Strong gold results to prompt Karlawinda resource upgrade

Image credit: Capricorn Metals ASX release

Emerging Australian gold explorer and developer Capricorn Metals has received the final results (5 holes) from the recently completed 47-hole resource expansion drilling program at the Bibra Gold Deposit, part of its 100%-owned Karlawinda Gold Project in WA’s Pilbara.  

Image credit: Capricorn Metals ASX release
Image credit: Capricorn Metals ASX release

Capricorn said that the last five holes of the program all intersected significant mineralisation, extending for at least 200m beyond the limits of previous drilling.

“These latest assays, combined with the previously announced results, confirm significant extensions to the Bibra deposit, putting Capricorn family on track to deliver a significant upgrade to the JORC resource estimate for the Bibra deposit in June,” the company told the ASX on Friday.

Capricorn drilled a series of drill-holes (KBRC 324 to 330) to test for significant extensions of the mineralisation outside of the current resource in the down-dip positions. The results from this drilling include:

  • KBRC 326: 22 metres @ 1.10g/t Au
  • KBRC 328: 13 metres @ 1.63g/t Au
  • KBRC 330: 22 metres @ 1.36g/t Au
  • KBRC 324: 26 metres @ 1.48g/t Au and 6 metres @ 2.49g/t Au
  • KBRC325:  25 metres @ 1.05g/t Au and 14 metres @ 1.12g/t Au

Capricorn’s Managing Director, Mr Peter Thompson, said the receipt of the final assay results from the 47-hole drill program at Karlawinda marked another significant step forward for the project.

“It is a reflection of the quality and scale of the Bibra deposit that we have been able to report significant mineralisation in every single hole drilled as part of this maiden drill program,” Mr Thompson said.

“The assay results reported today include some important intersection down-dip of the previously identified mineralisation which are expected to impact on the imminent Resource Upgrade and Scoping Study, we are very pleased with the progress we have achieved at Karlawinda in a relatively short space of tie, and we are looking forward to what will be a very busy second half of the year as we advance this high-quality mid-tier gold asset toward potential development.”

The Karlawinda Gold Project is located in the Pilbara region, 65km south-east of Newman in WA, within the Archaean aged Sylvania Dome Inlier. Karlawinda is an advanced gold project which includes the Bibra deposit and numerous outstanding exploration targets including the Francopan prospect.