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Capricorn Metals Ltd.
Summary
| Project: | Karlawinda | |
|---|---|---|
| Deposit: | Bibra | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/4/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 4-7-2016: Capricorn Metals Ltd. announces a Resource Estimation report for its Bibra deposit at the Karlawinda project. Bibra gold resource increases 40% on previous estimate. 4th July 2016: Capricorn Metals Ltd (ASX: CMM) is pleased to advise that it has | |
| Resources: | (Resource, Inf.): 25.5Mt @ 1.1g/t Au for 914000oz Au contained at Bibra | |
| CP/QP: | [Resources]: Peter Langworthy (Internal) | |
| ABSTRACT: | 4th July 2016: Capricorn Metals Ltd (ASX: CMM) is pleased to advise that it has taken an important step in its strategy to fast-track the development of its 100%-owned Karlawinda Gold Project in WA (Figure 1) with the completion of an updated Inferred Mineral Resource estimate for the Bibra open pit gold deposit. The updated resource, comprising 25.5 million tonnes grading 1.1g/t Au for 914,000 ounces of contained gold, represents a 40% increase over the previously published Inferred Resource estimate for Bibra of 18Mt at 1.1g/t for 650,800oz. This reflects the success of the Company’s maiden 47-hole (9,642m) drill program at Karlawinda, completed last quarter and will form the foundation of ongoing Scoping Study activities, which have been progressing in parallel with the resource estimation process. The Karlawinda Scoping Study remains on schedule for completion by the end of July, and will in turn pave the way for a Definitive Feasibility Study (DFS) commencing in the second half of 2016. To that end, Capricorn will shortly commence a major new program of resource in-fill and extensional drilling at Karlawinda, initially with three RC drill rigs. This program, which will comprise up to 60,000m of RC and diamond drilling, will commence within two weeks and will also include exploration drilling to test numerous near-mine targets. Further details about this program will be provided shortly. | |
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