Capricorn Metals Ltd. updated the resource estimate for the Bibra deposit, part of its Karlawinda gold project in Western Australia, for a 22% increase in contained resources over the July 2016 resource.
The resource at Bibra now stands at 31 million tonnes grading 1.1 g/t of gold for 1.1 million ounces of contained gold, according to an April 10 release. Of the total, 92% is classified as indicated, with the remainder in the inferred category.
The company noted that it is conducting exploration at Karlawinda and expects an updated resource estimate for the project in the second half of this year.
Capricorn expects to report a maiden reserve for Bibra in the second quarter of the year and to complete the definitive feasibility study for the Karlawinda project in the third quarter.