ASX-listed gold producer Calidus Resources (ASX:CAI) has unearthed a ‘high-grade’ zone of gold mineralisation within the recent Felix discovery at the company’s Blue Spec Project.
Assays have returned up to 220.17g/t Au following a maiden reverse circulation (RC) drilling program at Blue Spec in Western Australia.
The results, generated by 31 RC holes, indicate the likelihood of 2 mineralisation styles being present within the Felix discovery. The ‘high-grade’ shear-hosted gold is possibly analogous to the 1 ounce per tonne Blue Spec, and broad zones of lower-grade gold hosted in sandstone.
Key intercepts include hole 22GORC016 with 6m @ 40.15g/t Au from 38m, including 1m @ 220.17g/t Au from 39m; and hole 22GORC004 with 7m @ 5.42g/t Au from 46m, including 2m @ 11.78g/t Au from 48m.
The ‘high-grade’ intercept in hole 22GORC016 is located only 25m below surface and presents an opportunity to be amenable to an open pit operation.
Initial follow-up work is planned to be undertaken by the company and will include a program of trenching to provide a better understanding of the attitudes of mineralised structures, as well as a small RC drill program to better define the plunge and strike extent of ‘bonanza-grade’ portions of the mineralised system.
Speaking on the results, Calidus Resources Managing Director Dave Reeves says: “The initial drill program at Felix has exceeded all expectations. To have hit bonanza grades that are analogous to the nearby one ounce per tonne Blue Spec deposit is very exciting. The Blue Spec deposit has been mined to 300m depth so to have intercepts similar in tenor at 25m depth obviously makes this our highest priority target to define as it could significantly alter the economics of the greater Blue Spec Project.
“To have hit bonanza grades that are analogous to the nearby one ounce per tonne Blue Spec deposit is very exciting”
In addition, the broader lower grade mineralisation could provide a sweetener to the Warrawoona Plant as its tenor appears to be higher than that currently being processed.”
The company also notes the drilling initially comprised 19 drillholes to test a 2km strike length of a zone of ‘strong’ gold-in-soil anomalies associated with the Blue Spec Fault Zone. However, following the return of results from the first 2 drillholes another 12 holes were added to the program.
Calidus Resources is a gold exploration and development company actively exploring Western Australia’s Pilbara Goldfield. The company’s Blue Spec project represents one of the highest-grade gold deposits in Australia and is located 20km southeast of the township of Nullagin, and 70km from its 100% owned Warrawoona Gold Project.
Other assets included in Calidus Resources’ exploration portfolio include the Spear Hill Lithium Project in Western Australia, which represents an equally split joint venture (JV) between Calidus and minerals exploration company Haoma Mining.
Images: Calidus Resources Ltd
