The Capricorn Board is pleased to announce that the more than 104,000 metres of RC drilling completed and assayed at the wholly owned MGGP since
Highlights of the resource update include:
JORC 2012 compliant MRE 104.9 million tonnes at 0.8 g/t for 2,755,000 ounces.
Provides a very strong basis for maiden ORE targeted for later in the quarter:
Over 76% (2,106,000 ounces) of the MRE is now in the Indicated category.
Drill density within the Indicated resource averages 25 x 25 metres.
Shallow depths of the resource suggest ongoing drilling will continue to present opportunities to increase resources (and convert Inferred resources) within open-pittable depths:
Average vertical depth of MRE optimisation shell over the 8 kilometres of resource strike is only 160 metres (max 280 metres).
The Indicated-Inferred boundary surface has an average depth of 150 metres.
Confirms compelling value proposition of the acquisition of the MGGP in
Drilling to date has delivered the 2.1 million ounces of Indicated resources at a cost of less than
Acquisition (
Capricorn's drilling has validated the extensive (approx. 660,000 metre) historical database, matching the historical drilling for location and tenor of intercepts.
HIGHLIGHTS
Updated MRE includes 2,106,000 ounces in the Indicated category, providing a very strong basis for the maiden Ore Reserve Estimate targeted for later in the current quarter.
Average vertical depth of MRE shell is only 160 metres, presenting continued opportunity to increase resources and convert Inferred with further drilling over 8km of resource strike.
Strong results continue to be received from ongoing drilling with assays received after the cut off date for MRE, including 6m at 12.77g/t from 234m & 10m at 5.28g/t from 226m, both also outside the current resource shell. These results will be included in the next resource update.
Capricorn total MRE increases to 5.05Moz, with Ore Reserve Estimate (ORE) of 1.34Moz:
KGP: MRE 2.29Moz (Indicated - 1.95Moz), ORE 1.34Moz*
MGGP: MRE 2.76Moz (Indicated - 2.11Moz), maiden ORE targeted later in quarter
Capricorn Executive Chairman
This announcement has been authorised for release by the
Forward Looking Statements
This announcement may contain certain 'forward-looking statements' which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation of belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. The detailed reasons for that conclusion are outlined throughout this announcement and all material assumptions are disclosed. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company's Annual Reports, as well as the Company's other filings. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any 'forward looking statement' to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Competent Persons Statement
The information in this report that relates to Exploration Results is based on information compiled or reviewed by Mr.
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