Capricorn Metals Ltd (ASX:CMM) has confirmed a new zone of shallow gold mineralisation immediately west of the Bibra Gold Deposit within the Karlawinda project.
The Karlawinda project is located in the Pilbara region of Western Australia.
The first-pass drilling to test the Portrush Prospect returned intersections including 11 metres at 1.00 g/t gold from 57 metres and 7 metres at 1.40 g/t gold from 71 metres.
The mineralisation is interpreted to dip to the west, has a potential strike extent of 150-200 metres and remains open in the down-dip position.
A follow-up drilling program is now planned to fully delineate the extents of the Portrush mineralisation.
Capricorn’s objective is to including this zone in the next mineral resource estimation and potentially in an expanded open pit design.
The Bibra deposit already has 25.5 million tonnes at 1.1 g/t gold for 914,000 ounces of gold.
The drilling of other exploration targets is currently being completed as part of the definite feasibility study, with results expected over the coming weeks.
Capricorn’s share price is up 167% since the start of 2016, supported by strong news flow from the Karlawinda project.
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