Firefinch has announced to have stroked gold in first drill hole at Morila Super Pit in Mali. The Morila Super Pit is part of the wider Morila Gold Project, which was the catalyst for Firefinch’s transition from explorer to producer when the company bought an 80% stake in the project in late 2020.
The company spiked in early trade after reporting the major high-grade intersection. Firefinch Managing Director Michael Anderson said it had taken the company just one hole to demonstrate that “Morila the Gorilla” is far from done.
“This is simply an incredible result from our first diamond core drillhole, which confirms not only the continuity of high-grade mineralisation below the previously mined pit, but also the significant potential for underground mining at Morila,” Dr Anderson said.
Extensions of mineralisation
“This first drillhole is just the beginning. We look forward to ramping up our drilling efforts and to providing a steady flow of results from which to update the mineral resource and further optimise the life of mine plan,” he added.
The Morila gold mine has produced more than 7.5 million ounces of gold since the year 2000 under previous owners Barrick Gold and Anglogold Ashanti. Firefinch bought an 80% stake in the project from the mining giants back in 2020 for US$28.9 million, pouring its first gold from the project just two weeks later. The remaining 20% is owned by the Mali government.
Since then, Firefinch made the call to look for extensions to the mineralisation at Morila, hence the diamond hole to the north of the Morila Super Pit. Drilling in this area by the project’s previous owners returned hits like a 14-metre intersection at 21.7 g/t gold from 119 metres and a six-metre intersection at nine g/t gold from 146 metres.