Calidus Launches Resource Definition Programme

RNS Number : 5735P

Keras Resources PLC

30 May 2018

 

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

30 May 2018

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

Calidus Launches 2018 Resource Definition Programme Targeting +1Moz at Warrawoona

Keras Resources plc, the AIM listed mineral resource company, is pleased to confirm that Calidus Resources Limited ('Calidus'), in which Keras currently holds an approximate 35.8% equity interest, has commenced its 2018 Resource Definition programme at its Warrawoona Gold Project ('Warrawoona'), located in the Pilbara of Western Australia.  The drilling programme is primarily targeting an increase in the existing gold resource base of 712Koz to in excess of 1Moz and will also include reconnaissance drilling to verify new targets that lie adjacent to the existing JORC resource. Calidus has also further increased its land holding in line with its strategy to consolidate its holding in the Pilbara goldfield.

Keras is a significant shareholder of Calidus, with a current interest of 458m shares, representing approximately 35.8% of Calidus' total issued share capital.  On successful completion of a Pre-Feasibility Study at Warrawoona, an additional 265m performance shares of Calidus ('Performance Shares') owned by Keras will be converted into ordinary shares of Calidus. 

HIGHLIGHTS

·      An initial 30,000m resource drilling programme, consisting of both Reverse Circulation and Diamond Drilling, has commenced onsite at the Klondyke prospect with the objective of growing the Mineral resource to in excess of 1 million ounces of gold by the end of 2018 at the Warrawoona project;

·      The resource drilling will concentrate on the shallow, outcropping strike extensions to Klondyke for a distance of 1.2km east and 800m west of the existing resource, nearly doubling the drilled strike of Klondyke to 4.5km;

·      Reconnaissance drilling to be undertaken along 4km of the St George's Shear that lies 150m to the north of, and is geologically similar to the Klondyke Shear;

·      Targeted increase in resource will allow Calidus to formally commence the proposed 100Kozpa Prefeasibility Study ('PFS'); and

·      Tenements E45/4856 and E45/4857 have been granted to Calidus - these tenements contain 18km of Mt Roe Basalt outcrop and are known to contain large conglomerate sequences, providing further upside potential.

Russell Lamming, Chief Executive Officer of Keras, commented, "The commencement of the next phase of resource drilling, which is expected to underpin a significant increase in mineral resource, is another important milestone for Keras shareholders.  The targeted +1Moz resource will provide the critical mass required to underpin the proposed 100Koz per annum PFS, which will in turn trigger the conversion of Keras's outstanding 265m Performance Shares.

"The Calidus team has consistently achieved its targeted high-grade drilling results, highlighted in the December 2017 resource increase to 712Koz just six months after listing, so we have every confidence that this drilling campaign will provide the results required to take the Warrawoona mineral resource through that significant +1Moz mark."

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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