Australia-based gold exploration company Calidus Resources has revealed the results of its first soil geochemistry programme conducted across the Warrawoona gold project in Pilbara, Western Australia.
The programme has identified a number of significant gold-in-soil anomalies at the project.
Following the discovery, the company has started a large resource infill and extension programme across Warrawoona in a move to expand the current JORC-compliant resource of 712,000oz at a grade of 2.11g/t.
The company is also planning to undertake a planned pre-feasibility study (PFS) next year.
Calidus shareholder Keras Resources has a current interest of 458 million shares, representing approximately 35% of Calidus’ total issued share capital.
An additional 265 million performance shares will be converted into ordinary shares of Calidus following the completion of the PFS at Warrawoona.
Keras chief executive officer Russell Lamming said: “The identification of new gold-in-soil anomalies gives further credence to the potential to materially increase the size and scale of Warrawoona’s current JORC compliant resource of 712,000oz.
“The Liberator prospect, located approximately 15km to the west of the established Klondyke resource area, represents a significant strike extent of prospective stratigraphy and highlights the upside potential of the wider Warrawoona Project area, which has largely focussed on the Klondyke, Copenhagen and Fieldings Gully prospects thus far.
“When read in tandem with the seven new prospects now being assessed as part of this on-going soil geochemical review, we remain extremely positive about the ability of Warrawoona to host a significant gold production operation mining from multiple deposits.”
Keras Resources currently owns a strategic portfolio of development assets such as manganese, cobalt and nickel in Togo, West Africa, as well as a significant interest in a gold exploration and development portfolio in Australia.