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Calidus Resources Estimates Maiden Resource to underpin Nullagine Restart

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THE DRILL SERGEANT: Calidus Resources (ASX: CAI) reported a maiden JORC 2012 Mineral Resource Estimate (MRE) for the company’s Nullagine gold project in Western Australia.

Calidus Resources has commenced work on a Feasibility Study for the re-start of the Nullagine Mill based on two weeks on, two weeks off campaign milling at the 1.8 million tonnes per annum Golden Eagle mill.

This study is expected to be finished in the coming quarter.

The maiden Nullagine MRE has come in at 6.9 million tonnes at 2.15 grams per tonne gold for 475,114 ounces.

This includes Measured and Indicated Resources of 4.1 million tonnes at 2.33g/t gold for 307,497 ounces, representing 65 per cent of the total Resource.

Calidus explained the Mineral Resource does not incorporate the remnant stockpiles on the run of mine (ROM) pad, where the company is undertaking a drill program to delineate Mineral Resources that will be included in the Feasibility Study and provide an ore source for commissioning.

“We are excited to release an initial Maiden Resources at Nullagine which forms the basis for a Study on the restart of the Golden Eagle mill, which has a nameplate capacity of 1.8 million tonnes per annum, on a campaign basis,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.

“Any production from Nullagine will result in a substantial uplift in Calidus’ overall production profile and provide significant free-cashflow generation as there is no hedging in place on any of these ounces.

“We look forward to releasing a Feasibility Study in the September Quarter 2024 with production targeted to commence no later than Q1 CY25.

“Work continues on the remaining 16 historic resources not included in this release which will provide a substantial uplift to these Resources when complete.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Calidus Resources Identifies New Large High-Grade Satellite Deposits to Feed Warrawoona

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THE DRILL SERGEANT: Calidus Resources (ASX: CAI) carried out technical reviews that resulted in identification of Mickey’s Find as another property with the potential to deliver high-grade profitable ounces to the company’s Warrawoona gold project (WGP).

Mickey’s Find is part of the recently announced Haoma Joint Venture (CAI 60%: Haoma 40%), and was earmarked as a priority by Calidus due to its proximity to WGP, granted Mining Leases and potential to supply substantial high-grade ore to the Warrawoona processing plant.

High-grade mineralisation at Mickey’s Find, which is open along strike and at depth, was last drill tested in 2003 by Haoma that drilled a thicker, lower-grade gold-silver-copper intercept located 800m west of the main area of drilling, which Calidus plans to explore in parallel.

Identification of Mickey’s Find follows the Blue Bar and Bamboo Creek high-grade regional gold deposits, which were identified on granted Mining Leases within trucking distance of Warrawoona that require minimal upfront capex.

Calidus aims to soon restart production at Blue Bar to provide high-grade ore supply to Warrawoona, including stockpiles of 10,000 tonnes at 1.5 grams per tonne gold.

“Mickey’s Find is a potentially significant gold system that could provide substantial long-term feed to the Warrawoona operations,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.

“The high-grade mineralisation is just 60 kilometres from the Warrawoona plant and drilling completed in 2003 by Haoma highlighted an additional opportunity to identify a bulk tonnage gold-silver-copper deposit.

“We are aiming to imminently restart production at Blue Bar with Bamboo Creek and then Mickey’s Find to follow.

“These deposits will provide high-grade ore supply to Warrawoona, supplementing material from the Klondyke open pit.

“Importantly these new regional deposits identified on the Haoma JV are located on granted Mining Leases within trucking distance of Warrawoona and require minimal upfront capex due to being amendable to shallow open pits.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Calidus Resources Underpins Expansion for Warrawoona with Blue Spec Reserve

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THE DRILL SERGEANT: Calidus Resources (ASX: CAI) announced a Reserve for the Blue Spec deposit, part of the company’s Warrawoona gold project in Western Australia.

Calidus Resources said the Blue Spec Reserve enables advancement of the Sulphide Plant project towards a Final Investment Decision in mid-2023.

The results of a Feasibility Study that supported the Blue Spec Reserve, coupled with the existing Copenhagen Reserve, demonstrates integration of these high-grade satellite deposits into the operating Warrawoona gold project will generate a considerable increase in production and operational cashflow for modest additional capital expenditure.

The Reserve for Blue Spec of 83,000 ounces combined with the 17,000 ounces Reserve at Copenhagen provides a combined 100,000 ounces Reserve that will be treated via the Stage 2 Sulphide Plant to be located at Warrawoona.

The Sulphide Plant would be constructed at Warrawoona with Blue Spec and Copenhagen ore trucked to Warrawoona for processing, a practical option given the low-volume, high-grade nature of both Blue Spec and Copenhagen.

“This maiden Reserve for Blue Spec shows we have a clear pathway to growing production at Warrawoona to 140,000 ounces a year, increasing free cashflow significantly and enabling us to leverage existing infrastructure,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.

“Our growth strategy is now underpinned by Reserves of 600,000 ounces in a tier-one location, with a strategically located operational hub and exceptional team.

“Calidus is in an enviable position with a solid foundation of production and a strong growth pipeline based on a substantial Reserve base and significant scope for further increases in mine life through organic and inorganic growth.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Web: www.calidus.com.au

 

 

Calidus Resources Banks $20M to Fund Growth Projects

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THE BOURSE WHISPERER: Calidus Resources (ASX: CAI) has increased its fighting fund by the tune of $20 million via a share placement to professional and sophisticated investors through the issue of approx. 29.8 million shares at a price of 67 cents per share.

Calidus Resources said the placement resulted in new institutional shareholders joining the cause along with its largest shareholder, Alkane Resources (ASX: ALK), chipping in for $3 million in support.

The company has earmarked the proceeds of the Placement to be used to:

• Fund an expanded lithium exploration campaign on the Pirra Lithium Joint Venture;

• Costs associated with the proposed demerger of the Pirra Lithium Joint Venture that was announced in June.

• Gold exploration that will include: A Geophysical survey at Blue Spec West; Drilling programs at Blue Spec East, Blue Spec West, Marble Bar, Fieldings Gully and Klondyke Boulder; and Pursuit of potential earn-in’s on nearby known deposits held by third parties;

• Blue Spec early works including the finalisation of permitting, securing available accommodation units and installation of water and communications; and

• Warrawoona plant expansion works, aiming to increase current throughput by up to 20 per cent to 100,000 ounces per annum.

“I would like to thank existing shareholders for their continued support and welcome some new, high-quality institutions to our register,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.

“Operations at Warrawoona continue to ramp up well with nameplate production due during this quarter.

“But with the initial cashflow committed to reducing debt, this additional capital will allow us to immediately accelerate our strategy to unlock our growth projects, which have potential to generate significant returns for shareholders.

“These growth projects include plans for drilling at lithium and gold prospects, commencing early works at Blue Spec and expanding the throughput of the Warrawoona Mill to treat fresh material at 20 per cent above nameplate capacity.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@calidus.com.au

 

Web: www.calidus.com.au

 

 

Calidus Resources Reports Increase in Size of Spear ill Lithium Discovery

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THE DRILL SERGEANT: Calidus Resources (ASX: CAI) reported further results achieved at the Spear Hill lithium discovery in Western Australia by Pirra Lithium, which is owned equally by Calidus and Haoma Mining NL.

Calidus Resources said recent rock-chip sampling and mapping by Pirra Lithium had almost doubled the known strike length of outcropping lithium-bearing pegmatites at the Spear Hill lithium discovery to 4.3 kilometres.

Assays received for a further 30 rock-chip samples from a newly discovered pegmatite swarm 1.7km south-west of the original discovery area yielded lithium grades up to 2.35 per cent and 808ppm tantalum.

The samples were collected from three exposed pegmatites and areas of muscovite and lepidolite alteration over nearly 1.8km of strike length.

“This discovery of another significant pegmatite outcrop in the vicinity of the previously announced results confirms the presence of a significant lithium pegmatite system,” Calidus Resources managing director Dave Reeves said in the company’s ASX announcement.

“These results have provided additional drill targets that demand to be tested.

“The expansion of the mineralised system at Spear Hill reinforces the substantial prospectivity across the large tenement package and rights owned by Pirra Lithium.

“As a result, the shareholders of Pirra Lithium have decided to commence a demerger process and IPO of Pirra Lithium later this year.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@calidus.com.au

 

Web: www.calidus.com.au