Keras Resources PLC Calidus Launches Drill Campaign at Warrawoona (5479J)
August 20 2019 - 2:00AM
UK Regulatory
TIDMKRS
RNS Number : 5479J
Keras Resources PLC
20 August 2019
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
20 August 2019
Keras Resources plc ('Keras' or the 'Company')
Calidus Resources Launches Drilling Campaign
Keras Resources plc, the AIM listed mineral resource company,
notes the announcement published today by Calidus Resources Limited
(ASX:CAI) ('Calidus'), outlining the launch of a major drill
programme in order to increase life of mine ('LOM') at Calidus'
flagship asset; the 1.25Moz Warrawoona Gold Project (the 'Project')
in the Pilbara region of Western Australia. A 15,000-metre drilling
campaign will target greenfield mineralisation, resource extensions
and continue to de-risk the Project through infill drilling.
Calidus recently completed an AUD$9 million placement involving
institutional shareholders which will fund this drilling campaign.
Following the placement Keras holds a c.33.8% interest in
Calidus.
Highlights
-- A major drilling campaign comprising Reverse Circulation
('RC') and diamond drill rigs has commenced at Calidus' 1.25Moz
Warrawoona Gold Project
-- The campaign aims to both improve confidence and expand the mine life outlined in the recent pre-feasibility study ('PFS')
-- The programme includes:
o 6,500m of RC and core drilling, infilling proposed underground
resources at the Klondyke deposit
o 3,900m of RC drilling at Klondyke, aiming to convert Indicated
to Measured Resources during initial years of production (as per
PFS)
o 1,600m of shallow RC drilling at Klondyke East, aimed at
expanding pit limits
o 3,000m of RC drilling at Klondyke West, testing a number of
high-priority regional exploration targets
o The drilling will be funded by the proceeds of Calidus' recent
$9m share placement
-- Calidus is well positioned to execute its strategy to
undertake ongoing exploration in parallel with delivering a
Definitive Feasibility Study in Q3 2020
Russel Lamming, CEO of Keras Resources, commented, "Following
Calidus' successful capital raising of AUD$9 million, it is using
the funds to accelerate drilling programmes over the Project, aimed
towards defining and capitalising on the huge potential upside at
Warrawoona. This is an exciting time for Calidus as it moves
towards getting another extensive drill campaign underway, with the
overall goal of extending mine life and increasing confidence in
the Project's Mineral Resources."
The information in this RNS has been extracted from the ASX
announcement made by Calidus Resources Limited on 21 March 2019. 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.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of Russell Lamming, Chief Executive Officer. 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 plc info@kerasplc.com
Nominated Adviser & Broker
Ewan Leggat / Charlie SP Angel Corporate Finance +44 (0) 20 3470
Bouverat LLP 0470
Financial PR
Isabel de Salis / Cosima +44 (0) 20 7236
Akerman St Brides Partners Ltd 1177
Notes
Keras Resources plc is focused on building a strategic portfolio
of resource assets. The Company provides investors with exposure to
a portfolio of development assets, including manganese, cobalt and
nickel in Togo, West Africa. It also has a significant interest in
Calidus Resources Limited ('Calidus'), a highly prospective gold
exploration and development company in Australia, which completed a
Pre-Feasibility Study at its Warrawoona gold project in July 2019.
Keras benefits from a highly skilled management team, which has
extensive operational experience in Africa and Australia and proven
success in advancing assets up the value curve.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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