High-Grade Coronation Results & Klondyke Extension

RNS Number : 9074R

Keras Resources PLC

20 June 2018

 

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

20 June 2018

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

Calidus Confirms High-Grade Coronation Results and Klondyke Depth Extension

Keras Resources plc, the AIM listed mineral resource company, is pleased to confirm that Calidus Resources Limited ('Calidus'), has confirmed further high-grade results from its Coronation Prospect, and depth extensions below the Klondyke Resource, at the Company's Warrawoona Gold Project ('Warrawoona'), located in the Pilbara of Western Australia.

Keras is a significant shareholder of Calidus, with a current interest of 458m shares, representing approximately 35% of Calidus' total issued share capital.  On successful completion of a Pre-Feasibility Study ('PFS') at Warrawoona, an additional 265m performance shares of Calidus ('Performance Shares') owned by Keras will be converted into ordinary shares of Calidus.

HIGHLIGHTS

·      Initial reconnaissance drilling at the Coronation target ("Coronation") has defined a high-grade strike of 250m adjacent to the previously released 10m @3.31g/t Au (17CRDD01) with significant intercepts including:

o  10m @ 3.84g/t Au (including 1m @ 30.4g/t Au) from 27m in 18CRRC007

o  8m @ 2.22g/t Au from 71m in 18CRR008

·      Rock chips up to 114.7g/t Au recorded on surface at Coronation;

·      Resource drill out programme of Coronation being planned for this year to add shallow high-grade ounces;

·      Deep diamond drilling extends gold mineralisation at Klondyke 150m down dip of previous drilling to 370m depth with significant intercept of:

o  2m @ 6.01g/t Au (incl 1m @ 9.39g/t Au) from 421m in hole 18KLDD010

·      Klondyke RC resource drill out progressing well, first results due within 4 weeks.

Russell Lamming, Chief Executive Officer of Keras, commented, "With a target of defining a JORC Compliant resource of +1 million ounces by the end of 2018, and consistently encouraging exploration results such as these reported today, we are confident in Calidus' ability to deliver PFS for a 100,000oz/pa mining project at Warrawoona.

"The results reported from Coronation are very encouraging and we look forward to the in-fill drilling to commence here in the coming months to potentially add shallow high-grade ounces to the Warrawoona global JORC resource inventory of 712,000 ounces. In addition, blue sky potential at Klondyke continues to be demonstrated through these depth extensions, which certainly merit further evaluation once Calidus' objective of proving up the shallow open pit potential of Klondyke is realised. 

"The coming months look set to be punctuated with significant high impact news flow as Calidus progresses towards the expected publication of a PFS over Warrawoona, which will in turn trigger the conversion of Keras' outstanding 265m Performance Shares."

The information in this RNS has been extracted from the ASX announcement made by Calidus Resources Limited on 20 June 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.

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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