Capricorn Metals hikes Mount Gibson resource estimate by 13%
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The news: Gold miner Capricorn Metals has announced a "significant increase" to the mineral resource estimate (MRE) at its Mount Gibson gold project in Western Australia amid ongoing drilling at the site.
The numbers: Capricorn has lifted its MRE by 507,000 ounces of gold, or 13%, compared to its last estimate in November last year. It takes the project's revised MRE to 4.5 million ounces, including a maiden underground MRE of 684,000 ounces.
The context: Perth-based Capricorn, which also operates the Karlawinda gold project in the Pilbara region, acquired Mount Gibson in July 2021.
Capricorn's executive chairman Mark Clark said the new resource estimate "continues to reinforce our view that this project is one of the most exciting near term gold development opportunities in the Australian gold industry".
What they said: "The reporting of a maiden underground gold resource of 684,000 ounces at Mount Gibson is a very important milestone and early validation of our long-held belief that this project will evolve into a long mine life, combined open pit and underground mining operation," said Clark.
"This resource represents only the very start of the underground story at Mount Gibson and we are now committed to a strategy of growing the resource, delivering ore reserves and doing the work to include these higher grade underground zones into the mine plan."
The source: ASX
