Capricorn Metals (ASX:CMM) continues to develop and advance its Karlawinda gold project in the Pilbara region, as the Bibra gold prospect on the property now hosts 1.11 million ounces of gold in 31 million tonnes (which results in an average grade of 1.1 g/t gold).
This is an important step forward as not only did the total resource increase by 70% in the past 12 months, virtually all ounces are now located in the indicated resource category which is obviously much better than a strictly inferred resource estimate. A total of 957 holes have now been completed for in excess of 130,000 meter of drill data.
Capricorn has been very successful in advancing the property, and the current indicated resource will now be the base to define a mineable reserve to be used in the definitive feasibility study, due for completion in the third quarter of this calendar year. We are pretty optimistic, as it looks like Capricorn is sitting on what could be Western Australia’s next 100,000 ounce gold producer.