Calidus Update

RNS Number : 8330V

Keras Resources PLC

11 April 2019

 

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

11 April 2019

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

Calidus Confirms Wide Outcropping Gold Mineralisation in the Centre of 1.25Moz Au Resource

Keras Resources plc, the AIM listed mineral resource company, notes the news released by Calidus Resources Limited (ASX:CAI) ('Calidus') announcing the confirmation of extensive outcropping gold mineralisation at the Klondyke Shear Prospect ('Klondyke') in the centre of Calidus' 1.25 million ounce JORC compliant gold resource at its Warrawoona Gold Project ('Warrawoona' or the 'Project') in the Pilbara of Western Australia.  

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

Highlights

·     Re-processing of historic Conzinc Riotinto of Australia ('CRA')  datasets across the Klondyke resource area at Warrawoona demonstrates the presence of wide and consistent gold mineralisation at surface.  The costean results include:

o  25m @ 1.76 g/t Au incl 1m @ 9.77g/t Au

o  32m@ 1.15g/t Au

o  12m@ 2.24 g/t Au

o  15m @ 1.37g/t Au

o  16m @ 1.19 g/t Au

o  13m @ 1.29 g/t Au

o  8m @ 1.48g/t Au

·     Selective channel and rock chip sampling following this programme produced high-grade assays including:

o  130 g/t Au

o  64 g/t Au

o  44 g/t Au

o  41 g/t Au

o  10 g/t Au

o  9.2 g/t Au

·     Regional Air Core ('AC') drilling programme continues at Warrawoona to test greenfields anomalies;

·     Induced Polarisation ('IP'), geophysics consultants have commenced work onsite for refining drill locations along the remaining ~7km strike length of the outcropping Klondyke Shear package that remains untested by Calidus;

·     PFS remains on schedule to be delivered by the end of Q3 2019

Russell Lamming, Chief Executive Officer of Keras, commented, "The confirmation of wide outcropping gold mineralisation at the Klondyke Shear Prospect in the heart of Calidus' Warrawoona Project is extremely positive and serves to strengthen the substantial economic upside of this already highly prospective asset. With Calidus' aggressive development timeline rapidly progressing to Pre-Feasibility Study we are looking forward to more positive news to further consolidate the Project's significant value and grow the 1.25Moz Au Resource at Warrawoona."

The information in this RNS has been extracted from the ASX announcement made by Calidus Resources Limited on 11 April 2019.  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:

Russell Lamming	Keras Resources plc	[e-mail]
Nominated Adviser / Joint Broker Ewan Leggat / Charlie Bouverat	SP Angel Corporate Finance LLP	[phone]
Financial PR Isabel de Salis / 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 portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa.  It also has a significant interest in Calidus Resources Limited ('Calidus'), a highly prospective gold exploration and development company in Australia, which is currently undertaking a Pre-Feasibility Study at its Warrawoona gold project.  Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia and proven success in advancing assets up the value curve.

 

END

 

 

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