Calidus Resources Confirms Coronation High-Grades

THE DRILL SERGEANT: Calidus Resources (ASX: CAI) announced confirmation of further high-grade results from the Coronation prospect and depth extensions below the Klondyke Resource at the company’s Warrawoona gold project, located 25kms south of Marble Bar in the East Pilbara of Western Australia.

Calidus Resources completed initial reconnaissance drilling at Coronation that has defined high-grade strike of 250 metres adjacent to the previously high-grade drilling results.

Latest drilling intercepts include:

10 metres at 3.84 grams per tonne gold, including 1m at 30.4g/t gold from 27m; and

8m at 2.22g/t gold from 71m.

Calidus also recorded rock chips up to 114.7g/t gold from surface at Coronation.

The company is now planning a Resource drill out program at Coronation for this year to add shallow high-grade ounces.

Recent deep diamond drilling has extended gold mineralisation at Klondyke 150m down dip of previous drilling to 370m depth with an intercept of:

2m at 6.01g/t gold, including 1m at 9.39g/t gold from 421m.

The company said its Klondyke RC resource drill out was progressing well with first results due within four weeks.

“Reconnaissance drilling at the satellite Coronation prospect has highlighted a 250 metre long high-grade zone that will be in-fill drilled in the coming year to provide a maiden resource for Coronation adding to the 712,000 ounce inventory that already exists at Warrawoona,” Calidus Resources managing director Dave Reeves said in the company’s announcement to the Australian Securities Exchange.

“In addition, the intersection of high grade gold at Klondyke 150 metres below previous drilling is very exciting.

“Proving that the structure extends at depth, even on the far edges of our resource, gives us confidence that there is large blue-sky potential across Klondyke at depth.

“For now, however, we will concentrate on the shallow open pit resource potential of Klondyke for the remainder of this year and re-visit the extension of mineralisation at depth once we have gained further knowledge on the deposit.

“I am pleased to report that this resource extension drilling is progressing well and I look forward to announcing these results on a rolling basis over the coming five months.”