Capricorn Metals expands Bibra drilling program

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THE DRILL SERGEANT: Capricorn Metals (ASX: CMM) informed the market it has expanded a resource in-fill drilling program currently underway at the company’s 100 per cent-owned Karlawinda gold project near Newman in Western Australia.

Capricorn Metals explained the decision to expand the program was taken after recent drilling had confirmed the scale, quality and continuous nature of the mineralisation at the project’s Bibra deposit.

Capricorn Metals said the results it has received to date match expectations and, importantly, consolidate the high-grade domains within the deposit.

Recent results from one of these high-grade domains on Section 200100mN include:

KBRC412
33 metres at 1.45 grams per tonne gold from 23m, including 5m at 4.03g/t gold;

KBRC092
58m at 1.44g/t gold from 58m, including 9m at 3.5g/t gold;

KBRC393
46m at 1g/t gold from 89m, including 18m at 1.74g/t gold;

KBRC394
54m at 1.09g/t gold from 87m, including 12m at 2.6g/t gold;

KBRC395
42m at 1.03g/t gold from 112m, including 6m at 2.9g/t gold; and

KBRC396
47m at 1.27g/t gold from 129m, including 20m at 3.1g/t gold.

Capricorn said the in-fill program had demonstrated the Bibra Deposit is a highly continuous, large-scale open pit mining opportunity, which will underpin a Definitive Feasibility Study on the Karlawinda gold project due for completion in the second quarter of next year.

The company is using the current large resource drilling program as the cornerstone activity for the fast-tracked DFS to expand and upgrade the classification of the Bibra Inferred Resource, which currently stands at 25.5 million tonnes at 1.1g/t gold for 914,000 ounces of gold.

“The results have so far more than matched our expectations, highlighting the continuity of the deposit both in terms of geometry and gold grade,” Capricorn Metals managing director Peter Thompson said in the company’s announcement to the Australian Securities Exchange.

“Of particular note with the latest results is that the higher grade zones are becoming more cohesive and consistent – and they will now be domained and modelled separately within the overall Mineral Resource model.

“The near-surface laterite zone, which includes some of the highest grades seen at Bibra – all within 20 metres of the surface – is proving to be uniform and consistent.

“The saprolite-transition zone is also firming up, with consistent in-fill results.

“These two zones could prove to be strategically important – generating high-grade ounces in the early stages of the mine plan.

“We have decided to expand the drilling program to tighten up the drill spacing in these strategically important high-grade zones, while also providing the opportunity to further delineate the new discoveries at Portrush and Southern Corridor for inclusion in the overall resource estimate.

“We look forward to the completion of in-fill drilling during November and the resulting impact on the Bibra resource estimate.

“This will provide a strong foundation to the DFS and puts us firmly on track to develop a significant new mid-tier gold project next year.”

Email: enquiries@capmetals.com.au

Website: www.capmetals.com.au