Calidus Reports High-Grade Extensions at Klondyke

RNS Number : 5533J

Keras Resources PLC

06 December 2018

 

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

6 December 2018

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

Calidus Resources Reports High Grade Depth Extensions at Klondyke

Keras Resources plc, the AIM listed mineral resource company, notes the announcement released by Calidus Resources Limited (ASX:CAI) ('Calidus'), regarding initial high-grade drilling results from underneath the current Klondyke Mineral Resource at its Warrawoona Gold Project in the Pilbara in Western Australia.  The results demonstrate high-grade depth extensions to the currently defined JORC resource of 654,000oz at a grade of 2.06g/t Au at Klondyke.  In addition, all results have been received from drilling at St George Shear, located 150m immediately north of and parallel to the Klondyke Main Shear.  The results from both the 'Klondyke Deeps' prospect and St George Shear prospect will be included in an updated JORC Resource Estimate for the entire Warrawoona Gold Project in Q1 2019.

Keras currently has 458m shares in Calidus, representing approximately 32.3% of the current issued share capital of Calidus.  On successful completion of the aforementioned PFS, an additional 265m performance shares of Calidus ('Performance Shares') owned by Keras will be converted into ordinary shares of Calidus. 

HIGHLIGHTS

Assays received from 14 holes of a 22 hole diamond drilling programme testing underneath the 2017 Klondyke 654,000 oz Mineral Resource have returned:

·    12.65m @ 3.25g/t Au (incl 1m @ 14.27 g/t) from 253.3m in 18KLDD022;

·    6.97m @ 4.33g/t Au (incl 1m @ 12.24g/t) from 223.85m in 18KLDD015;

·    6.50m @ 3.43g/t Au (incl 0.73m @ 14.48g/t) from 207.8m in 18KLDD014;

·    6.55m @ 3.42g/t Au (incl 1m @ 7.0g/t) from 221.65m in 18KLDD019;

·    1.78m @ 11.82g/t Au (incl 0.5m @ 33.64g/t) from 248.22m in 18KLDD024;

·    1m @ 17.59g/t Au from 217m in 18KLDD028;

·    1m @ 12.04g/t Au from 246m in 18KLDD029;

·    0.5m @ 29.29g/t Au from 220.8m in 18KLDD015;

·    2.4m @ 5.19g/t Au from 241m to EOH in 18KLDD021;

·    1.3m @ 8.19g/t Au from 300m in 18KLDD032;

·    0.5m @ 15.14g/t Au from 196m in 18KLDD014;

·    1m @ 7.79g/t Au from 196m in 18KLDD012;

·    0.7m @ 8.43g/t Au from 188.5m in 18KLDD028.

Assay results received from St George include:

·    9m @ 3.41g/t Au (incl 1m@ 14.51g/t) from 73m in 18SGRC026

·    11m @ 2.25g/t Au from 3m in 18SGRC035

·    4m @ 3.37g/t Au (incl 1m@11.12g/t) from 1m in 18SGRC039

·    2m @ 5.53g/t Au from 45m in 18SGRC027

·    4m @ 2.15g/t Au from 32m in 18SGRC034

·    1m @ 7.05g/t Au from 42m in 18SGRC061

·    3m @ 3.98g/t Au from 63m in 18SGRC062

Russell Lamming, Chief Executive Officer of Keras, commented, "All indications from this drill programme, and previous programmes conducted at the wider Warrawoona Project over the past two years, point to this asset hosting a large and high-grade gold mineralised system.  Calidus has already proved-up a significant Resource of +700,000oz gold at Warrawoona, however we are confident that this has potential for substantial upside and we look forward to the publication of a Resource upgrade, due in Q1 2019, as we look to better define and translate the tangible value of this exciting gold asset for Keras investors."

The information in this RNS has been extracted from the ASX announcement made by Calidus Resources Limited on 6 December 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.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Russell Lamming, Chief Executive Officer.  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:

Chief Executive Officer 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 / Cosima Akerman	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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