THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) has executed a Share Sale agreement, which will result in it taking up to 75 per cent of Crossbow Resources.
The attraction is Crossbow Resources 100 per cent interest in the West Arunta project (X17) in Western Australia.
“We see the X17 project as an exciting, highly-prospective greenfields exploration prospect,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.
“The project has been generated through the same rigorous exploration targeting process as our West Musgrave project, and is consistent with our strategy of identifying projects with large scale potential in under-explored, frontier regions of Western Australia.” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.
The X17 project is located in the Gibson Desert region of north eastern Western Australia.
Project location – X17. Source: Company announcement
Cassini said the project is considered to be prospective for two major geological targets: the first is Mt Isa age, intrusion hosted, copper-gold deposits in the northern part of project; the second being Nifty-age, sediment hosted, base metal deposits (either copper or lead-zinc) in the south.
X17 is located at a major tectonic intersection of the juncture of Central Australian Suture with a NE trending crosscutting structural zone, known as the Lake Mackay or the Top Up Rise Fault.
Cassini claims there is known copper-gold mineralisation located along strike to the east (Mt Webb and Pokali prospects), and to the north, where Corazon Mining (ASX: CZN) has identified copper sulphides at its Top Up Rise project.
Recent analysis of the existing Geological Survey of Western Australia’s (GSWA) West Arunta geochemical dataset has indicated a large surface lead, arsenic and antimony anomaly.
These elements are commonly associated pathfinder elements for hydrothermal gold and base metal mineralisation.
There has been some historical sub-surface validation of the anomaly provided by lead and zinc anomalous aircore drill results located at its margin, but the primary anomaly has never been drilled and remains untested.