Capricorn Metals Ltd. on Aug. 7 reported initial JORC-compliant probable ore reserves of 21 million tonnes at 1.06 g/t of gold containing 713,000 ounces for the Bibra deposit at its Karlawinda gold project in Western Australia.

The ore reserve is contained within the Bibra deposit open pit and represents the conversion of about 70% of the indicated resources.

The estimate assumed a gold price of A$1,500 per ounce and a variable cutoff grade between 0.40 g/t and 0.47 g/t of gold.

The update was based on information derived from the feasibility study underway at the project, which is due for release in the September quarter, the company added.