THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) announced an extension to exploration tenure at the West Musgrave Project (WMP), a Joint Venture with OZ Minerals Limited (ASX: OZL) in Western Australia.
Cassini Resources explained the JV partners are currently undertaking a Pre-feasibility Study (PFS) on the Nebo-Babel deposits in conjunction with a regional exploration program across the WMP.
The new tenement applications, held by Cassini subsidiary Crossbow Resources Pty Ltd, have been accepted into the West Musgrave Project JV, taking the total land position in the West Musgrave Province, once granted, to over 8,000 square kilometres.
Cassini will manage the exploration of the new tenements in conjunction with the regional exploration of the existing tenure.
The new tenements are considered prospective for magmatic nickel and copper sulphide mineralisation similar to the Nebo-Babel deposits currently under evaluation, as well as sediment-hosted (Zambian-style) copper sulphide mineralisation.
“This is an exciting development for the West Musgrave Project which demonstrates the Joint Venture’s long-term commitment to the province,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.
“This is one of the last frontiers for greenfield exploration in Australia and some of the areas targeted have never had a single soil sample taken, let alone a drill hole.
“It is a fantastic opportunity for us to leverage our capabilities and knowledge in this under-explored region, where we will potentially have a significant mining operation.
“We are working through the granting process and look forward to getting on the ground in due course.”