Capricorn Metals (ASX:CMM) has delivered an updated resource estimate for the Bibra Gold Deposit, part of its Karlawinda Gold Project in Western Australia’s Pilbara.
Capricorn has upgraded the Bibra Gold Deposit to 31 million tonnes at 1.1 g/t gold for 1,114,000 ounces of gold, following the company’s successful 2016 drilling program.
Importantly, the majority of the resource (92%) is now classified as indicated, with the remainder classified as inferred.
The indicated resource makes up all of the resource within the main Bibra optimised pit shell, while the inferred resource is contained in new positions at the Southern Corridor and Easky Prospects.
Capricorn will now use the indicated resource as the basis to establish an initial ore reserve at Bibra, which is on track for completion in the June 2017 quarter.
All elements of the definitive feasibility study (DFS) for the Karlawinda Project are progressing on schedule, with the DFS due to be completed early in the September 2017 quarter.
Drill rigs have now been mobilised to Karlawinda to commence 2017 exploration programs.
Initial drilling will focus on a zone of shallow oxide mineralisation in the far northwest of the Bibra pit shell.
The focus will then shift to consolidating the mineralisation at the Southern Corridor target, the Easky Prospect and a series of parallel trends to the immediate west of the Bibra Gold Deposit.
Capricorn’s share price increased circa 19% since the start of 2017, last trading at $0.125.