Capricorn Metals (ASX: $CMM) Quarterly Exploration Update

Capricorn Metals (ASX: $CMM) has completed 17,023 metres of RC resource definition and extensional drilling at the Mt Gibson Gold Project during the March 2024 quarter. The drilling resulted in a 380,000 ounce (26%) increase to the Ore Reserve Estimate (ORE) to 1.83 million ounces. Additionally, the company commenced a 20,440 metre RC infill drilling program at the Karlawinda Gold Project to allow the conversion of inferred material to indicated category for an update to the ORE in the September 2024 quarter.

Executive Commentary

The drilling activities at the Mt Gibson Gold Project have delivered exceptional results, with a substantial increase in the Ore Reserve Estimate. The ongoing drilling programs at both the Mt Gibson and Karlawinda Gold Projects are crucial for further updates to the Mineral Resource Estimate and Ore Reserve Estimate. The company remains focused on maximizing the value proposition of the drilling and enhancing the prospects for continued success. The near mine exploration drilling has also shown promising results, highlighting the high prospectivity of the areas to host further near-surface satellite resources and major gold discoveries.

Summary

Capricorn Metals' completion of 17,023 metres of RC resource drilling at the Mt Gibson Gold Project has resulted in a significant 26% increase in the Ore Reserve Estimate to 1.83 million ounces. The company's focus on extensional and infill resource drilling, as well as near mine exploration drilling, has yielded exceptional results and demonstrated the potential for underground mining operations. The ongoing drilling programs at both the Mt Gibson and Karlawinda Gold Projects are expected to contribute to future updates to the Mineral Resource Estimate and Ore Reserve Estimate. The company's exploration activities have highlighted the high prospectivity of the areas to host further near-surface satellite resources and major gold discoveries, setting a positive outlook for its future endeavors.