Capricorn Metals Ltd (ASX:CMM) is on track to deliver a significantly upgraded JORC resource estimate for the Bibra Gold Deposit next month, after receiving thick intercepts including 24 metres at 1.01g/t gold from 52 metres depth.
The Bibra deposit, which forms part of the Karlawinda Gold Project in the Pilbara region of Western Australia was acquired by Capricorn, formerly Malagasy Minerals, with a resource base of 650,800 contained ounces of gold at 1.1 g/t gold.
The results from 36 new drill holes include intercepts of 18 metres at 1.10 g/t gold from 129 metres and 11 metres at 1.12g/t gold from 152 metres.
Significantly, a new higher-grade mineralised structure has been partially defined in the immediate footwall of the main lode mineralisation intersecting 3 metres at 6.21 g/t gold and 2 metres at 7.45g/t gold from 177 metres.
As with the previously reported results, the new results match the widths and grades predicted by previously completed wide-spaced drilling, and are expected to add significantly to the existing inferred resource.
Assay results have been received for 36 of the 47 holes with the remainder scheduled for completion by the end of the month.
This drilling information will then be used as the basis for an updated resource due in June 2016.
Capricorn is well funded to progress the Karlawinda project after raising $12.6 million last month from a strongly supported share placement.
The share price has amply rewarded shareholders, up-12 fold since late 2015.
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