4 Jun 2019 07:00
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
4 June 2019
Keras Resources plc ('Keras' or the 'Company')
Calidus Resources Update
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Keras Resources plc, the AIM listed mineral resource company, notes the announcement released by Calidus Resources Limited (ASX:CAI) ('Calidus'), in which it currently holds a c.32.3% interest, regarding an update at the Warrawoona Gold Project in the Pilbara of Western Australia ('Warrawoona' or the 'Project').
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Highlights
· Outstanding first assays from the regional drilling programme at Warrawoona
· Shallow, high-grade gold intersected across the Klondyke Shear up to 5km west of the current 1.15Moz Klondyke JORC Resource at Warrawoona
· Significant 4m composite results include:
o 8m @ 8.06g/t Au from 56m in 19TRAC008
o 4m @ 8.87g/t Au from 48m in 19WWWB004
o 12m @ 2.37g/t Au from 52m in 19KLAC009
o 8m @ 1.85g/t Au from 48m in 19TRAC009
o 4m @ 3.54g/t Au from 60m in 19TRAC006
o 4m @ 2.35g/t Au from 44m in 19SGAC003
· Results highlight scope for Resource increase - further assays pending
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Russell Lamming, Chief Executive Officer of Keras, commented, "Calidus is reaching a tipping point as it focuses on growing its 1.25 million-ounce JORC resource at Warrawoona, where a Pre-feasibility Study is due for completion in July. Encouragingly, this first-pass regional drilling programme has identified shallow mineralisation up to 5km west from the Klondyke resource on the same geological structure, highlighting the potential for further near-surface gold mineralisation close to the proposed mine development. We look forward to receiving further positive updates in the near future."
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Keras currently holds 458 million shares in Calidus, representing approximately 32.3% of the current issued share capital of Calidus. On successful completion of Calidus' Pre-feasibility study, an additional 265 million performance shares of Calidus ('Performance Shares') owned by Keras will be converted into ordinary shares.
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The information in this RNS has been extracted from the ASX announcement made by Calidus Resources Limited on [04 June] 2019. To view a full version of the Calidus announcement, which includes figures and maps, please click here: https://www.calidus.com.au/investors/asx-announcements/. For more information on Calidus and Warrawoona, please visit www.calidus.com.au.
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For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of Russell Lamming, Chief Executive Officer. This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
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**ENDS**
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For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
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Russell Lamming | Keras Resources plc | info@kerasplc.com  |
Nominated Adviser / Joint Broker Ewan Leggat / Charlie Bouverat  | SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470  |
Financial PR Isabel de Salis / Cosima Akerman | St Brides Partners Ltd | +44 (0) 20 7236 1177 |
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Notes
Keras Resources plc is focused on building a strategic portfolio of resource assets. The Company provides investors with exposure to a portfolio of development assets, including manganese, cobalt and nickel in Togo, West Africa. It also has a significant interest in Calidus Resources Limited ('Calidus'), a highly prospective gold exploration and development company in Australia, which is currently undertaking a Pre-Feasibility Study at its Warrawoona gold project. Keras benefits from a highly skilled management team, which has extensive operational experience in Africa and Australia and proven success in advancing assets up the value curve.