Calidus' Prospect Delivers High-Grade Results

RNS Number : 8685D

Keras Resources PLC

12 October 2018

 

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

12 October 2018

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

Calidus Resources' Coronation Prospect Delivers Further High-Grade Results

Keras Resources plc, the AIM listed mineral resource company, is pleased to provide an update released by Calidus Resources Limited (ASX:CAI) ('Calidus') following its recent drilling results from the Coronation Prospect, which forms part of its wider Warrawoona Gold Project, located in the Pilbara of Western Australia.  These results, that have yielded multiple high-grade intercepts including 10m @ 4.69g/t Au from 57m, are part of a resource infill and extension programme which is aimed at increasing the current JORC compliant 712,000 oz Au resource to in excess of 1Moz Au and will support the Pre-Feasibility Study targeted in 2019.

Keras has 458m shares in Calidus, representing approximately 35% of Calidus' total issued share capital.  On successful completion of the 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.  Calidus' share price is currently 0.325p.

Highlights

·     Results from a recent 18-hole 2,278m step-out and infill RC drilling programme have intersected high-grade gold at the Coronation prospect approximately 12km west of the Klondyke Resource area

·     Significant results include:

o  10m @ 4.69g/t Au from 57m in 18CRRC020

o  5m @ 4.48g/t Au from 35m in 18CRRC022

o  4m @ 5.30 g/t Au from 26m in 18CRRC014

o  2m @ 9.30g/t Au from 80m in 18CRRC013

o  3m @ 6.01g/t Au from 10m in 18CRRC018

o  7m @ 2.54g/t Au from 21m in 18CRRC012

o  3m @ 4.69g/t Au from 29m in 18CRRC022

o  2m @ 6.61g/t Au from 25m in 18CRRC016

Russell Lamming, Chief Executive Officer of Keras, commented, "These results continue to demonstrate both the quality of the Warrawoona Project and underpin the potential to build on the current Mineral Resource of 712,000 oz Au.  With two drill rigs operating at the Klondyke and St George Shear sites, we expect further results as the Calidus team continues to push forward with the resource expansion ahead of 2019's planned Pre-Feasibility Study.  I look forward to reporting further updates in the coming months in tandem with development from our Manganese project in Togo which is currently undergoing a bulk sample."   

The information in this RNS has been extracted from the ASX announcement made by Calidus Resources Limited on 28 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.

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 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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