Australian gold company Capricorn Metals (ASX:CMM) is continuing its exploration programs at the Mt Gibson and Karlawinda gold projects in Western Australia.
Throughout 2022, a total of 957 holes for 138,246m was completed at Mt Gibson. In January 2022, 2 reverse circulation (RC) rigs began a planned 81,000m drill program across 8km of strike of the current resources at the project.
Following ‘encouraging’ results from this initial drilling, Capricorn extended the drilling program in September 2022 to about 121,000m. The objective of this program included infill drilling to bring the drill density to 25m by 25m, as well as testing gaps between resource pit optimisation shells along the 8km strike, and testing for extensions of gold mineralisation below the current resource shell.
Capricorn says a Mineral Resource Estimate (MRE) based on the results of this drilling was announced in November 2022, which revealed a 32% increase from 2.083 million ounces to 2.755 million ounces.
‘Significant’ results recorded at Mt Gibson includes CMRC2039 with 6m @ 12.77g/t Au from 234m; CMDD0006 with 1m @ 75.34g/t Au from 193m; and CMRC071 with 5m @ 17.23g/t Au from 79m.
Commenting on the drilling results, Capricorn Metals Executive Chairman Mark Clark says: “The continued excellent results from drilling at Mt Gibson since the significant increase to the resource in November 2022 provide further encouragement about the prospects of the project.”
“The continued excellent results from drilling at Mt Gibson since the significant increase to the resource in November 2022 provide further encouragement about the prospects of the project”
Capricorn reports the current drilling continues to support previously reported drilling at the depth extremities of the 2022 resource optimisation shell as well as below the reported shells providing encouragement for future extensions to the resource. Drilling across the project to date indicated that mineralisation remains open down-dip, and along strike to the north and south, with multiple stacked lodes intersected.
Based on the encouraging results received to date, Capricorn reports further drill planning has commenced aiming to continue testing extensional targets with drilling programs in 2023. The results of this additional drilling will contribute to an updated MRE targeted for completion in June 2023.
Capricorn also reports it has received approval from the Department of Mines, Industry Regulation and Safety (DMIRS) for a submitted program of work application was received in the December 2022 quarter for regional aircore (AC) drilling within the McDonalds-Highway Area. Drilling here commenced in early January 2023 on a 30,000m first pass AC drill program targeting historical gold working areas.
The company states this area is located 5km north of the current MRE, and has been identified as a significant exploration target. The area represents a unique opportunity to discover economic deposits at surface with underexplored gold occurrences identified including ‘significant’ historical workings at Gold Bar, Gibson, and the Leakes Find prospects.
Capricorn notes field inspections have confirmed mineralisation is associated with north-south striking quartz veining with amphibolite hosted shear zones, which is a similar orientation and geological setting to the nearby Mt Gibson Mine Trend. Follow-up sampling in this area from workings along strike to the north of the main Mt Gibson mine has returned samples up to 12.32g/t Au. A current drill program is targeting these historic workings.
At Karlawinda, Capricorn reports exploration activities over the last 12 months focused on near-mine drilling at the Muirfield, Carnoustie, and the newly-identified Vedas prospects all located within 5km of the Bibra open pit. Regional exploration programs also continued across the Forfar and Jamie Well prospects.
The company says results received during the December 2022 quarter from drilling at Muirfield and Vedas identified ‘significant’ near surface oxide and fresh rock mineralisation including hole KBRC1859 with 1m @ 17.96g/t Au from 79m; and KBRC1853 with 2m @ 15.25g/t Au from 117m.
Capricorn reports a follow-up drilling program is being planned targeting Muirfield and Vedas as a potential satellite project to Bibra.
Large-scale archaeological and ethnographic clearance works have also been completed during the first quarter of 2023 at the Jamie Well, Central Lode, Donomore, and Stornoway project areas for first pass drilling scheduled in the coming months.
Images: Capricorn Metals Ltd
