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Calidus Resource Limited (ASX:CAI), is a Perth-based company engaged in gold exploration and development. It enjoys 100% stakes in the Warrawoona Gold Project situated at the East Pilbara district of the Pilbara Goldfield, Western Australia. Itâs land position further strengthened to 781 km2 during 2018 after the expansion and consolidation of several new tenements covering the Warrawoona Greenstone Belt.
The company recently proclaimed that the Mineral Resource for the Klondyke deposit increased by 76% to 1.15 million ounces at 1.79g/t, indicating a substantial rise from the previously reported December 2017 Resource of 654,000 ounces at a grade of 2.06g/t Au. It also contains a high-grade component at 0.8g/t open pit cut-off of 800,000 ounces at 2.19g/t Au.Â
Following the announcement, the total JORC 2012 Mineral Resource for the Warrawoona Project now stands at 21.2Mt at 1.83g/t Au for 1.25 million ounces, indicating a 75% rise in total and including a high-grade component estimated at 14.6Mt @ 2.73g/t Au for 1.1 million ounces.
The updated resource will be incorporated in the Pre-feasibility study which is ongoing and due for completion in Q3 CY2019. The latest addition builds on the companyâs track of rapid growth through a well-organised infill and extension strategy complementing the mine development schedule.
The aggressive drilling programme works commenced on the Warrawoona Project site in June 2018 following which Calidus completed 260 drill holes representing 36,651m of drilling at Klondyke and surrounding satellite deposits which forms the essence of this significant increase. Going forward, the programme aims to grow the current inventory at Klondyke and satellite deposits, investigate the geology underneath the high-grade historic Klondyke, collect data for pre-feasibility study and complete an initial wide-spaced exploratory line of drill holes along the highly prospective St. Georges Shear.
In the Mining exploration entity and oil and gas exploration entity report for quarter ended December 31st, 2018, the company posted positive net cash and cash equivalents at AUD 3.89 million mainly due to financing activities which includes the strategic placement to Alkane Resources Limited (ASX:ALK) of 125 million shares at 2.95 cent each, thus raising approximately AUD 3.68 million in October 2018. The alliance, as part of funding allows Calidus to leverage Alkaneâs operational expertise and cost base to support in its future studies. Cash flows for the next quarter are estimated at around AUD 1.76 million.
Calidus has a market capitalisation of AUD 34.05 million with 1.42 billion outstanding shares. On Wednesday, February 6th, 2019 at 03:10P PM AEST, the shares of the CAI stock were trading at AUD 0.030, up 25% indicating an intra-day gain of AUD 0.006. Around 16.23 million shares have already been traded. The stock has 52-week high of AUD 0.049 and a 52-week low of AUD 0.021.
CAI stock has been down over the past six months generating a negative return of 29.41%. The YTD return also stands negative at 15.79%.
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