Business
Calidus enters Joint Venture with Novo Resources
Calidus enters Joint Venture with Novo Resources.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2298R Keras Resources PLC 20 September 2017 \n\nKeras Resources plc / Index: AIM / Epic: KRS / Sector: Mining\n20 September 2017\nKeras Resources plc ('Keras')\nCalidus enters Joint Venture with Novo Resources\n \nKeras Resources plc, the AIM listed mineral resource company, is pleased to provide an update following an announcement published by Calidus Resources Limited ('Calidus'), in which Keras currently holds a 30% interest. Calidus has announced it has entered into a binding Term Sheet with Novo Resources Corp. (TSX.V:NVO) ('Novo') to form a joint venture under which Calidus will have the right to acquire a 70% interest in Novo's Exploration Licences 45/3381, 45/4194, 45/4622, 45/4666 and Prospecting Licences 45/2661, 45/2662, 45/2781 (the 'Novo Tenements') and all related technical information held by Novo (the 'Transaction'). These Novo Tenements' surround Calidus' flagship Warrawoona Gold Project and include direct extensions to the Klondyke Shear in the East Pilbara of Western Australia. \n \nCalidus' current drilling campaign is intended to support a significant resource upgrade in Q4 2017 with a large portion of this updated resource estimate forecast to be in the Indicated category. As previously announced, once an Indicated Resource of at least 500,000oz is declared, Keras will receive 241.25m ordinary shares in Calidus, which will increase Keras' holding to approximately 50% of Calidus' total issued share capital, based on the number of Calidus shares currently in issue.\n \nHighlights of Calidus' announcement:\n \n• Calidus to significantly expand its Pilbara footprint via the earn-in of up to 70% in the Novo Tenements that total 184km2 including direct extensions to the Klondyke Shear and associated structures. \n \n• Right to exploit all gold mineralisation hosted within the Warrawoona Greenstone Belt including access to all technical information from Novo which enhances Calidus' regional database. \n \n• Anomalies include a 5km extension of the Klondyke trend to the south east of Calidus' current tenement holding (Klondyke East) with limited drilling by CRA in 1996 returning encouraging gold intercepts including:\n \n• 10m @ 1.7g/t Au from 56m in hole RC96WA06\n•&n...