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(Sharecast News) - Keras Resources on Tuesday confirmed the start of a major drill programme announced by its investee company Calidus Resources at its flagship Warrawoona Gold Project in the Pilbara region of Western Australia.
Keras, which holds an approximate 33.8% interest in Calidus, said the 15,000-metre drilling campaign will target greenfield mineralisation, resource extensions and continue to de-risk the project through infill drilling, and will be funded by a recent AU$9.0m placement.
Diamond drill rigs had already commenced drilling at Calidus' 1.25Moz Warrawoona Gold Project, where 6,500m of RC and core drilling has been planned.
Consequently, Calidus said it was well positioned to execute on its strategy to undertake ongoing exploration in parallel with delivering a definitive feasibility study in the third quarter of 2020.
Russel Lamming, chief executive of Keras, said: "Following Calidus' successful capital raising of AU$9m, 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."
Keras Resources' shares were up 2.11% at 0.49p at 1201 BST.
7 Jul 2016 11:11