Calidus Resources Update

RNS Number : 0039B

Keras Resources PLC

04 June 2019

 

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

4 June 2019

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

Calidus Resources Update

Keras Resources plc, the AIM listed mineral resource company, notes the announcement released by Calidus Resources Limited (ASX:CAI) ('Calidus'), in which it currently holds a c.32.3% interest, regarding an update at the Warrawoona Gold Project in the Pilbara of Western Australia ('Warrawoona' or the 'Project').  

Highlights

·    Outstanding first assays from the regional drilling programme at Warrawoona

·    Shallow, high-grade gold intersected across the Klondyke Shear up to 5km west of the current 1.15Moz Klondyke JORC Resource at Warrawoona

·    Significant 4m composite results include:

o  8m @ 8.06g/t Au from 56m in 19TRAC008

o  4m @ 8.87g/t Au from 48m in 19WWWB004

o  12m @ 2.37g/t Au from 52m in 19KLAC009

o  8m @ 1.85g/t Au from 48m in 19TRAC009

o  4m @ 3.54g/t Au from 60m in 19TRAC006

o  4m @ 2.35g/t Au from 44m in 19SGAC003

·    Results highlight scope for Resource increase - further assays pending

Russell Lamming, Chief Executive Officer of Keras, commented, "Calidus is reaching a tipping point as it focuses on growing its 1.25 million-ounce JORC resource at Warrawoona,  where a Pre-feasibility Study is due for completion in July. Encouragingly, this first-pass regional drilling programme has identified shallow mineralisation up to 5km west from the Klondyke resource on the same geological structure, highlighting the potential for further near-surface gold mineralisation close to the proposed mine development.  We look forward to receiving further positive updates in the near future."

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, an additional 265 million performance shares of Calidus ('Performance Shares') owned by Keras will be converted into ordinary shares. 

The information in this RNS has been extracted from the ASX announcement made by Calidus Resources Limited on [04 June] 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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