- Keras Resources has noted a Calidus Resources' substantial increase in mineral resources at the Warrawoona gold project located in the Pilbara of Western Australia. It said the increase had triggered the milestone for the conversion of 241,250,000 performance A shares held by Keras in Calidus to ordinary shares in Calidus.


- Total mineral resource, reported and classified in accordance with the JORC Code (2012) is 10.5 Mt at a grade of 2.11 g/t gold (Au), containing 712,000 ozs Au, an increase of 74% over the previous estimate

- Maiden indicated mineral resource of 8.4 Mt at a grade of 2.01 g/t Au for 541,000 ozs Au

- Conversion of 241,250,000 Performance A Shares held by Keras to ordinary shares in Calidus

- Resource provides a solid base for further resource expansion in the coming year

- Well-funded post the recent AU$10m capital raise

- Calidus has received Exploration Incentive Scheme Grant of A$140,000 to conduct deeper drilling at Klondyke

Keras said: 'For Calidus to increase the resource base by 74% within 6 months of listing on the ASX, as a result of targeted drilling underpins the unique attributes of the Warrawoona project, where outcropping gold mineralisation allows rapid and cost-effective ounces to be added to this rapidly expanding project.

'Calidus intends to maintain this momentum in the New Year with extensional drilling programmes planned, both down dip and along strike. In addition, Calidus plans to convert some of the large number of satellite targets to resource status during 2018.

'The planning for this is well supported by Calidus's current cash position that allows a continuation of the aggressive work programmes they have pursued to date.'

Story provided by