JOHANNESBURG (miningweekly.com) – Australian junior gold miner Capricorn Metals has confirmed the presence of a new, high-grade mineralised structure in the immediate footwall of the Bibra gold deposit at its 100%-owned Karlawinda gold project, in Western Australia.
Capricorn MD Peter Thompson said on Monday that a recently completed reverse circulation drill hole was drilled to a depth of 209 m to test the up-dip extension of a high-grade intersection returned in previous drilling by diversified mining and exploration company Independence Group.
One hole intersected 9.3 g/t of gold over 2 m, at 218 m below surface, while the second hole intersected 4 g/t of gold over 2 m, from 162 m below surface.
Thompson said the latest drilling results demonstrated the “outstanding exploration upside” at Karlawinda, including the significant potential to discover high-grade gold mineralisation.
“The presence of multiple stacked gold lodes is a real positive for any emerging gold project and the recent drilling clearly shows that we have a large-scale gold system with the opportunity to target high-grade zones that could add significant value to the project.
“As we continue to explore around our flagship Bibra resource and across the wider Karlawinda project, we will continue to improve our understanding of the controls on and distribution of the mineralisation, and we are confident that this will lead to additional quality discoveries,” he concluded.