Capricorn Metals Ltd. on May 29 reported that its Karlawinda gold project in Western Australia marked a 25% increase in ore reserves relative to the maiden estimate, with reserves in the proven and probable categories rising to 28 million tonnes containing 892,000 ounces of gold.
The August 2017 maiden ore reserve estimate, which only took account of the Bibra deposit, was 21 million tonnes containing 713,000 ounces of gold.
An updated measured and indicated resource of 45 million tonnes containing 1.4 million ounces of gold grading 1.0 g/t of gold, which contains the updated ore reserves, reflected an increase of 286,000 ounces from the April 2017 resource update that was used as the basis for the maiden ore reserve.
According to the miner, the ore reserve estimate and optimized pit design are a significant improvement from the October 2017 feasibility study and enhance project economics, leading to a material reduction in capital cost projections.
Meanwhile, Capricorn Metals is advancing toward securing financing for the project, with the company hoping to use the updated ore reserve to draw investors.
