MT GIBSON GOLD RESOURCE SOARS TO 3.24 MILLION OUNCES

Capricorn’s Drilling Success Drives Substantial Resource Increase

Capricorn Metals Ltd (ASX:CMM) has announced an 18% increase in the Mt Gibson Gold Project’s (MGGP) Mineral Resource Estimate (MRE), elevating the total to 3.24 million ounces. Continued drilling since December 2021 has added over 1 million ounces to the MRE, highlighting significant underground potential.

Key Updates:

  • The updated MRE now contains 2.655 million ounces in the Indicated category.
  • The average vertical depth of MRE is only 170 meters, indicating room for resource expansion along the 8km strike.
  • Notable drill results include 22 meters at 4.82g/t from 229 meters.
  • The updated MGGP MRE contributes to Capricorn’s group gold resources totaling 5.5 million ounces.

Capricorn’s Executive Chairman, Mark Clark, remarked on the development: “The increase in the Mt Gibson gold resource to 3.2 million ounces is a fantastic validation of the quality of the project we acquired just over two years ago. The shallow average depth of the resource and the emergence of strong underground potential gives us confidence that the project will continue to grow. We have taken further significant steps on the project by submitting our environmental permitting referral and committing to the purchase and installation of the accommodation village. This is part of Capricorn’s strategy to expedite work in parallel with permitting where it is advantageous to the ultimate development schedule to do so.”

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