The gold production and exploration company, Capricorn Metals Ltd (ASX: CMM) informed the exchange that it has commenced its exploration at 1.5Moz Karlawinda Gold project with the intent to grow resource inventory and advance regional exploration.
The company reported the key highlights for the Tramore Prospect Resource Drilling. 7.5Km of RC drilling is planned at Tramore prospect, and this is undertaken to infill the current drilling grid at Tramore to 50m x 50m, providing enough sample coverage. The Tramore prospect is located approximately 100m to the south of the current planned Bibra open pit. The gold mineralisation at Tranmore is interpreted to be along- strike continuation of the main Bibra mineralisation and is overlain by Proterozoic aged cover rocks of the Bangemall Group. The company expects the drilling to commence in the second quarter of 2019.
Some of the Previous significant intercepts at Tramore include:
[email protected] 1.51g/t from 119m (HBRC1184)
[email protected] 1.07 g/t from 41m (KBRC1164)
[email protected] 1.63 g/t from 78m (KBRC1176)
[email protected] 1.20 g/t Au from 155m (KBRC148)
The company reported on its Exploration drilling. Around 2000 metres of RC drilling has been allocated to test exploration targets around the Bibra and Frankopan gold deposits. Targets include the 350m gap in drilling between the Finns and Easky resources for the potential continuation of gold mineralisation. Targets also include the 900m gap in drilling between Port Rush and Bundoran along the interpreted continuation of the main footwall contact.
Further on the Soil geochemistry, the company reported that 1900 infill soil samples are currently collected over high-priority regional gold-i-soil anomalies in the greater Karlawinda Gold project. The recent geochemical regional exploration program suggests that the Karlawinda gold mineralising system is extensive and has the potential to not just be constrained to the Bibra and Frankopan area but be present in multiple areas in the wider Karlawinda project area. The soil sampling is expected to be completed in early second quarter of 2019.
Finally, on the Airborne Magnetic Survey, the company reported that 240 sq km of detailed aeromagnetic would be flown over the Archean greenstone region, which is located ten km to the east of the Karlawinda Greenstone belt, this is conducted to identify geological and structural features consistent with the known Bibra deposit host stratigraphy.
The Capricorn’s Chairman, Mr. Doug Jendry stated that the company has excellent potential for resource growth around the Bibra gold deposit and great potential to identify multiple new gold systems within the greater Karlawinda Gold project area. He also highlighted that the board of the company is committed to ongoing investment in resource development and exploration to uncover the potential of Bibra and the greater Karlawinda Gold project area.
The stock has delivered positive returns in the past half year. The stock has moved up by 19.30% and 7.94%, in the past six months, and three months respectively.
The shares of CMM closed the day’s trading at A$0.069 on ASX, up by 1.47%, (As on 18 March 2019) with a market capitalization of A$53.07 million.
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