrastructure | 100% | 100% | |
| 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 |
| P15/5732 | Londonderry | 100% | 0% | Surrendered |
| 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% |
| Tenement | Location | Percentage as at 01 January 2021 |
Percentage as at 31 March 2021 |
Note |
|---|---|---|---|---|
| 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% | |
| P15/5712 | Lord Bob | 100% | 100% | |
| P15/5731 | Lord Bob | 100% | 0% | Surrendered |
| P15/5733 | Lord Bob | 100% | 0% | Surrendered |
| P15/5735 | Lord Bob | 100% | 0% | Surrendered |
| 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% | |
| P15/5730 | Norris | 100% | 0% | Surrendered |
| P15/5734 | Norris | 100% | 0% | Expired |
| P15/5736 | Norris | 100% | 0% | Expired |
| P15/5756 | Norris | 100% | 0% | Surrendered |
| 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% |
| Tenement | Location | Percentage as at 01 January 2021 |
Percentage as at 31 March 2021 |
Note |
|---|---|---|---|---|
| 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* | Lepidolite Hill | 0% | 0% | RoyaltyInterest |
| P15/5574* | Lepidolite Hill | 0% | 0% | RoyaltyInterest |
| P15/5575* | Lepidolite Hill | 0% | 0% | RoyaltyInterest |
| P15/5739* | Lepidolite Hill | 0% | 0% | Royalty Interest |
- 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 01 January 2021 |
Percentage as at 31 March 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% |
| Tenement | Location | Percentage as at 01 January 2021 |
Percentage as at 31 March 2021 |
Note |
|---|---|---|---|---|
| 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% | |
| 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% | |
| 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 | 0% | 100% | Granted |
| L38/0337 | Infrastructure | 0% | 100% | Granted |
| L38/0338 | Infrastructure | 0% | 100% | Granted |
| L38/0339 | Infrastructure | 0% | 0% | Under application |
| E38/2873 | Lake Carey | 100% | 100% | |
| E38/3604 | Lake Carey | 0% | 0% | New application |
| P38/4099 | Lake Carey | 100% | 100% | |
| P38/4100 | Lake Carey | 100% | 100% | |
| P38/4102 | Lake Carey | 100% | 100% |
| Tenement | Location | Percentage as at 01 January 2021 |
Percentage as at 31 March 2021 |
Note |
|---|---|---|---|---|
| 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 For media and investor enquiries please contact: 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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