Capricorn Metals Ltd (ASX:CMM) is set for a resource upgrade after more positive extensional drilling at the Karlawinda Gold Project located in the Pilbara region of Western Australia.
Final assays from 5 holes of the 47 hole expansion program included intersections of 13 metres at 1.63 g/t gold and 22 metres at 1.10 g/t gold.
These assays build upon previous thick mineralised intersections and continue to confirm significant extensions of gold mineralisation outside the current Inferred Resource boundary.
Mineralisation has been intersected in all 47 holes drilled by Capricorn as part of this maiden drill program.
This lays the foundations for a significant expansion to the existing JORC 2012 resource of 18 million tonnes at 1.1 g/t gold for 650,800 contained ounces at the Bibra deposit, located within Karlawinda project.
It is expected that the pending updated resource will extend well beyond the current optimised open pit boundary.
Capricorn’s share price is up 175% year to date supported by strong news flow from Karlawinda.
News flow is set to continue from Karlawinda through an imminent resource upgrade, scoping study activities and ongoing exploration and development studies.
Capricorn is well funded to advance its Karlawinda Gold Project in Western Australia after recently raising $12.6 million from a strongly supported share placement.
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