Keras Resources PLC Calidus Launches Resource Definition Programme (5735P)
May 30 2018 - 2:00AM
UK Regulatory
TIDMKRS
RNS Number : 5735P
Keras Resources PLC
30 May 2018
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
30 May 2018
Keras Resources plc ('Keras' or the 'Company')
Calidus Launches 2018 Resource Definition Programme Targeting
+1Moz at Warrawoona
Keras Resources plc, the AIM listed mineral resource company, is
pleased to confirm that Calidus Resources Limited ('Calidus'), in
which Keras currently holds an approximate 35.8% equity interest,
has commenced its 2018 Resource Definition programme at its
Warrawoona Gold Project ('Warrawoona'), located in the Pilbara of
Western Australia. The drilling programme is primarily targeting an
increase in the existing gold resource base of 712Koz to in excess
of 1Moz and will also include reconnaissance drilling to verify new
targets that lie adjacent to the existing JORC resource. Calidus
has also further increased its land holding in line with its
strategy to consolidate its holding in the Pilbara goldfield.
Keras is a significant shareholder of Calidus, with a current
interest of 458m shares, representing approximately 35.8% of
Calidus' total issued share capital. On successful completion of a
Pre-Feasibility Study at Warrawoona, an additional 265m performance
shares of Calidus ('Performance Shares') owned by Keras will be
converted into ordinary shares of Calidus.
HIGHLIGHTS
-- An initial 30,000m resource drilling programme, consisting of
both Reverse Circulation and Diamond Drilling, has commenced onsite
at the Klondyke prospect with the objective of growing the Mineral
resource to in excess of 1 million ounces of gold by the end of
2018 at the Warrawoona project;
-- The resource drilling will concentrate on the shallow,
outcropping strike extensions to Klondyke for a distance of 1.2km
east and 800m west of the existing resource, nearly doubling the
drilled strike of Klondyke to 4.5km;
-- Reconnaissance drilling to be undertaken along 4km of the St
George's Shear that lies 150m to the north of, and is geologically
similar to the Klondyke Shear;
-- Targeted increase in resource will allow Calidus to formally commence the proposed 100Kozpa Prefeasibility Study ('PFS'); and
-- Tenements E45/4856 and E45/4857 have been granted to Calidus
- these tenements contain 18km of Mt Roe Basalt outcrop and are
known to contain large conglomerate sequences, providing further
upside potential.
Russell Lamming, Chief Executive Officer of Keras, commented,
"The commencement of the next phase of resource drilling, which is
expected to underpin a significant increase in mineral resource, is
another important milestone for Keras shareholders. The targeted
+1Moz resource will provide the critical mass required to underpin
the proposed 100Koz per annum PFS, which will in turn trigger the
conversion of Keras's outstanding 265m Performance Shares.
"The Calidus team has consistently achieved its targeted
high-grade drilling results, highlighted in the December 2017
resource increase to 712Koz just six months after listing, so we
have every confidence that this drilling campaign will provide the
results required to take the Warrawoona mineral resource through
that significant +1Moz mark."
To view a full version of the Calidus announcement, which
includes figures and maps, please click here:
https://www.calidus.com.au/investors/asx-announcements/.
For more information on Calidus and Warrawoona, please visit
www.calidus.com.au.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com, follow us
on Twitter @kerasplc or contact the following:
Russell Lamming Keras Resources info@kerasplc.com
plc
Nominated Adviser
/ Joint Broker
Ewan Leggat / Charlie SP Angel Corporate +44 (0) 20
Bouverat Finance LLP 3470 0470
Financial PR
Susie Geliher / St Brides Partners +44 (0) 20
Charlotte Page Ltd 7236 1177
Notes
Keras Resources plc is focused on building a strategic portfolio
of resource assets. The Company provides investors with exposure to
a strategic portfolio of development assets, including manganese,
cobalt and nickel in Togo, West Africa, and also has a significant
interest in a highly prospective gold exploration and development
portfolio in Australia.
Keras benefits from a highly skilled management team, which has
extensive operational experience in Africa and Australia with
proven success in advancing assets up the value curve.
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END
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