(Kitco News) – Firefinch (ASX: FFX) announced today that it has identified a new satellite deposit at the K2 prospect, within trucking distance of the Morila gold mine in Mali.
The company said that the K2 deposit is approximately 25 kilometres north-west of Morila and will be serviced by the proposed Koting haul road. K2 lies 250 metres south-west of the planned Koting open pit and 1km NE of the recent K3 South discovery, where drilling is currently ongoing. K2 lies entirely within the Finkola tenement that is 100% owned by Firefinch.
Managing Director, Dr Michael Anderson, commented, “Our systematic exploration approach is paying off and generating tangible results for the Company. The identification of the K2 deposit is another great result from our intensive drilling campaign. Finding and delineating a new source of oxide feed will provide additional flexibility to our milling options during the next 12 months as we ramp-up production and move towards re-commencement of mining at Morila.”
The K2 deposit was first drilled in 2018 by the company following up an auger geochemical anomaly. No further work was undertaken until the recent drilling campaign. A total of 28 reverse circulation drillholes have been completed for 2,811 metres of drilling. Additional drilling is planned to infill and extend the northern part of the deposit and to infill already drilled sections in the southern half of the deposit.
Firefinch is a Mali focused gold miner and lithium developer. Firefinch has an 80% interest in the Morila gold mine and 100% of the Goulamina lithium project. Morila has produced 7.5 million ounces of gold since 2000; it was one of the world’s highest grade open pits some 12 to 20 years ago. The Goulamina lithium project is one of the world’s largest undeveloped deposits and has the potential to be one of the lowest cost producers.