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Firefinch identifies new satellite deposit at the K2 Prospect in Mali

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The Morila gold mine processing plant in Mali. Morila was previously owned by Barrick Gold. Image credit: Barrick Gold

25 May 2021 – Australian listed Firefinch has identified a new satellite deposit at the K2 Prospect, within trucking distance of the Morila gold mine in Mali.

According to Firefinch’s Managing Director Dr Michael Anderson, the K2 Deposit is approximately 25 kilometres north-west of Morila and will be serviced by the proposed Koting haul road. K2 lies about 250m south-west of the planned Koting open pit and 1km north-east of the recent K3 South discovery, where drilling is currently ongoing.

K2 lies entirely within the Finkola tenement that is 100% owned by Firefinch through its subsidiary Birimian Gold Mali.

“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,” says Anderson.

The Morila gold mine has produced 7.5 million ounces of gold since 2000. Morila was one of the world’s highest grade open pits 12 to 20 years ago. Firefinch acquired the mine at a substantial discount in November 2020 with the view to increase production at the 4.5Million tonne per annum (mtpa) mill from a current annual production profile of 40,000 ounces of gold per annum from tailing treatment, towards a target of 70, 000 to 90,000 ounces of gold per annum through mining of small open pits, stocks and tailings from mid-2021.

In 2022, Firefinch plans to further increase production to target 150,000 to 200,000 ounces of gold per annum by re-commencing mining from the main Morila pit to fully exploit the 2.43 million ounces of gold in the Global Resource at Morila (Measured: 1.73Mt at 0.5g/t for 0.03Moz, Indicated: 26.7Mt at 1.49g/t for 1.28Moz and Inferred: 22.1Mt at 1.58g/t for 1.12Moz). A production target of 150,000 to 200,000 ounces of gold per annum has been set by the Company. Morila’s geological limits are not well understood, thus exploration is a major focus at Morila, its satellite resources and multiple targets on the 685km2 of surrounding tenure.

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