Capricorn Metals Ltd (ASX:CMM) has encountered further thick intercepts of up to 22 metres at 1.58 g/t gold from 171 metres depth, from the extensional resource drilling program at the Bibra deposit in the Karlawinda Gold Project, south west of Newman.
Malagasy Minerals Ltd was renamed as Capricorn Metals Ltd in February 2016, upon the acquisition of the Karlawinda Gold Project in Western Australia.
The current reverse circulation drill program should handily increase the existing JORC 2012 resource of 18 million tonnes at 1.1 g/t gold for 650,800 contained ounces at the Bibra deposit.
The reverse circulation drilling program of 47 holes for 9642 metres has been completed ahead of time and on budget, with assays received for 14 holes.
The assays for the other holes will be reported over the next three weeks.
The drilling has been focused on the Main Lode where gold mineralization zones are hosted by a sheared pyritic meta-sandstone unit interbedded with minor amphibolite.
Other significant assay results from the drill holes includes 5 metres at 3.71 g/t gold from 89 metres depth and 6 metres at 1.36 g/t gold from 111 metres depth.
Supported by the encouraging sulphide mineralization observed during the current program, an updated resource estimation for Bibra will be prepared in June.
Capricorn’s shares have increased by about 140% since the beginning of 2016 as it makes strong exploration headway at the advanced gold project.
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