Share Name Share Symbol Market Type
Keras Resources Ord GBP0.001 NEX:KRS.GB NEX Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.45p 0.40p 0.50p 0.475p 0.45p 0.465p 773,192 10:50:38

Keras Resources PLC Commencement of Diamond Drill Programme at Calidus

29/08/2017 7:45am

UK Regulatory (RNS & others)


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Keras Resources PLC

29 August 2017

Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining

29 August 2017

Keras Resources plc ('Keras')

Calidus Reports Commencement of Diamond Drill Programme

Keras Resources plc, the AIM listed mineral resource company, is pleased to provide an update following an announcement published by Calidus Resources Limited ('Calidus'), in which Keras holds a 30% interest. Calidus has commenced diamond drilling in parallel with the ongoing RC Drill programme at its flagship Warrawoona Gold Project, located in the Pilbara of Western Australia.

Calidus' current drilling campaign is intended to support a significant resource upgrade in Q4 2017 with a large portion of this updated resource estimate forecast to be in the Indicated category. As previously announced, once an Indicated Resource of at least 500,000oz is declared, Keras will receive 241.25m Ordinary Shares in Calidus, which will increase Keras' holding to 50% of Calidus' total issued share capital based on the number of shares currently in issue.

Summary of Calidus' announcement:

The programme will include drilling a total of 9 holes in the main Klondyke Shear, Copenhagen, Coronation and Fieldings Gully deposits. The purpose of the drill programme is to provide information for structural geology and metallurgical testwork.

Dave Reeves commented, "To assist in generating a revised resource by end of this year, Calidus have commenced a diamond drill programme. The drill programme will allow detailed understanding on the structural geology of the deposit and provide core for initial metallurgical work. This is another step forward in Calidus' aggressive pursuit of this rapidly developing project".

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

**ENDS**

Glossary

Diamond Drilling - a drill having a hollow, cylindrical bit set with diamonds, used for obtaining cores of rock samples.

RC Drilling - Reverse circulation (RC) drilling uses a bit attached to a down-hole hammer to produce a hole. Unlike diamond drilling, RC drilling produces samples of rock cuttings rather than a sample of rock core. The down-hole hammer is powered by compressed air, which also acts as the medium bringing the drill cuttings up to surface.

For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:

 
Dave Reeves                  Keras Resources plc                  dave@kerasplc.com 
Nominated Adviser 
Gerry Beaney/David Hignell   Northland Capital Partners Limited   +44 (0) 20 3861 6625 
Broker 
Damon Heath/Erik Woolgar     Shard Capital Partners LLP           +44 (0) 20 7186 9952 
Tom Curran/Ben Tadd          SVS Securities Plc                   +44 (0) 203 700 0093 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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August 29, 2017 02:45 ET (06:45 GMT)

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