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Calidus confirms outcropping gold mineralisation in the centre of 1.25 million oz gold resource

Published by
Global Mining Review,


Keras Resources plc, a AIM listed mineral resource company, notes the news released by Calidus Resources Ltd announcing the confirmation of extensive outcropping gold mineralisation at the Klondyke Shear Prospect in the centre of Calidus’ 1.25 million oz JORC compliant gold (Au) resource at its Warrawoona Gold Project in the Pilbara of Western Australia.

Keras currently holds 458 million shares in Calidus, representing approximately 32.3% of the current issued share capital of Calidus. On successful completion of Calidus’ pre-feasibility study, an additional 265 million performance shares of Calidus owned by Keras will be converted into ordinary shares.

Highlights

  • Re-processing of Conzinc Riotinto of Australia data sets across the Klondyke resource area at Warrawoona demonstrates the presence of wide and consistent gold mineralisation at surface. The costean results include:
  • 25m at 1.76 g/t Au incl 1m at 9.77g/t Au
    32m at 1.15g/t Au
    12m at 2.24 g/t Au
    15m at 1.37g/t Au
    16m at 1.19 g/t Au
    13m at 1.29 g/t Au
    8m at 1.48g/t Au
  • Selective channel and rock chip sampling following this programme produced high-grade assays including:
  • 130 g/t Au
    64 g/t Au
    44 g/t Au
    41 g/t Au
    10 g/t Au
    9.2 g/t Au
  • Regional Air Core drilling programme continues at Warrawoona to test greenfields anomalies;
  • Induced Polarisation, geophysics consultants have commenced work onsite for refining drill locations along the remaining 7 km strike length of the outcropping Klondyke Shear package that remains untested by Calidus;
  • PFS remains on schedule to be delivered by the end of Q3 2019

Russell Lamming, Keras CEO, commented, “The confirmation of wide outcropping gold mineralisation at the Klondyke Shear Prospect in the heart of Calidus’ Warrawoona Project is extremely positive and serves to strengthen the substantial economic upside of this already highly prospective asset. With Calidus’ aggressive development timeline rapidly progressing to pre-feasibility study we are looking forward to more positive news to further consolidate the project’s significant value and grow the 1.25 million oz gold resource at Warrawoona.”

Read the article online at: https://www.globalminingreview.com/mining/11042019/calidus-confirms-outcropping-gold-mineralisation-in-the-centre-of-125-million-oz-gold-resource/

 

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Australian mining news Gold mining news