Initial Drilling Programme Commences at Klondyke

RNS Number : 3323P

Keras Resources PLC

17 November 2016

 

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

17 November 2016

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

Initial Drilling Programme Commences at Klondyke Gold Project

Keras Resources plc, the Australian gold mining company, is pleased to announce that it has commenced the initial drilling campaign at its 100% owned, owner operated flagship Klondyke  Gold Project, located in the prospective Warrawoona Goldfield in the East Pilbara District of the Pilbara Goldfield of Western Australia.

Highlights:

§ Initial 600m Klondyke drill programme has commenced - results to confirm targets for resource drill programme planned for early 2017 to extend current JORC compliant mineral resource estimate of 5.6Mt at 2.08g/t gold ('Au') for 374,000oz;

§ Detailed mapping of the greater Klondyke area continues - visible gold in chip samples, extensive old workings and expansive shear zones have been reported to date;

§ Significant upside potential - current resource confined to just 2km of strike of the main 7.5km shear strike identified;

§ Right to mine contiguous Haoma tenements covering 650 hectares - excellent discovery potential highlighted by high-grade drill results, including 3m at 17.58g/t Au from 20m, 4m at 59.48g/t Au from 64m and 11m at 7.23g/t Au from 30m; and

§ Management continue to assess additional growth opportunities in the project area to increase the Company's holding of land with proven resource potential in the region.

Keras Managing Director Dave Reeves said,

"We are delighted to have commenced drilling within a month of acquiring our 100% owned flagship Klondyke Gold Project in the Pilbara Goldfield of Western Australia, underpinning our active growth strategy. In addition to the ongoing detailed mapping and reconnaissance exercise, this initial confirmatory drill programme will help finalise plans for an expanded resource drilling programme targeted to commence  following the proposed ASX listing. The expanded drilling campaign will focus on increasing the current Inferred Resource of 5.6Mt at 2.08g/t Au for 374,000oz, which we believe represents only a fraction of the total mineable ounces in the project area. We look forward to updating shareholders as we progress this highly prospective and extremely exciting project."

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:

Dave Reeves	Keras Resources plc	[e-mail]
Nominated Adviser
Gerry Beaney/David Hignell	Northland Capital Partners Limited	[phone]
Broker
Elliot Hance/Jonathon Belliss	Beaufort Securities Limited	[phone]
Financial PR
Susie Geliher/Charlotte Page	St Brides Partners Limited	[phone]

 

END

 

 

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