Keras Resources confirmed that Calidus Resources has announced the discovery of a new gold strike extending over 1,000m at St Georges Shear prospect, located approximately 150m North of the current 654,000oz Klondyke resource.
The update indicates mineralisation from surface level which runs in a parallel shear to the Klondyke resource. The news follows recent drilling results from the Company’s Warrawoona Gold Project in the Pilbara of Western Australia as Calidus continues to undertake a large resource infill and extension programme across the Warrawoona project with the aim to expand the current resource in order to support a pre-feasibility study in 2019.
Keras is a significant shareholder of Calidus, with a current interest of 458m shares, representing approximately 35% of Calidus’ total issued share capital. On successful completion of the PFS at Warrawoona, an additional 265m performance shares of Calidus (‘Performance Shares’) owned by Keras will be converted into ordinary shares of Calidus.
- Wide spaced RC drilling of the St Georges Shear prospect ~150m North of the current 654,000 oz Klondyke resource highlights the potential to rapidly add to Calidus’ existing resource base with results including:
- 8m @ 3.9g/t Au from 0m (incl. 1m @ 11.3g/t Au from 0m) in 18SGRC008;
- 11m @ 1.53g/t Au from 28m in 18SGRC012;
- 6m @ 2.27g/t Au from 88m in 18SGRC013;
- Previous results in this area include:
- 6m @ 9.39g/t Au from 90m in KBP010;
- 4m @ 6.08g/t Au from 88m in W97_10
- 4m @ 3.01g/t Au from 72m in W97_12
- 1m @ 13.0g/t Au from 106m in W97_9
- 1m @ 7.4g/t Au from 111m in W97_9
- Klondyke-style mineralisation currently extends over 1,000m of strike along St Georges and remains open at depth with infill RC drilling to be fast-tracked and take place before the end of 2018;
- Assays received for final 18 holes of recent Klondyke East infill programme, significant intercepts include:
- 7m @ 1.83g/t Au from 29m in 18KLRC144;
- 5m @ 2.49g/t Au from 50m in 18KLRC132;
- 8m @ 1.12g/t Au from 55m in 18KLRC139;
- 8m @ 1.3g/t Au from 105m in 18KLRC139
Russell Lamming, Chief Executive Officer of Keras said: “Calidus’ discovery of an additional 1,000m gold strike at St Georges Shear verifies the geological targeting model and has increased company confidence in its potential to materially increase its current global resource of 712,000oz Au at a grade of 2.11g/t. Importantly, the shallow intersections reported at St Georges indicates near surface gold potential which adds weight to any prospective developments at Klondyke, located only 150m to the south of this new discovery.
“Calidus intends to carry out further drilling within this specific area and in the wider Warrawoona area in order to prove up the wider resource potential of this project. Thanks to three drill rigs currently operating across the project, we can anticipate increased regularity in the reporting of results.”
Source: Company Press Release