Calidus Resources are accelerating their drilling activity in the Pilbara after a new round of exceptional drill results confirmed high gold grades at all of the company’s prospects.
Calidus told the ASX this week that new assay results of drill core from the Klondyke, Coronation, Copenhagen and the Fielding’s Gully prospects had yielded high-grade gold hits.
At Klondyke, assays showed 25 metres at 3.41 g/t. Copenhagen produced 6 metres at 7.74 g/t; Coronation produced 10 metres at 3.31 g/t, while Fielding’s Gully yielded an impressive 10 metres at 9.68 g/t. All of these intercepts were reasonably shallow, with starting depths ranging between 70 metres and 108 metres.
Calidus have enjoyed an exceptional run of drill hits since they launched into the Warrawoona Gold project, 25 kms southeast of Marble Bar in the East Pilbara, shortly after listing in June.
The initial focus of activity was on Klondyke, where drilling in the so-called Gap Zone between two existing resources established a continuous 2.6km strike of gold mineralisation which is open at depth and further along strike in both directions.
The company then drilled Coronation, Copenhagen and Fielding’s Gully, all within 10 kms of Klondyke. Each prospect is living up to its potential as a possible high-grade satellite deposit.
The drill results are a well-earned reward for Calidus, who patiently pieced together tenements across Warrawoona for the first time and are the first explorer to properly test the region’s gold potential.
The area sits on a greenstone belt with dozens of small, historic mines that sprung up during a gold rush in the Pilbara in the 1890s. Historic mined grades of 30g/t to 180 g/t were commonly reported in the area.
Calidus moved quickly to extend their ground holdings through a joint venture with Canada’s Novo Resources that has now given them control of most of the Warrawoona greenstone belt.
The company announced this week they had applied to extend their holdings even further through a tenement application for ground adjacent to the joint venture area.
Calidus Managing Director, Dave Reeves, said: “We have successfully intersected multiple, high-grade gold intercepts at all of our satellite deposits drilled to date, in addition to a wide, high-grade zone in the middle of the Klondyke resource. This ongoing regional exploration in proximity to Klondyke continues to reveal exceptional results, which provides further support for the potential for significant new discoveries and additional resource ounces at Klondyke and within the existing tenement portfolio.”
In light of the latest high-grade intercepts, Calidus have expanded their drilling campaign at Klondyke East to target extensions at Fielding’s Gully and Copenhagen. Drilling is due to begin immediately. The company is well funded to continue its aggressive program of drilling activity, with cash on hand of $11 million after a recent capital raising.
Investors will soon get to see how drill success translates into additional resources, with a new resource estimate due before the end of December.
By Matt Birney
