Cassini Resources – OZ Minerals JV Hits Best Nebo Intersection

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) provided an update of Resource Infill Drilling activity at the company’s West Musgrave copper-nickel project Joint Venture with OZ Minerals (ASX: OZL) in Western Australia.

Cassini Resources and OZ Minerals are conducting the drilling as part of the West Musgrave Pre-Feasibility Study (PFS) where OZ Minerals has recently progressed through the Stage 1 Earn-in requirement of contributing $22 million to acquire a 51 per cent interest in the project.

The current activities involve three reverse circulation (RC) drill rigs that are approximately 75 per cent through a 40,000 metre program, the aim of which is to improve resource confidence and allow a maiden Reserve estimate to be published with the PFS results.

Results from drilling at Nebo have returned the best nickel intersection encountered to date at the project of:

58 metres at 1.3 per cent nickel, 0.61 per cent copper, 0.05 pwer cent cobalt and 0.23 grams per tonne PGE from 67m, including 23m at 2.91 per cent, 1.13 per cent copper, 0.09 per cent cobalt and 0.47g/t PGE from 88m.

Cassini declared the resource extension drilling program had been successful in targeting high-grade extensions of mineralisation on the peripheries of the current resources which may have a material impact on the development strategy.

The company reported early success in July this year from this program at the H-T Lode within the Babel deposit recording an intercept of:

25.6m at 0.63 per cent nickel, 1.04 per cent copper, 0.03 per cent cobalt and 0.23g/t PGE from 317.3m.

“The results to date demonstrate the robustness of the resource and the potential for further discovery,” Cassini Resources said in its ASX announcement.

“An updated Mineral Resource estimate for Nebo and Babel is due in Q1 2019.

“Following completion of the current infill drilling program, estimated to be by the end of October, a further 23,000 metres will be brought forward from the planned Stage 2 Feasibility Study (FS) program and commenced immediately.

“This will reduce the risk of FS schedule slippage while also maximising operational and logistical efficiencies through the remainder of the 2018 field season.”