Calidus Resources (ASX:CAI) is eyeing a potential mineral resource update for the ‘high-grade’ Bulletin deposit, part of its profit share joint venture (JV) with Haoma Mining.
The $128.47 million market capitalisation company says RC drilling, which returned ‘outstanding’ results, has been completed ahead of mining later this year.
Key intercepts from the RC drilling include hole 23BTRD020 with 14m @ 8.58 grams per tonne (g/t) gold (Au) from 50m; and hole 23BTRD013 with 32m @ 3.42g/t Au from 143m.
Other key intercepts include 23BTRD007 with 6m @ 12.74g/t Au from 131m; and hole 23BTRD019 with 2m @ 25.05g/t Au from 96m and 5m @ 11.93g/t Au from 111m.
Results from 14 holes are currently pending.
Managing Director Dave Reeves says the latest batch of results demonstrates the ‘high-grade’ nature of Bulletin.
“These results confirm the high-grade nature of the Bulletin deposit and reinforce why it will facilitate a step change in our ounce production profile and cash generation when operations commence later this year.
As soon as final results are received, we will update the market on drill results and shortly after an updated mineral resource as we rapidly progress to mining this highgrade deposit.”
Calidus Resources is an ASX-listed gold explorer and developer with gold and lithium assets situated in Western Australia.
As of 30 September 2023, Calidus had $15.14 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Calidus Resources
