Capricorn Metals Says Western Australia Prospect Drilling Underpins Upcoming Maiden Mineral Resource Estimate; Shares Up 4%

MT Newswires Live08:45

Capricorn Metals (ASX:CMM) said drilling results at the Lexington prospect, part of the Mt Gibson gold project in Western Australia, continue to underpin a maiden underground mineral resource estimate expected later this quarter, according to a Monday Australian bourse filing.

A total of 26,668 meters of combined diamond and reverse circulation drilling at 88 holes was completed at the project during the September quarter, the company said. "Significant" intercepts at Lexington included 6 meters at 57.38 grams per tonne (g/t) grade of gold from 616 meters as well as 7 meters at 40.01 g/t grade of gold from 401 meters.

At the Hornet prospect, drilling intersected mineralization beneath the current reserve pit outline, including 3 meters at 89.88 g/t grade of gold from 120 meters.

The copper ores company's shares advanced nearly 4% in recent trading on Monday.

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