Source: Calidus Resources
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Calidus Resources (CAI) receives ‘exceptionally high-grade’ results from a drilling program at the Blue Spec project in WA’s Pilbara
  • Assay results include up to 101g/t gold from 196 metres which the company says confirms the high-grade nature of the project
  • Calidus aims to start developing Blue Spec once steady state production is achieved at the Warrawoona operation
  • First gold production from Warrawoona is anticipated in the June quarter of next year
  • Calidus Resources is up 6.96 per cent, trading at 61.5 cents at 11:55 am AEDT

Calidus Resources (CAI) has received ‘exceptionally high-grade’ results following a drilling program at the Blue Spec project in Western Australia’s Pilbara region.

Blue Spec is located 75 kilometres from the company’s Warrawoona project, where construction is underway.

Assay results from a recently completed definitive feasibility study (DFS) drilling program returned up to 101 grams per tonne (g/t) gold from 196 metres which Calidus said confirms the high-grade nature of Blue Spec.

The company identified multiple occurrences of visible gold with assays including 2.55 metres at 44.1g/t gold from 413.25 metres. These results will form part of a mineral resource update for the DFS.

CAI said a key driver for the Blue Spec project is to fund its development out of operating cash flow from Warrawoona operations.

The materials stock aims to start development at Blue Spec once steady state production is achieved at Warrawoona. At that point, Blue Spec will increase annual production to 130,000 ounces at peak.

First gold production from Warrawoona is anticipated in the June quarter of next year.

Calidus Resources was up 7.83 per cent, trading at 62 cents at 12:12 pm AEDT.

CAI by the numbers
More From The Market Online

Week 13 Wrap: Easter bunny delivers new all time high for ASX200

Another week, another all time high. The ASX200 clocked 7,901pts on Thursday for the first time…
The Market Online Video

Market Close: Green lights up on ASX for Easter hunt go

The ASX200 closed the day in record territory - nearly a per cent up with every…

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Market Update: ASX glows red hot with another hit record

The ASX200 is trading up, hitting a new high of 7901 point and eclipsing the last…