Capricorn Metals Ltd. has reported an increase in its mineral resource estimate at its Orion South Underground mine to 895,000 ounces of gold.
The company said the estimate at the mine, which is part of the Mt Gibson gold project, increased to 9.5 million tonnes at 2.9 grams per tonne of gold after over 13,000 metres of underground focused diamond drilling.
Capricorn Executive Chairman Mark Clark said: “Increasing the Orion South underground resource by over 30 per cent to 895,000 ounces in less than four months since the maiden underground resource is indicative of the emerging underground opportunity at Mt Gibson.
“Capricorn is committed to a strategy of growing the resource, delivering ore reserves and completing the work to validate our belief that Mt Gibson will become a long mine life open pit and underground mining operation.”
Underground diamond drilling under the Orion and Lexington pits has demonstrated high-grade mineralisation at depth and helped increase the estimate by 31 per cent from the maiden resource estimate announced in July.
The company will continue with infill and extensional drilling on the Orion South underground resource to convert more of the inferred resources to indicated resource.
Technical studies, including geotechnical and hydrogeological workstreams, will also commence to enable the estimation of a maiden underground ore.
Capricorn has also commenced a trade-off study to determine the optimal position for the underground to open pit mining interface. This work is expected to be completed in the second half of fiscal 2026.
