Elemental acquired a 2% NSR royalty on the Karlawinda Gold Project in February 2021.

The Karlawinda Gold Project is located in the Pilbara region of Western Australia, 70km by road south-east of the town of Newman and close to key infrastructure and mining support services. Karlawinda is an advanced gold project which includes the Bibra Deposit and numerous significant exploration targets including the Francopan Prospect. Capricorn acquired the project in February 2016, and have made rapid progress since then.

In April 2020, Capricorn announced an updated Mineral Reserve Estimate for the Bibra Deposit comprising 43.5 Mt @ 0.9 grams per tonne of gold for 1.2 million ounces of gold, a 35% increase from the previously announced Reserve of 892,000 ounces. The pit design yields a 12-year mine life, with a stripping ratio of 3.6:1.

Construction at Karlawinda is well underway, with plant commissioning expected to commence in the March 2021 quarter and first gold production to follow in the June 2021 quarter. Capricorn is targeting annual gold production at Karlawinda of 110,000 – 125,000 oz. Increased crushing capacity has been achieved in the final design process by up scaling and modifying equipment selection and associated infrastructure.

On November 18, 2020, Capricorn announced that the fabricated ball mill was en route to site; the mobilization of the earth moving contractor; the completion of grade control drilling for 4 million tonnes of production, equivalent to the first year’s mill feed; and, the successful first blast of waste rock in the Stage 1 open pit.

For more information on Karlawinda, please visit http://capmetals.com.au/