Capricorn Metals Ltd (ASX:CMM)
Capricorn Metals Ltd (ASX:CMM) is a gold company, which is well advanced to commence development of a new, large West Australian open pit mining project in 2019.
After acquiring its flagship Karlawinda Gold Project at the beginning of 2016, Capricorn has moved quickly to grow project Resources which are currently estimated at 1.5Moz, an increase of over 100% since the acquisition of the Project.
In May 2018 an updated Reserve of 892,000koz was estimated for the Bibra deposit which was a 25% increase from the previously announced maiden Ore Reserve of 713,000. The new Ore Reserve is contained within an updated Measured and Indicated Mineral Resource of 45Mt @ 1.0g/t Au containing 1.4Moz. This is an increase of 200,000oz from the November 2017 Mineral Resource.
Ongoing optimisation studies using the new reserve are continuing to further enhance the project economics as the Company moves towards a final investment decision expected in late 2019.
The Karlawinda Gold Project is fully permitted with project financing expected to be completed by the end of 2019.
Construction of the Karlawinda Gold Project is expected to commence early in 2020.