Calidus Discovers Gold Strike at St Georges Shear

RNS Number : 6205Y

Keras Resources PLC

23 August 2018

 

Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining

23 August 2018

Keras Resources plc ('Keras' or the 'Company')

Calidus Discovers 1km Gold Strike at St Georges Shear prospect, Warrawoona Gold Project

Keras Resources plc, the AIM listed mineral resource company, is pleased to confirm that Calidus Resources Limited ('Calidus'), 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 654,000 oz 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.

HIGHLIGHTS

·      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:

o  8m @ 3.9g/t Au from 0m (incl. 1m @ 11.3g/t Au from 0m) in 18SGRC008;

o  11m @ 1.53g/t Au from 28m in 18SGRC012;

o  6m @ 2.27g/t Au from 88m in 18SGRC013;

·      Previous results in this area include:

o  6m @ 9.39g/t Au from 90m in KBP010;

o  4m @ 6.08g/t Au from 88m in W97_10

o  4m @ 3.01g/t Au from 72m in W97_12

o  1m @ 13.0g/t Au from 106m in W97_9

o  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:

o  7m @ 1.83g/t Au from 29m in 18KLRC144;

o  5m @ 2.49g/t Au from 50m in 18KLRC132;

o  8m @ 1.12g/t Au from 55m in 18KLRC139;

o  8m @ 1.3g/t Au from 105m in 18KLRC139

Russell Lamming, Chief Executive Officer of Keras, commented, "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."

The information in this RNS has been extracted from the ASX announcement made by Calidus Resources Limited on 23 August 2018.

To view a full version of the Calidus announcement, which includes figures and maps, please click here: 

https://www.calidus.com.au/investors/asx-announcements/.

For more information on Calidus and Warrawoona, please visit www.calidus.com.au.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:

Russell Lamming	Keras Resources plc	[e-mail]
Nominated Adviser / Joint Broker Ewan Leggat / Charlie Bouverat	SP Angel Corporate Finance LLP	[phone]
Financial PR Susie Geliher / Charlotte Page	St Brides Partners Ltd	[phone]

Notes

Keras Resources plc is focused on building a strategic portfolio of resource assets. The Company provides investors with exposure to a strategic portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa, and also has a significant interest in a highly prospective gold exploration and development portfolio in Australia.

Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia with proven success in advancing assets up the value curve.

 

END

 

 

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