Calidus Resources (ASX:CAI) has moved forward with modelling paving the way for a maiden ore reserve and finalisation of a 2-year production outlook for its Bulletin deposit in Western Australia.
The $125.52 million market capitalisation company says the maiden resource modelling follows the delivery of ‘exceptional’ final drill results generated from the final 14 holes of a 24-hole reverse circulation (RC) drilling program.
Results demonstrate gold grades up to 12.7 grams per tonne and come ahead of an imminent maiden resource at the deposit.
Mining is planned to begin in H2 2024 at Bulletin, and processed through the Warrawoona mill, as it has potential to deliver a ‘significant’ step-change in Calidus’ production profile at the Warrawoona Gold Project.
Managing Director Dave Reeves says: “These results confirm high-grade mineralisation continues to near surface at Bulletin which will greatly support strong project economics.
The mineral resource modelling that will allow a maiden ore reserve and the finalisation of a 2-year production profile outlook is now underway, and we look forward to providing this before the end of January.”
Bulletin is part of a profit share joint venture (JV) with Haoma Mining on a 60:40 ratio in which Calidus holds the majority interest.
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