Calidus Resources Limited, in which Keras Resources PLC (LON:KRS) holds a 31% interest, has announced further consolidation of the Warrawoona gold project in the Pilbara of Western Australia.
This is in line with Calidus’s strategy to expand its land position to control the entire greenstone belt and maximise gold resources for potential development in the near term.
Calidus has acquired a 50% interest in exploration licences E45/4555 and E45/4843 located in the Warrawoona gold belt.
This acquisition increases Calidus' ground position along strike of existing tenements on the known shear zones that host the current Klondyke Mineral Resource. The tenements contain numerous high-grade historic gold mines.
Consideration for the acquisition is A$18,000 and the issue of 30,000 shares Calidus shares to vendor Epminex. Calidus retains an option to purchase the remaining 50% of these tenements. After the issue of the shares, Keras will still hold 31% of the issued capital of Calidus and 525 mln performance shares.
"The Epminex tenements add a number of exciting brownfields exploration targets to Calidus' portfolio,” said Keras managing director Dave Reeves.
"No modern exploration has been undertaken on the Epminex tenements to date, but the outcropping nature of mineralisation in the region lends itself to rapid evaluation of the potential of this area.”