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Capricorn Metals (ASX:CMM) begins $10m drilling at Mt Gibson

ASX News, Materials
ASX:CMM      MCAP $1.796B
11 January 2022 11:40 (AEST)

Source: Capricorn Metals

Capricorn Metals (CMM) has launched a $10 million, 81,000-metre drill program at its Mt Gibson gold project in Western Australia.

The resource infill and extensional drill program will be carried out along the 8-kilometre strike of the current 2.08 million ounce resource.

Drilling has commenced with one reverse circulation drill rig and is expected to ramp up to three rigs over the next two months. The program is slated to take about four to six months to complete.

The company said the objectives of the program include infill drilling of the resource to broadly bring the drill density to 25 by 25 metres.

It also plans to test gaps between resource pit optimisation shells and for extensions of gold mineralisation below current resource shells.

Capricorn said results from the Mt Gibson drill program will underpin an updated mineral resource estimate and maiden ore reserve estimate.

Completion of a feasibility study and a decision to develop the project is targeted for the December 2022 quarter.

CMM shares were down 1.06 per cent trading at $3.26 at 11.23am AEDT.

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