Junior explorer Infinity Minerals (ASX:IMI) has published a maiden 2,700-ounce inferred Mineral Resource Estimate (MRE) for its Great Northern asset within its wider Central Goldfields Project in Western Australia.
Specifically, the Great Northern resource sits at 57,000 tonnes @ 1.47 grams per tonne (g/t) Au for 2,700 ounces of gold, taking the company’s total Goldfields resource to 63,000 ounces.
Alongside the new Great Nothern resource, the wider project resource also comprises Craigs Rest, at 1.096 million tonnes @ 1.38g/t Au for 48,600 ounces, and Victor Bore, at 234,000 @ 1.56g/t Au for 11,700 ounces.
Each resource has been estimated at a 0.5g/t cut-off grade.
While the resources remain in the ‘inferred’ category, Infinity says it considers the resources to have future mining potential in that the mineralisation is exposed on the surface, is of sufficient width and grade for open-pit mining, and holds a ‘probable’ free dig component from near-surface weathering.
Infinity Mining, which has an $11.87 million market capitalisation, says the resource update comes as part of its strategy to pursue a regional resource target of 500,000 ounces.
The Central Goldfields resource is based on 90 reverse circulation (RC) drill holes for 7,081m covering all prospects in the area, the majority of which was completed by Infinity.
Infinity says its Central Goldfields tenements lie within areas of Archaean greenstone associated with ‘major’ north-northwest-trending fault zones.
Looking ahead, the company says it continues to refocus and plan ‘high-value’ generative steps for lithium discoveries in Western Australia’s Pilbara region.
At the same time, Infinity is in talks with third parties regarding the sale of or potential partnerships over its non-core assets — including the Central Goldfields project.
However, the company notes that there is no certainty that these discussions will translate to a sales or partnership deal, but should any transactions occur, the company will use the bonus funds to expedite its lithium-related activities.
As of 31 December 2023, Infinity Minerals had around $591,000 cash and cash equivalents at hand, according to its latest quarterly report.
Images: Infinity Minerals
