30th Jul 2019 14:21
(Alliance News) - Keras Resources PLC on Tuesday reported "excellent" drilling results from Australia-listed investee Calidus Resources Ltd.
Results from Calidus at the Klondyke prospect on Western Australia's Warrawoona gold project include 1 metre at 107.2 grams of gold per tonne of ore, from a depth of 36 metres.
Other "outstanding" results include 22 metres at 2.1 grams of gold, 13 metres at 11.1 grams, 13 metres at 5.6 grams, and 10 metres at 6.8 grams.
Keras Chief Executive Russell Lamming said: "The receipt of these outstanding drilling results for Calidus signifies a very positive development and paves the way towards upgrading the resource at Warrawoona, a significant milestone for Calidus."
"Following the completion of the pre-feasibility study, Calidus continues work towards extending the life of mine as well as carrying out project enhancements to further de-risk the mine, all of which serve to improve the commercial viability of the Warrawoona project."
Keras now has a 39% stake in Calidus, following a performance share issue earlier July after Calidus published its feasibility study. Keras intends to distribute the stake to its own shareholders.
Keras shares were 4.0% higher on Tuesday afternoon in London at 0.49 pence each.
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