FOCUS ACQUIRES REMAINING STAKE IN TREASURE ISLAND GOLD PROJECT
(firmenpresse) -
FOCUS ACQUIRES REMAINING STAKE IN TREASURE ISLAND GOLD PROJECT
-20-hole drilling programme commences thisweekend -
- Discoversextension to high-grade vein system on Island -
Gold producer Focus Minerals (ASX:FML) is pleased to advise that it has agreed to acquire the remaining 25 per cent of the Treasure Island Gold Project in WA’s Eastern Goldfields, giving it 100 per cent ownership of the highly prospective tenement.
As consideration, Focus will grant to the vendors, Semro Pty Ltd, five million fully paid Focus shares and $2 million in cash payable in $80,000 instalments over 25 months.
Semro has also granted Focus an option to acquire an adjoining tenement totalling some110sqkm immediately to the east.
Under the terms of the option, Focus will grant Semro one million fully paid Focus shares and on exercising the option it will issue Semro a further 15 million Focus options in return for 100 per cent ownership of the adjoining tenement. The options will be issued in three tranches, with the first exercisable at 10 cents within two years, the second at 15 cents within three years and the third at 20 cents within four years.
The Treasure Island Gold Project is situated at Lake Cowan, located 35km south-south east along strike from the major gold camp of Kambalda-St Ives (see Figure 1).
Drilling at Treasure Island is set to start this weekend, with a 2500m program of up to 20 holes designed to target the Black Dog and Blind Pew vein systems, which are believed to extend under the lake (see Figure 2).
Detailed rock chip sampling from the Black Dog vein system on the eastern edge of the island has returned grades including 58.9gpt, 48.4gpt, 41.3gpt and 17.9gpt. The samples were collected along a 200m strike length and over a total vein array width of 30m (see ASX announcement dated November 25, 2010).
In recent weeks further mapping by Focus has discovered an extension to the Black Dog vein system which was previously obscured from view (see Figures 3&4). The latest rock chip sampling on the system has returned yet further high-grade results including 53.7gpt, 34.8gpt and 22.8gpt(see Table 1).
ENDS
Paul Armstrong / Nicholas ReadCampbell Baird, CEO
Read CorporateFocus Minerals Ltd
Phone: +61 (0)8 9388 1474Phone: +61 (0)8 9215 7888
Figure 1: Location of the Treasure Island Gold Project on the Boulder Lefroy Fault
http://www.focusminerals.com.au/LinkClick.aspx?fileticket=FvAk37Q2D7A%3d&tabid=314&mid=879
Figure 2: Results from rock chip sampling on Treasure Island.
http://www.focusminerals.com.au/LinkClick.aspx?fileticket=FvAk37Q2D7A%3d&tabid=314&mid=879
Figure 3: Extension to the Black Dog vein system discovered on Treasure Island.
http://www.focusminerals.com.au/LinkClick.aspx?fileticket=FvAk37Q2D7A%3d&tabid=314&mid=879
Figure 4: Photo of the Extension to the Black Dog vein system discovered on Treasure Island
http://www.focusminerals.com.au/LinkClick.aspx?fileticket=FvAk37Q2D7A%3d&tabid=314&mid=879
Table 1> Significant rock chip results from recent detailed Black Dog extension sampling (above 1.0g/t)
Sample NorthingEastingAu g/tDescription
EX022245 649556440482814.65quartz vein fe ox
EX022246 649557140483353.70quartz vein fe ox
EX022247 649558140483534.80quartz vein fe ox
EX022248 649559040483717.70quartz vein fe ox
EX022249 649560140483713.05quartz vein fe ox
EX022250 649561140483822.80quartz vein fe ox
EX022252 64956354048391.39quartz vein fe ox
The information that relates to exploration targets refers to targets that are conceptual in nature, where there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource.
COMPETENT PERSON’S STATEMENT
The information in this report that relates to Exploration Results and Minerals Resources is based on information compiled by Dr Garry Adams who is a member of the Australasian Institute of Mining and Metallurgy. Dr Adams is a full time employee of Focus Minerals and 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 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Adams consents to the inclusion in the report of the matters based on the information in the form and content in which it appears.
BACKGROUND INFORMATION – FOCUS MINERALS LTD
Focus Minerals Ltd (ASX: FML) is an Australian-based gold producer based in the Coolgardie-Kalgoorlie-Widgiemooltha region of Western Australia. The company holds the mineral rights to more than 305 km2 of tenements and is the largest landholder in the Coolgardie Gold Belt located in Western Australia, 560km east of Perth and 35km west of the ‘Super Pit’ in Kalgoorlie-Boulder. More than 2.6 million ounces of gold has been produced from the Coolgardie gold belt alone since 1892. Focus is currently in production from its flagship Tindals Mining Centre operation in Coolgardie, adjacent to its 1.2mtpa Three Mile Hill processing plant. The Tindals Mining Centre comprises a major underground production operation and the business will commence open cut mining at Tindals in the first half of calendar 2011 from a series of deposits. In addition, Focus will also commence production from another new operation in the first half of 2011 at The Mount Underground Mine located 80km to the south.
Leseranfragen:
FOCUS MINERALS
Level 10 Exchange House
68 St Georges Terrace
Perth WA 6000
Australia
info(at)focusminerals.com.au
+61 (0)8 9215 7888
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Datum: 04.03.2011 - 10:50 Uhr
Sprache: Deutsch
News-ID 28409
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