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LONDON (Alliance News) - Keras Resources PLC shares spiked Friday as the gold miner's investee, Calidus Resources Ltd, discovered "further" high-grade gold at its Coronation prospect, which forms part of the Warrawoona gold project, in Western Australia.
Keras has a 35% stake in Calidus, representing 458 million shares. After the completion of a pre-feasibility, Keras will convert a further 265 million performance shares of Caldius into ordinary shares.
Keras said the results from recent drilling yielded "multiple" high-grade prospects including 10 metres at 4.7 grams per ton gold from 57 metres and 2 metres at 9.3 grams per ton gold from 80 metres.
"These results continue to demonstrate both the quality of the Warrawoona project and underpin the potential to build on the current mineral resource of 712,000 gold ounces," said Russell Lamming, chief executive officer.
The drilling is part of a resource infill and extension programme which is aimed at increasing the current JORC compliant 712,000 gold ounces in excess of 1.0 million gold ounces.
Lamming continued: "With two drill rigs operating at the Klondyke and St George Shear sites, we expect further results as the Calidus team continues to push forward with the resource expansion ahead of 2019's planned pre-feasibility study. I look forward to reporting further updates in the coming months in tandem with development from our manganese project in Togo which is currently undergoing a bulk sample."
Shares in Keras Resources were up 7.7% Friday at 0.35 pence each.
