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Alliance News

Keras Resources Says Calidus Intersects Gold At Australian Deposits

Tue, 14th Nov 2017 13:16

LONDON (Alliance News) - Keras Resources PLC noted the announcement from Australian-listed investee company Calidus Resources Ltd in which it has intersected significant widths and grades of gold mineralisation at the Fielding's Gully and Copenhagen deposits in Australia.

Keras Resources currently holds 217.3 million shares in Calidus, equivalent to 30% in the company, which will rise to 723.8 million shares once Calidus meets certain exploration milestones.

A total of nine holes for 596 metres was completed at Fielding's Gully and 16 holes for 1,186 metres at Copenhagen.

"The Fielding's Gully drill programme was designed to provide the initial testing of an extensive gold anomaly defined by shallow historic open hole drilling completed in the 1980's and 1990's. These assay results confirm the presence of a large mineralised system over 300 metres of current strike length with all holes intersecting zones of quartz veining in mafic and ultramafic schists similar to that observed at the Klondyke deposit approximately 10 kilometres to the east," said Managing Director Dave Reeves.

"The Copenhagen drill programme was designed to test extensions along strike and to investigate a possible parallel lode that had been defined to a limited degree in previous drilling. The results show that the main Copenhagen body of mineralisation is plunging to the east and remains open. Calidus plan to systematically follow the plunge of this high-grade body of mineralisation down dip in the next drill campaigns," Reeves added.

Shares in Keras Resources were up 3.9% at 0.441 pence on Tuesday.

By Dayo Laniyan;

Copyright 2017 Alliance News Limited. All Rights Reserved.

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