Calidus Resources Announces Drilling Results

RNS Number : 7594G

Keras Resources PLC

08 November 2018

 

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

8 November 2018

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

Calidus Resources Announces Further High-Grade Drilling Results Across Warrawoona

Keras Resources plc, the AIM listed mineral resource company, notes the announcement released by Calidus Resources Limited (ASX:CAI) ('Calidus'), which returned significant high-grade drilling results from the St George Shear and Klondyke East prospects.  These results highlight the ability to extend Calidus' current Resource area at the Warrawoona Gold project in the Pilbara in Western Australia.  The results make up a larger resource infill and extension programme which is aiming to develop Calidus' current 712,000oz resource and support the expected  delivery of a pre-feasibility study ('PFS') in 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

Infill drilling for open-pit resources at the new high-grade gold zone St George, 150m North of the Klondyke Main resource, has returned significant intercepts including:

•          6m @ 7.61g/t Au (incl 1m @ 40.64g/t Au) from 16m in 18SGRC031

•          8m @ 5.64g/t Au (incl 1m @ 11.03g/t Au, 1m @ 13.05g/t Au & 1m @ 10.95 g/t Au) from 44m in 18SGRC032

•          14m @ 1.77g/t Au from 35m in 18SGRC047

•          2m @ 10.23g/t Au (incl 1m @ 18.91 g/t Au) from 91m in 18SGRC050

Klondyke East in-fill drilling has returned the following significant intercepts:

•          2m @ 20.84g/t Au (incl 1m @ 40.51 g/t Au) from 88m in 18KLRC152

•          6m @ 3.82g/t Au from 93m in 18KLRC148

•          15m @ 0.97g/t Au from 97m in 18KLRC172

•          2m @ 7.29g/t Au (incl 1m @ 12.75 g/t Au) from 66m in 18KLRC157

•          1m @ 10.79g/t Au from 2m in 18KLRC158

Russell Lamming, Chief Executive Officer of Keras, commented, "These high grade results from the St George Shear and Klondyke East  underpin the prospectivity of the wider Warrawoona Gold Project and the strong potential for the current resource of 712,000oz to be materially increased in the near term.  As 60% of the area is yet to be reported on, we look forward to Calidus delivering results of further drilling at the St George Shear prospect as well as the results of an initial diamond drill programme targeting resources beneath the potential open pit at Klondyke."

The information in this RNS has been extracted from the ASX announcement made by Calidus Resources Limited on 8 November 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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