THE BOURSE WHSIPERER: Cazaly Resources (ASX: CAZ) has taken 100 per cent-ownership of the Halls Creek project in Western Australia.
Cazaly Resources already owned 20 per cent of the project and purchased the remaining 80 per cent from 3D Resources (ASX: DDD).
The Halls Creek project comprises granted Mining Lease 80/247 situated near the township of Halls Creek covering part of the Halls Creek Mobile Zone, which is considered prospective for a range of commodities including base metals, gold, diamonds and nickel.
The project hosts the Mount Angelo copper-zinc deposit, a zone of near surface oxidised copper-zinc mineralisation overlying massive copper-zinc sulphide mineralisation.
Previous results from work conducted by Cazaly prior to the JV included:
64m at 2.72 per cent copper (1.13 per cent zinc);
62m at 2.41 per cent copper (2.75 per cent zinc);
37m at 2.63 per cent copper (6.05 per cent zinc);
16m at 5.91 per cent copper; and
18m at 2.53 per cent copper.
The company will be conducting a review of all previous exploration on the project,” Cazaly Resources said in its ASX announcement.
“There remains very good upside potential with mapping defining the untested northern extensions of the deposit including mapping out of the important Banded Iron Formation capping unit.
“Furthermore, downhole EM conductors previously defined have yet to be drill tested.”
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