Focus posts rich mining results
West Australian gold miner Focus Minerals (ASX:FML) has reported outstanding results from initial surface reconnaissance sampling at its Treasure Island tenement in Western Australia's eastern goldfields region.
The company has accomplished follow-up sampling from the recently acquired island on Lake Cowan within the 95km2 Treasure Island tenement, which generated grades of up to 49g/t gold and 1% plus copper in historic sampling.
Assay acquired from sixteen rock chip and grab showed excellent copper grades including 8.53%, 2.87% and 1.51% Cu, and anomalous gold, silver and nickel results.
"Focus has commissioned a detailed airborne geophysical survey to be carried out over the Treasure Island tenement," the gold miner said in a statement on Friday.
"This will assist with exploration targeting prior to a drilling program scheduled to commence in later part of 2010."
Lake Cowan's structural setting, local geology and identified gold and copper mineralisation is comparable to that found at the Paris mine. Sitting 8km to the north, the historic Paris mine produced about 22,000 ounces of gold at an average grade of 11.1g/t.
Treasure Island is located on the southern extension of the regionally extensive Boulder- Lefroy Fault. The area hosts many high-grade gold and nickel deposits from Kambalda to Kalgoorlie's Golden Mile.
At 1148 AEST, Focus Minerals shares were steady at 4.9 cents.