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Keras Resources PLC (KRS)

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Tuesday 30 July, 2019

Keras Resources PLC

Calidus Resources - Potential Resource Upgrade

RNS Number : 1110H
Keras Resources PLC
30 July 2019
 

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

30 July 2019

Keras Resources plc ('Keras' or the 'Company')

Calidus Resources - Potential Resource Upgrade and Excellent Drill Results

 

Keras Resources plc, the AIM listed mineral resource company, notes the announcement today by Calidus Resources Limited (ASX:CAI) ('Calidus').

 

Excellent drill results, including intercepts of up to 1m @ 107.16g/t Au from 36m, were returned from recent infill drilling inside and adjacent to the Klondyke Prospect ('Klondyke'), underpinning a potential resource upgrade. Klondyke is located in the centre of Calidus' 1.25 million-ounce JORC compliant gold resource at the Warrawoona Gold Project ('Warrawoona' or the 'Project') in the Pilbara of Western Australia.  Following the recently completed PFS, Calidus is now focusing on de-risking and extending the life of mine at Warrawoona through the addition of a second drill rig at the mine.

 

Highlights

·     Infill drilling inside and adjacent to the Pre-Feasibility Study ('PFS') Klondyke open pit shells delivered outstanding results which include:

13m @ 11.1g/t Au from 30m, including 1m @ 107.16g/t Au from 36m

13m @ 5.58g/t Au from 46m

10m @ 6.81g/t Au from 47m, including 1m @ 50.77g/t Au from 49m

22m @ 2.13g/t Au from 19m

5m @ 3.16g/t Au from 126m

·     As a sequential step following the positive results delivered in the PFS (announced 17 July 2019), emphasis has now been placed on upgrading the category of the resource to allow additional reserves to be declared

·     The results will also provide detailed knowledge of the orebody for accurate grade modelling

·     To achieve this, a 12,000m drilling programme is now underway

 

Russell Lamming, Chief Executive Officer of Keras, commented, "The receipt of these outstanding drilling results for Calidus signifies a very positive development and paves the way towards upgrading the resource at Warrawoona, a significant milestone for Calidus.  Following the completion of the PFS, Calidus continues work towards extending the life of mine as well as carrying out project enhancements to further de-risk the mine, all of which serve to improve the commercial viability of the Warrawoona Project.  I look forward to reporting further updates as soon as practicable."

 

To view a full version of the Calidus announcement, which includes figures and maps, please click here: https://www.calidus.com.au/investors/asx-announcements/. For more information on Calidus and Warrawoona, please visit www.calidus.com.au.

 

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Russell Lamming, Chief Executive Officer.  This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

**ENDS**

 

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

 

Russell Lamming

Keras Resources plc

[email protected]

 

Nominated Adviser / Joint Broker

Ewan Leggat / Charlie Bouverat

 

SP Angel Corporate Finance LLP

+44 (0) 20 3470 0470

 

Financial PR

Isabel de Salis / Cosima Akerman

St Brides Partners Ltd

+44 (0) 20 7236 1177

 

Notes

Keras Resources plc is focused on building a strategic portfolio of resource assets. The Company provides investors with exposure to a portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa.  It also has a significant interest in Calidus Resources Limited ('Calidus'), a highly prospective gold exploration and development company in Australia, which is currently undertaking a Pre-Feasibility Study at its Warrawoona gold project.  Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia and proven success in advancing assets up the value curve.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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