Calidus Resources (ASX:CAI) has received another batch of high-grade RC drilling results within the planned Klondyke pit at its 1.25 million-ounce Warrawoona gold project in Western Australia.
Calidus Managing Director Dave Reeves said the results continue to demonstrate the strong strike and grade continuity of gold mineralisation within the proposed Klondyke pit.
“Drilling continues to intersect wide, high-grade mineralisation in the planned open pit,” Mr Reeves said.
“These results are frequently above the current average pit grade of 1.4gpt, they are shallow and they demonstrate excellent continuity of mineralisation. This means the economic and technical outlook for Warrawoona continues to strengthen, with the potential returns growing and the risks falling.
“In addition, the initial diamond core drilling to test the down-dip potential of the Klondyke mineralisation looks promising. While assays are pending, the geology intersected and visible gold observed by geologists supports our view that it is a good opportunity to grow the Resources and Reserves below the Klondyke pit.”
The company commenced a planned 88-hole 3,881m resource infill RC drilling programme in August, within the boundaries of the proposed Klondyke open pit.
The objective of this drilling programme is to upgrade early production from the Indicated Resource category into the higher confidence, JORC compliant Measured Resource category.
A total of 88 RC holes representing 3,860m have now been completed, with assays from 24 holes representing 1,108m reported to date.
Higher grade hits returned to date include: The RC drilling inside the planned Klondyke pit, which is designed to upgrade the Resource from Indicated to Measured status and will form part of the Definitive Feasibility Study underway, has returned more significant intersections, including: