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Code CMM Source ASX

The Karlawinda Gold Project is located in the Pilbara region of Western Australia, 65km south-east of the town of Newman.

Location of the Karlawinda Gold Project

The Project area is underlain by a largely unexplored and only recently recognised belt of Archaean-aged greenstone rocks that were discovered in 2005. This belt of predominantly volcanic and sedimentary rocks is located on the southern margin of the Sylvania Dome, a major structure where Archaean predominantly granitic basement rocks thought to be part of the Pilbara Craton, are exposed at surface within surrounding younger Proterozoic aged sedimentary basins. Typically, at the KGP the bedrock geology is obscured by a thin cover of sandy soil up to 2m thick.

The Bibra deposit is part of a large-scale Archaean gold mineralising system with mineralisation hosted within a package of deformed meta-sediments and meta volcanic rocks and is developed on four main parallel, shallow dipping structures. Close to surface in the weathered rock, oxide gold mineralisation has been developed over the structures from surface to a depth of approximately 60m.

Cross section of the Bibra deposit

Construction of the KGP commenced in December 2019 and was completed in June 2021 with the successful commissioning of the processing plant culminating in first gold poured of 386 ounces on 30 June 2021. The project was completed in line with time and cost guidance. In September 2021 the Company announced the project had reached steady state operations.

The KGP processing plant throughput capacity is anticipated to be:

  • 4.5 – 5.0 mtpa in the oxide/fresh ore blend in the first 3 years; and
  • 4.0 – 4.5 mtpa in solely fresh rock ore in years 4 and beyond.

These throughput capacities are expected to produce a long-term production range of 110,000 to 125,000 ounces per annum.

Karlawinda Processing Plant

In addition, the Karlawinda Project consists of over 2,000 square kilometres of prospective tenure which includes the greenstone belt hosting the 2.1 million ounce Resource and 1.2 million ounce Reserve Bibra gold deposit and other areas deemed highly prospective for gold. Due to the location of the project in the Pilbara region of Western Australia (a region not historically explored for gold), very little modern and meaningful gold exploration has been completed outside of the immediate Bibra deposit.

Karlawinda Tenement Package

Karlawinda Mineral Resources and Ore Reserves

JORC-2012 compliant Ore Reserve as at 30 June 2021:

ORE RESERVE – KARLAWINDA GOLD PROJECT (A$1600/ounce assumption)
Deposit Type Cut-off PROVED PROBABLE TOTAL ORE RESERVE
Tonnes (Mt) Grade (g/t Au) Gold Metals (koz) Tonnes (Mt) Gold Grade (g/t Au) Gold Metal (koz) Tonnes (Mt) Grade (g/t Au) Gold Metals (koz)
Bibra Open Pit 0.3< 39 0.9 1,090 39.0 0.9 1,090
Southern Corridor Open Pit 0.3< 4.6 0.8 111 4.6 0.8 111
Total     43.5 0.9 1,201 43.5 0.9 1,201

Notes on the April 2020 Ore Reserve estimate:

  1. Ore Reserves are a subset of Mineral Resources.
  2. Ore Reserves reported in conformance with the JORC 2012 Code definitions.
  3. Ore Reserves are calculated using a gold price of A$1600/ounce.
  4. Ore Reserves are calculated using a cut-off grade between 0.3g/t and 0.4g/t Au.
  5. The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. Errors of summation may occur to rounding.

JORC-2012 compliant Mineral Resource Estimate as at 30 June 2021:

MINERAL RESOURCE – CAPRICORN METALS LTD (A$2000/ounce assumption)
Deposit Type Cut-off INDICATED INFERRED TOTAL MINERAL RESOURCES
Tonnes (Mt) Grade (g/t Au) Ounces (koz) Tonnes (Mt) Grade (g/t Au) Ounces (koz) Tonnes (Mt) Grade (g/t Au) Ounces (koz)
KGP Open Pit 0.3< 67.2 0.8 1,722 19.5 0.7 422 86.7 0.8 2,145

Notes on the April 2020 Mineral Resource estimate:

  1. Mineral Resources are calculated using a gold price of A$2,000/ounce.
  2. Mineral Resources are calculated using a cut-off grade between 0.3g/t and 0.4g/t Au.
  3. The above data has been rounded to the nearest 100,000 tonnes, 0.1 g/t gold grade and 1,000 ounces. Errors of summation may occur to rounding.
  4. See ASX announcement dated 17 April 2020 for Mineral Resource announcement on KGP