Capricon Metals Ltd (ASX:CMM) has revealed the maiden ore reserve of 21 million tonnes at 1.06 g/t gold for 713,000 ounces at the Bibra Deposit, part of the Karlawinda Gold Project.
The Karlawinda project is located in the Pilbara region of Western Australia, covering a total area of circa 1,419 square kilometres.
The ore reserve is contained entirely within the Bibra Deposit open pit and is based on indicated resources.
At Bibra, mineralisation is shoot-controlled along a series of dominant low-angle, mineralised faults that combine to make up a large-scale mineralised system.
The deposit has been defined by drilling over a 1.1-kilometre strike length which was drilled to 800 metres down-dip and is still open.
The ore reserve is contained within a staged open-pit design with a stage one stripping ratio of 2.9:1 and a life of mine stripping ratio of 4.7:1.
The stage one pit shells contain predominantly laterite and oxide mineralisation.
Karlawinda is an advanced gold project, which includes the Bibra deposit and other exploration targets including the Francopan prospect.
The ore reserve is based on information derived from the feasibility study currently being completed for the Karlawinda Gold Project, which is due for release late in the September quarter.