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Capricorn Metals Ltd.
Summary
| Project: | Karlawinda | |
|---|---|---|
| Deposit: | Bibra | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/2/2016 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 2-11-2016: Capricorn Metals Ltd. announces an Exploration/Drilling Update report for its Bibra deposit at the Karlawinda project. Drilling results incl. 58m @ 1.44g/t Au from 58m. 2nd November 2016: Capricorn Metals Ltd (ASX: CMM) is pleased to advise tha | |
| Resources: | (Resource, Inf.): 25.5Mt @ 1.1g/t Au for 914000oz Au contained at Bibra | |
| CP/QP: | [Overall Report]: Peter Langworthy (Internal) | |
| ABSTRACT: | 2nd November 2016: Capricorn Metals Ltd (ASX: CMM) is pleased to advise that it has expanded the ongoing resource in-fill drilling program at its 100%-owned Karlawinda Gold Project near Newman in WA (Figure 1), as latest results confirm the scale, quality and continuous nature of the mineralisation at the Bibra Deposit. The latest drilling has returned some impressive broad zones of mineralisation while also consolidating the high-grade domains within the deposit, including significant thicknesses of mineralisation grading up to 4.43g/t Au within the near-surface laterite domain. The in-fill program continues to confirm that the Bibra Deposit is a highly continuous, large-scale open pit mining opportunity which will underpin the Definitive Feasibility Study (“DFS”) on the Karlawinda Gold Project due for completion in the second quarter of next year. The current large resource drilling program is the cornerstone activity for the fast-tracked DFS which includes approximately 60,000m of RC and diamond drilling both to expand and upgrade the classification of the Bibra Inferred Resource, which stands at 25.5Mt @ 1.1g/t Au for 914,000oz (see Appendix 1 for details). The current resource drilling program is designed to upgrade the classification from Inferred to higher confidence Measured and Indicated and to provide key geological, metallurgical and geotechnical data for the DFS. Drill spacing has been consolidated to a 25 x 25m spacing to define key areas and 25 x 50m throughout the rest of the resource. A key component of the drilling has been to fully evaluate the higher-grade gold domains that are prominent throughout the broader lower-grade parts of the deposit, both in the laterite/oxide and primary domains. Based on the results to date, it is clear that the high-grade domains are robust, extensive and show excellent continuity and predictability. | |
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