THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) has claimed the discovery of a potential new zinc-lead province at the company’s West Arunta project (X17) in Western Australia.
The X17 project is located near Lake McKay, 20 kilometres from the community of Kiwirrkurra near the Western Australia – Northern Territory border.
Cassini originally acquired 75 per cent of the Project in 2013, increasing that to 100 per cent in July 2015.
The company said the discovery had been based on analysis of soil and lag geochemical data and the subsequent identification of gossan outcrops during field reconnaissance it carried out in late October 2015.
Cassini declared it believes it has made a significant zinc-lead discovery based on the outcomes of work it has completed so far, including:
The X17 project was generated as part of a continental-scale targeting study by the company, focused on frontier terranes in Western Australia;
Cassini defined X17 as a highly-prospective, large-scale conceptual target within the Centralian Superbasin, an area considered to be greatly under explored. It occurs at the intersection of several fundamental lithosphere-scale structures;
Confirmation of X17’s prospectivity was demonstrated by a soil sampling program identifying discrete zinc soil anomalism of up to 10 times background, with supporting anomalism in lead, Copper and Silver;
Coincident lag samples show highly anomalous zinc of up to 0.2 per cent;
Importantly, coincident Cadmium anomalism present in the lag is recognised as a signature of sphalerite, the primary source of zinc mineralisation;
Recent field reconnaissance identified several outcropping gossans as the likely source of each soil and lag anomaly;
Lag and gossan anomalism was verified in the field with portable XRF results of up to 0.6 per cent zinc, 0.2 per cent lead, 0.4 per cent nickel and 0.05 per cent copper.
“We are delighted with the results from X17,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.
“This project has been slowly progressing in the background for the past 12 months while we have focussed on our West Musgrave project.
“Now that we’ve made this breakthrough and potentially found a new zinc-lead province, we think we have a compelling project that we can progress through to discovery in a cost effective and timely manner without requiring additional funding.”