Keras Resources PLC Calidus Update (6712Q)
22 October 2019 - 5:15PM
UK Regulatory
TIDMKRS
RNS Number : 6712Q
Keras Resources PLC
22 October 2019
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
22 October 2019
Keras Resources plc ('Keras' or the 'Company')
Calidus Resources Update
Keras Resources plc, the AIM listed mineral resource company,
notes the announcement published today by Calidus Resources Limited
(ASX:CAI) ('Calidus'), in which it currently holds a c.33.71%
interest, highlighting more wide, shallow intercepts that confirm
the robustness of the planned open pit at its Warrawoona gold
project in Western Australia's Pilbara Region.
Highlights
-- RC drilling continues to deliver strong results from within
the planned Klondyke open pit at Warrawoona, to further underpin
the Resource upgrade to Measured status
-- Significant intersections include:
o 35m @ 2.84 g/t Au from surface in hole 19KLRC218
o 23m @ 2.55 g/t Au from 15m in hole 19KLRC241
o 23m @ 2.06 g/t Au from 1m in hole 19KLRC243
o 20m @ 1.97 g/t Au from 25m in hole 19KLRC245
o 23m @ 1.32 g/t Au from 13m in hole 19KLRC250
o 25m @ 1.08 g/t Au from surface in hole 19KLRC221
o 23m @ 1.17 g/t Au from 34m in hole 19KLRC235
o 13m @ 2.05 g/t Au from 15m in hole 19KLRC244
o 15m @ 1.06 g/t Au from 2m in hole 19KLRC251
o 13m @ 1.13 g/t Au from 12m in hole 19KLRC236
o 12m @ 1.16 g/t Au from surface in hole 19KLRC230
o 9m @ 1.36 g/t Au from 21m to EOH in hole 19KLRC230
o 8m @ 1.52 g/ t Au from surface in hole 19KLRC236
-- Resource upgrade is part of the Warrawoona Definitive Feasibility Study ('DFS')
-- Drilling now also targeting greenfield areas 3km to the west
of Klondyke to test the large system
Russel Lamming, CEO of Keras Resources, commented, "These latest
results, which will be used to establish a Measured Resource,
demonstrate that the mineralisation in the planned open pit at
Klondyke is wide and continuous and outcrops at surface. This
highlights the technical and economic strength of the planned open
pit and is consistent with Calidus' strategy to de-risk the 1.25Moz
Resource at Warrawoona where a DFS is underway. As well as the
infill exploration programme, Calidus has an RC rig currently
drilling greenfield targets 3km west of Klondyke; both programmes
are aimed at extending mine life to enhance the previously-quoted
PFS metrics.
"This announcement follows the Resolutions approved by the
Company's Shareholders on 14 October to demerge our 33.71% interest
in Calidus, subject to approval by the High Court. This will
release approximately GBP10m of value to shareholders and provide
visibility on the potential value of both companies following the
confirmation of our right to mine at the Nayega manganese mine in
Togo."
The information in this RNS has been extracted from the ASX
announcement made by Calidus Resources Limited on 22 October 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.
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.
**ENDS**
For further information please visit www.kerasplc.com, follow us
on Twitter @kerasplc or contact the following:
Russell Lamming Keras Resources plc info@kerasplc.com
Nominated Adviser / Joint
Broker
Ewan Leggat / Charlie SP Angel Corporate Finance +44 (0) 20 3470
Bouverat LLP 0470
Financial PR
Isabel de Salis / Cosima +44 (0) 20 7236
Akerman St Brides Partners Ltd 1177
Notes
Keras Resources plc is focused on building a strategic portfolio
of resource assets, providing investors with exposure to a
portfolio of development assets including manganese, cobalt and
nickel in Togo, West Africa. It is also in the process of
transferring its holding of shares in Calidus Resources Limited to
its shareholders by way of a capital reduction. The Company
benefits from a skilled management team, which has extensive
experience in the resource sector and proven success in advancing
assets up the value curve.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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