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Firefinch quick to move at new Morila Gold Project with drilling underway

Published: 23:32 11 Nov 2020 EST

Firefinch Ltd - Firefinch quick to move at new Morila Gold Project with drilling underway
Aircore rig on the Morila Tailings Storage Facility in Mali.

Firefinch Ltd (ASX:FFX) (OTCMKTS:EEYMF) (FRA:N9F) has been quick to get on the ground at the new Morila Gold Project in Mali with drilling underway a day after concluding the purchase.

The company has initiated a program of 45 holes for 675 metres of shallow aircore drilling to test for potential extensions to the tailings mineral resource of 4.8 million tonnes at 0.50 g/t gold for 76,000 ounces.

On completion, the drill rig will test two high-priority gold in soil targets close to the Morila plant and pit.

“Wasting no time”

Firefinch’s executive chairman Alistair Cowden said: “Yesterday we announced that we own Morila and today we start drilling the gold project.

“We have a strong team in place and are wasting no time in executing our plans to add to the mining inventory then ramp-up gold production.

“We look forward to updating shareholders with the results of drilling as soon as they are available.”

RC rigs to arrive this month

Reverse circulation (RC) drill rigs are expected to arrive on-site late this month and will infill and test for extensions to the N’Tiola, Viper and Koting deposits.

The company will also drill pre-collars around the Morila pit.

A diamond drill rig is expected to infill and test for extensions to the main Morila deposit.

Capital Drilling is Firefinch’s preferred drilling contractor.

Company becomes gold producer

Firefinch has become a gold producer after completing the acquisition of an 80% interest in the Morila mine for consideration of A$38.4 million (US$27.67 million) plus a US$1.2 million adjustment for gold in dore and gold in fine carbon.

Parties involved in the transaction were advised by the Government of Mali that it did not object to the transaction and was supportive of Firefinch’s efforts to rejuvenate the mine.

The company, which was formerly Mail Lithium, is now working to ramp-up production at Morila.

Firefinch plans to start mining at N’Tiola and Viper satellite pits to increase production and is re-establishing a tailings dam along with refurbishing a power station and dewatering Morila.

It plans to ramp-up output targeting 4.5 million tonnes per annum production from Morila pit late in 2021 or 2022 and will conduct near-mine and regional exploration aimed at a 10 years-plus life.

New appointments

The company has also made multiple new appointments which strengthen the board and executive team as the company increases its focus on achieving rapid growth.

Brett Fraser, who currently holds a position as director of central-west African iron ore company Sundance Resources Ltd, has joined the board as a non-executive director.

Andrew Taplin has been appointed to the chief operating officer role while Denis Matanda has been appointed group mining engineer after eight years with Resolute Mining at the Syama mine in Mali.

The company has appointed Amadou Maiga as finance and administration manager at the Morila mine while Irina Latonenko will join the company as financial controller in the corporate office.

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