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Capricorn Metals Ltd.
Summary
| Project: | Karlawinda | |
|---|---|---|
| Deposit: | Bibra | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 2/23/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 23-2-2017: Capricorn Metals Ltd. announces an Exploration/Drilling Update report for its Bibra deposit at the Karlawinda project. Drilling results incl. 21m @ 1.3g/t Au from 9m. Capricorn Metals Ltd (ASX: CMM) is pleased to announce that the latest infill | |
| Resources: | (Resource, Inf.): 25.5Mt @ 1.1g/t Au for 914000oz Au contained at Bibra | |
| CP/QP: | [Overall Report]: Peter Langworthy (Internal) | |
| ABSTRACT: | Capricorn Metals Ltd (ASX: CMM) is pleased to announce that the latest infill drilling at the Bibra deposit within its Karlawinda Gold Project in WA’s Pilbara region has confirmed the continuity of a very shallow cap of laterite (supergene) mineralization. The results will be used to upgrade the 85,000-ounce laterite Resource, which Capricorn will target as a source of strong early cash flow at Karlawinda. The laterite mineralisation has a Resource of 2.1 million tonnes at 1.3g/t Au for 85,000 ounces, representing 9.5 per cent of the total Bibra Inferred Resource (25.5 million tonnes at 1.1g/t for 914,000oz (See Appendix 1 for details). The laterite domain has now been evaluated on a 25 x 25 metre drill pattern. The quality and consistency of the mineralisation will enable the Resource to be upgraded to a higher confidence level of Measured and Indicated. Capricorn Managing Director Peter Thompson said these results would further strengthen the economics of Karlawinda. “These results provide more strong evidence of the significant additional value which the laterite mineralisation will bring to Karlawinda,” Mr Thompson said. “The WA gold industry was built on deposits that initially had a strong laterite or supergene component, which can help de-risk a project by generating very robust early cash flows. “You do not see these opportunities very often these days, particularly over such a large primary resource without the complications of legacy mining issues and the requirement for large amounts of working capital. “Karlawinda ticks all these boxes. It is a straightforward development opportunity with significant scale in the heart of one of the world’s most desirable mining regions.” | |
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