PERTH (miningweekly.com) – Takeover target Focus Minerals has reported a maiden inferred mineral resource of 33 900 oz of gold for its Lancefield Far North deposit, which forms part of the Laverton gold project, in Western Australia
The Laverton project covers 362 km2 of highly prospective tenements, and Focus’ strategy is to identify sufficient openpit mineral resources across the tenement to support a Stage 1 mining operation.
“The 2021 Laverton prefeasibility study detailed a chain of shallow, cut-back openpits along more than 1 km of strike at Wedge. This maiden mineral resource at Lancefield Far North, starting just 4.9 km north and along strike of the Wedge deposit, highlights the enormous potential of our tenement position,” said Focus CEO Zhaoya Wang.
An exploration target of between 70 000 oz and 116 000 oz has been estimated for Lancefield Far North.
Focus is currently the focus of a takeover offer from fellow-listed Theta Gold Mines, which is offering two of its own shares for every one Focus share held. However, the company’s largest shareholder, Shandong Gold, which holds a 63.18% interest in Focus, has confirmed that it would reject the takeover offer from Theta.