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In November, Morila treated 544,714 tonnes of tailings at a grade of 0.46g/t gold and produced 4,130 oz of gold at a recovery of 51%.

All-in cost is approximately US$1,000 to $1,100 per oz of gold.

The tailings treatment operations are forecast to produce 4,000 to 4,100 oz of gold in December and 10,000 to 10,500 oz of gold in Q1 2021.

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Aircore drilling to delineate additional mineralised tailings has been completed and modest extensions to the tailings Resource are expected.

The Company is applying cash flow from the tailings operations to fund capital works and studies to enable the re-start of open pit mining at Morila.

These activities include:

  • Mine planning: Developing a mine plan and schedule for the Morila satellite pits and tender for mining contractors
  • Tailings and water management: Reconfiguring the tailings storage facility to cease depositing tailings in the Morila pit and deposit tailings within the existing tailings storage facility footprint and dewatering of the Morila pit
  • Plant: Refurbishment of the processing plant
  • Satellite Drilling: Drilling at satellite pits to improve confidence and potentially increase resources
  • Potential new ore feed: Evaluating stockpiles and potential remnant shallow mineralisation adjacent to the Morila pit evident from new data
  • Exploration Drilling: Aircore drilling of targets on the Morila lease and on the adjacent Massigui Project

Since assuming ownership of the mine, Firefinch has accessed additional drilling and grade control data for the main Morila deposit and low-grade stockpiles.

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The basis of the new Resource is extensive 3D modelling at a lower cut-off grade than previously applied (0.4g/t vs 1g/t gold).

For reference, the current Inferred Mineral Resource Estimate for the Morila deposit is 32 Mt at 1.26g/t gold for 1.3 Moz of contained gold.

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Executive Chairman of Firefinch, Dr Alistair Cowden, comments:

“We are delighted that Morila has transitioned to Firefinch ownership without incident, the tailings operations are robust and producing good cashflow to fund plant refurbishment and other activities.

“We hope to update the market on definitive milestones on the path to resume open pit mining in coming months.”