- Calidus Resources (CAI) has received positive drilling results from the Warrawoona Gold Project’s Coronation deposit in WA’s Pilbara region
- The company drilled 29 reverse circulation holes to test the potential to extend the current mineral resource along strike to the southeast
- Calidus found ore-grade gold mineralisation is present from the surface, extending the strike length of the known mineralisation
- On the market this morning, Calidus is up 0.41 per cent and trading at 61 cents per share
Calidus Resources (CAI) has received positive drilling results which extend the strike length of the known mineralisation at the Coronation deposit in the Pilbara.
The Coronation deposit forms part of the Warrawoona Gold Project and was initially discovered during the Pilbara gold rushes of the late 19th century.
In October, 29 reverse circulation holes were drilled to test the potential to extend the current mineral resource along strike to the southeast.
The company found ore-grade gold mineralisation is present from the surface over a strike length of approximately 800 metres to a depth of 150 metres.
Results include 14 metres at 3.77 g/t of gold from 52 metres and 6 meters at 2.15 g/t from 30 metres. The new results will form part of an updated mineral resource estimate.
Managing Director Dave Reeves said the drilling campaign was part of the
company’s strategy of creating value through exploration at the same time as developing its Warrawoona Gold Project.
“Coronation is just eight kilometres from Warrawoona and is emerging as a potential satellite ore source,” he explained.
“The infill drilling at Coronation has effectively doubled the strike length of the resource envelope, with mineralisation now traced over 800 metres length and to a depth of up to 150 metres. The deposit is open to the south-east and at depth, so that gives us further confidence of additional exploration success and the possibility of adding the first of many satellite deposits to feed into the Warrawoona development which could potentially extend mine life and increase production,” he added.
On the market this morning, Calidus is up 0.41 per cent and trading at 61 cents per share at 11:15 am AEDT.