- Capricorn Metals (CMM) has been granted all key mining tenure at its Mt Gibson Gold Project in Western Australia
- The grant of the mining tenure allows the company to grow the gold resource and advance the project towards a maiden reserve estimate and feasibility study
- Further, Capricorn will begin an 81,000-metre drilling program in January with work expected to take between four to six months to complete
- Once received, the results will be used as the basis of a resource update and maiden ore reserve estimate in 2022
- Shares in Capricorn are down 3.72 per cent on the market and are trading at $3.11
Capricorn Metals (CMM) has been granted all key mining tenure at its Mt Gibson Gold Project in Western Australia.
The granted tenure now consists of 24 exploration and prospecting licences which cover an area of 213 square kilometres.
Capricorn acquired the project in July from Crimson Metals for $39.6 million, consisting of $25.6 million in cash payments and $14 million through the issue of shares.
The grant of the mining tenure allows the company to grow the gold resource and advance the project towards a maiden reserve estimate and feasibility study.
Capricorn has made applications for a further four exploration licences, however, these are pending grant.
Further, Capricorn will begin an 81,000-metre resource infill and extensional drilling program in January.
Up to three reverse circulation rigs will be operating and drilling is expected to take between four to six months to complete.
Once received, the results will be used as the basis of a resource update and maiden ore reserve estimate in 2022.
Executive Chairman Mark Clark commented on the tenure granting and the upcoming drilling program.
“The granting of all key mining tenure at the Mt Gibson project is an important milestone for Capricorn as it successfully completes the priority right application process that was underway on the acquisition of the project in July 2021,” Mr Clark said.
“We look forward to delivering an updated resource and a maiden reserve in 2022 which will progress the project towards a feasibility study.”
Shares in Capricorn were down 3.72 per cent and were trading at $3.11 at 11:30 am AEDT.