The Bibra Deposit is part of the company’s Karlawinda Gold Project near Newman in Western Australia.
Capricorn’s shares were trading 14.3% higher intra-day, at $0.12.
The latest drilling results confirm the continuity and consistency of the Main Hanging Wall gold mineralisation in the southern area of the Bibra Deposit.
In addition, it confirms the presence of a distinct high-grade domain and demonstrates impressive thickness and grade within the near-surface laterite-oxide domain.
Recent results include:
- 6 metres at 3.3 g/t gold from 134 metres;
- 6 metres at 5.4 g/t gold from 126 metres; and
- 6 metres at 2.4 g/t gold from 118 metres.
The drilling results are expected to underpin the definitive feasibility study (DFS) on the Karlawinda Gold Project, due for completion in the second quarter of this year.
The ongoing drilling program has been the cornerstone activity for the fast-tracked DFS, including 60,000 metres of drilling to expand and upgrade the classification of the Bibra resource.
The Bibra inferred resource currently stands at 25.5 million tonnes at 1.1 g/t gold for 914,000 ounces.
The scoping study for Bibra was completed in July 2016, which envisages an open pit development with a 3 million tonnes per year CIL (carbon-in-leach) process plant.