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Firefinch exceeds gold production guidance

ASX-listed gold and lithium developer Firefinch has exceeded its December production guidance with 4 228 oz of gold produced from processing tailings.

Read more: First gold pour for Firefinch at Morila

A total of 7 683 oz of gold have been produced since the company acquired ownership of the Morila gold mine in Mali on 11 November 2020.

Firefinch has reaffirmed a production target of 10 000 to 10 500 oz of gold for Q1, 2021.

Cash and Gold  on hand is A$33 million at 31 December 2020.

Operational performance has consistently delivered above forecast, and safely. The company continues to progress mine planning including evaluating potential new ore feeds and plant and infrastructure refurbishment, costings and works at the Morila Gold Main Pit.

Two reverse circulation drill rigs are on site, undertaking infill drilling at Morila’s satellite resources to improve confidence in planned open pits through increased data coverage.

At the same time, Firefinch is actively progressing options to advance and realise the value of its world-class Goulamina lithium project, also in Mali. A detailed update will be provided in the upcoming quarterly report.

Moreover, an updated mineral resource estimate for the Morila deposit is expected in coming weeks.

“We are delighted with the gold production and overall progress at Morila. In just two months the Firefinch team have safely achieved above forecast production,” says Firefinch executive chairman Dr Alistair Cowden.

“Significant progress has been made on mine plans, costs and timelines and we very much look forward to updating our shareholders further as plans are finalised.

“At the same time, we are in a very fortunate position with our Goulamina lithium asset. Recent strong interest in lithium equities has improved the standing of the Goulamina project, one of the world’s best undeveloped and uncommitted lithium assets,” says Cowden.

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