Capricorn Metals Commences Expansion Drill Program at Karlawinda Gold Project
West Perth, WA / November 21, 2017 / JMN Wire / Capricorn Metals Limited (ASX: CMM) is pleased to advise that the next phase of exploration has commenced at its flagship 100%-owned Karlawinda Gold Project in WA (Figure 1), where the total Mineral Resource has recently been increased to 38.3 million tonnes grading 1.1g/t Au for 1,326,000 ounces1 of contained gold (see Table 1 and ASX announcement dated 13th November 2017 for details).
The new exploration programs are focused on the continued rapid expansion of the large-scale Bibra gold deposit and testing multiple high-priority prospects over 10km of known prospective stratigraphy.
- The recent update to Capricorn’s resource inventory (now 1.3Moz) clearly demonstrates the significant endowment of the Karlawinda Gold Project.
- The recently completed Feasibility Study confirms a robust economic case to develop a significant new Western Australian gold mine at Karlawinda.
- Exploration success and resource expansion will continue to enhance the Project and support a long-term mining operation, well beyond the mine life contemplated in the Feasibility Study.
- The large Bibra Gold Deposit is just one of several potential major gold systems, that are targeted across multiple prospects over the known prospective stratigraphy of at least 10km strike.
- In recent months Capricorn has maintained a strong focus on collecting quality datasets and using them to establish a detailed understanding of the geology and the controls on mineralisation at Karlawinda. The Karlawinda resource can be expected to grow rapidly and at a low discovery cost.
- A series of high-priority targets are now the focus of the next phase of exploration, with two drilling rigs currently being mobilised to the project.
Capricorn’s Executive Chairman, Heath Hellewell, said:
“With our Feasibility Study now completed we are excited to once again ramp up exploration at Karlawinda.”
“With a robust economic project defined by the Feasibility Study, we seek to continue to add significant value to our Project through ongoing investment in exploration.”
“The endowment potential and exploration upside across our tenements is exceptional and we are excited by the quality of both our extensional targets at Bibra and our regional targets in this new emerging goldfield.”