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Calidus kicks off 15,000-meter drill program at Warrawoona gold project

Calidus Resources Ltd. launched a 15,000-meter drilling campaign aiming to increase the expected mine life of its flagship Warrawoona gold project in Western Australia.

The company will fund the drilling program through its recent A$9 million share placement, according to an Aug. 20 release.

Drilling will include 6,500 meters to infill proposed underground resources at the Klondyke deposit, 3,900 meters to upgrade indicated Klondyke resources, 3,000 meters at Klondyke West to test regional exploration targets, and 1,600 meters aiming to expand pit limits at Klondyke East.

A recent pre-feasibility study on the project defined annual gold production averaging 97,000 ounces over a six-year mine life using carbon-in-leach processing at a rate of 2 million tonnes per year.

The analysis estimated a posttax net present value of A$108 million, discounted at 8%, with a 33% internal rate of return. A definitive feasibility study is expected in the third quarter of 2020.