Cassini Resources Spies New Targets at One Tree Hill

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) released results from recent drilling at the One Tree Hill prospect within the company’s West Musgrave Project (WMP) in Western Australia.

Cassini Resources is conducting the program, which is funded as part of an Earn-in/JV Agreement the company has with OZ Minerals (ASX: OZL), which recently moved to 51 per cent beneficial ownership in the project.

The JV is currently undertaking a Prefeasibility Study (PFS) on the Nebo-Babel deposits as well as a regional exploration program.

“The drilling results confirm our thinking that the mineralised system at One Tree Hill has scale,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“We have intersected more copper sulphide mineralisation and follow up DHEM has identified a significant conductor that could represent a large-scale extension to this mineralisation.

“We look forward to testing this target in our 2019 program.”

The JV completed two diamond drill holes targeting moving loop electromagnetic (MLEM) anomalies and extensions to previously encountered mineralisation.

The first of these, drill hole CZD0083A, returned:

24.65 metres at 0.69 per cent copper and 0.44 grams per tonne PGE from 337m with a higher grade core of 9m at 1.15 per cent copper and 0.64g/t PGE.

This intersection also included a massive sulphide zone of 2.6m at 0.96 per cent copper, 0.48 per cent nickel, 0.1 per cent cobalt and 1g/t PGE.

Cassini said the results were generally consistent with earlier results from drillhole CZD0017, which intersected a massive sulphide zone returning 3.2m at 2.16 per cent copper, 0.58 per cent nickel, 0.1 per cent cobalt and 1g/t PGE within a broader disseminated zone of 34m at 1.05 per cent copper and 0.5g/t PGE from 332m.

The JV has interpreted the results to show mineralisation appears continuous between CZD0017 and CZD0083A and remains open to the north.

A second diamond drill hole, CZD0087A, sited approximately 100m south of CZD0017, missed the target intrusion the company blamed on an apparent fault offset, striking east-west and has down-thrown the geology on the southern side.

However, the hole did intersect a 40m zone of PGE anomalism towards the bottom of hole, possibly representing the halo of magmatic mineralisation.

Of further note, a down hole electromagnetic survey (DHEM) in CZD0087A identified a large off-hole conductor, 240m long by 140m wide, with a modelled conductance of 4,400S, which is consistent with copper sulphide conductivity.

The conductor is less than 100m to the east of CZD0087A and given that the new geological interpretation suggests approximately 200m of displacement along the fault, the JV thinks this conductor may represent the extension of mineralisation observed in CZD0017, but on a much larger scale.