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Capricorn Metals Ltd.
Summary
| Project: | Karlawinda | |
|---|---|---|
| Deposit: | Bibra | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/10/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 10-4-2017: Capricorn Metals Ltd. announces a Resource Estimation report for its Bibra deposit at the Karlawinda project. Bibra Gold Resource increased by 22%. Capricorn Metals Limited (ASX: CMM) is pleased to advise that is has taken another major step in | |
| Resources: | (Resource, I+I): 31.3Mt @ 1.1g/t Au for 1.114Moz Au contained at Bibra | |
| CP/QP: | [Resources]: Michael Martin, Peter Langworthy (Internal) | |
| ABSTRACT: | Capricorn Metals Limited (ASX: CMM) is pleased to advise that is has taken another major step in its strategy to fast-track a development decision on its 100%-owned Karlawinda Gold Project in WA (Figure 1), by delivering a major upgrade to the Mineral Resource estimate for the Bibra open pit gold deposit. A highly successful 2016 exploration and resource drilling program, delivered an updated and higher confidence resource, comprising 31 million tonnes grading 1.1g/t Au for 1,114,000 ounces of contained gold. This represents a 22% increase over the previously published (July 2016) Inferred Resource estimate for Bibra of 25.5 million tonnes @ 1.1g/t Au for 914,000 ounces. Drill rigs have now been mobilised to Karlawinda to commence 2017 exploration programs. Initial drilling will focus on a zone of shallow oxide mineralisation in the far northwest of the Bibra pit shell, this zone extends into the western pit wall and drilling will also test this zone beyond the pit shell. The focus will then shift to consolidating the mineralisation at the Southern Corridor target, the Easky Prospect and a series of parallel trends to the immediate west of the Bibra Gold Deposit, including the Portrush, and Tramore Prospects. It is anticipated that the current programs will enable an updated resource estimate for Karlawinda in the second half of 2017. | |
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