Commencement of Diamond Drill Programme at Calidus

RNS Number : 1426P

Keras Resources PLC

29 August 2017

 

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

29 August 2017

Keras Resources plc ('Keras')

Calidus Reports Commencement of Diamond Drill Programme

Keras Resources plc, the AIM listed mineral resource company, is pleased to provide an update following an announcement published by Calidus Resources Limited ('Calidus'), in which Keras holds a 30% interest.  Calidus has commenced diamond drilling in parallel with the ongoing RC Drill programme at its flagship Warrawoona Gold Project, located in the Pilbara of Western Australia.

Calidus' current drilling campaign is intended to support a significant resource upgrade in Q4 2017 with a large portion of this updated resource estimate forecast to be in the Indicated category.  As previously announced, once an Indicated Resource of at least 500,000oz is declared, Keras will receive 241.25m Ordinary Shares in Calidus, which will increase Keras' holding to ~50% of Calidus' total issued share capital based on the number of shares currently in issue.

Summary of Calidus' announcement:

The programme will include drilling a total of 9 holes in the main Klondyke Shear, Copenhagen, Coronation and Fieldings Gully deposits. The purpose of the drill programme is to provide information for structural geology and metallurgical testwork.

Dave Reeves commented, "To assist in generating a revised resource by end of this year, Calidus have commenced a diamond drill programme. The drill programme will allow detailed understanding on the structural geology of the deposit and provide core for initial metallurgical work. This is another step forward in Calidus' aggressive pursuit of this rapidly developing project".

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

Glossary

Diamond Drilling -  a drill having a hollow, cylindrical bit set with diamonds, used for obtaining cores of rock samples.

RC Drilling - Reverse circulation (RC) drilling uses a bit attached to a down-hole hammer to produce a hole. Unlike diamond drilling, RC drilling produces samples of rock cuttings rather than a sample of rock core. The down-hole hammer is powered by compressed air, which also acts as the medium bringing the drill cuttings up to surface.

For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:

Dave Reeves	Keras Resources plc	[e-mail]
Nominated Adviser
Gerry Beaney/David Hignell	Northland Capital Partners Limited	[phone]
Broker
Damon Heath/Erik Woolgar	Shard Capital Partners LLP	[phone]
Tom Curran/Ben Tadd	SVS Securities Plc	[phone]

 

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