The board of
Capricorn will pay Gascoyne
In the event that Capricorn announces to the ASX a decision to commence mining activities prior to the definition of a JORC code compliant Mineral Resource Estimate meeting the criteria referenced above, Capricorn must pay both contingent deferred payments. All amounts are payable in cash or Capricorn shares valued at a 20-day VWAP prior to either completion occurring or the release of the ASX announcement. The choice of payment method is at Capricorn's election1 with completion of the acquisition conditional upon customary conditions precedent (including any required third party consents). Completion is expected to occur by the end of
The Project is located on exploration licence E52/3531 which is contiguous to Capricorn's existing KGP tenure and is less than 10 kilometres from the processing facility and Bibra open pit. The Project covers approximately 361 square kilometres and lies adjacent to the KGP access road to the
The Project area is located on the southern margin of the Sylvania Dome, an inlier of Archean granitoid - greenstone terrain on the southern edge of the
There is some evidence of shearing directly adjacent to the granite/sediment contact in the form of quartz stockworks and isolated narrow quartz veins. The stockwork and vein systems are both mineralised. There is also strong shearing along the sediment/mafic contact within the Fortescue sequence. The mylonised shear is 150 metres long by 20 metres wide and was intersected in drilling up to 90 metres vertical depth. This shear is mineralised with an extensive, strongly anomalous arsenic halo. Very little exploration work has been completed on the Project, however historical drilling in the 1990's by
Capricorn Executive Chairman
Contact:
Mr
Tel: +61 8 9212 4600
Email: enquiries@capmet.com.au
Forward Looking Statements
This announcement may contain certain 'forward-looking statements' which may not have been based solely on historical facts, but rather may be based on the Company's current expectations about future events and results. Where the Company expresses or implies an expectation of belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. The detailed reasons for that conclusion are outlined throughout this announcement and all material assumptions are disclosed. However, forward looking statements are subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as governmental regulation and judicial outcomes. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any 'forward looking statement' to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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