- Capricorn Metals (CMM) intersects ‘strong’ gold mineralisation at the Mt Gibson Gold Project (MGGP) in Western Australia
- To date, nearly 30,000 metres have been drilled of the planned 81,000-metre reverse circulation drilling program
- Work began in January with aims to infill and extend the current mineral resource estimate and test for extensions of the gold mineralisation
- Results have been received for the first 55 holes with grades peaking at 11.92g/t gold and Capricorn will use the results to underpin an updated mineral resource estimate and maiden ore reserve
- Shares in Capricorn are up 6.63 per cent on the market and are trading at $4.18
Capricorn Metals (CMM) has intersected “strong” gold mineralisation at the Mt Gibson Gold Project (MGGP) in Western Australia.
To date, 29,842 metres have been drilled of the planned 81,000-metre reverse circulation (RC) drilling program.
Work began in January with the aim to infill and extend the current mineral resource estimate of 2.08 million ounces of gold.
The drilling also aimed to bring the drill density to 25 by 25 metres, test gaps between the resource pit optimisation shells and test for extensions of the gold mineralisation.
Assays have been received for the first 55 holes with a best result of two metres at 11.92 grams per tonne (g/t) gold from 138 metres returned.
Other results include 14 metres at 6.40 g/t gold from 126 metres, six metres at 5.30 g/t gold from 230 metres and 23 metres at 5.04 g/t gold from 157 metres.
The mineralisation remains open down-dip and along strike to the north and south.
Capricorn will use the results to underpin an updated mineral resource estimate and a maiden ore reserve estimate which are targeted for completion in the September quarter.
Shares in Capricorn were up 6.63 per cent on the market and were trading at $4.18 at 12:49 pm AEDT.