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Cassini Resources Continues Encouraging Run at Mount Squires

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) continued its recent good run of encouraging RC drilling results from the company’s 100 per cent-owned Mount Squires project in the Musgrave Province of Western Australia.

Cassini Resources declared the latest results have again returned economic mineralisation near surface and extending to shallow depths.

The Mount Squires project is an early stage exploration project that Cassini considers highly prospective for gold, located adjacent to the western border of the company’s West Musgrave JV project with OZ Minerals (ASX: OZL).

Results from another three holes of the 10-hole program have been received and include results of:

MSC0004
27 metres at 1 gram per tonne gold from 31m, including 3m at 2.59g/t gold from 38m; and

MSC0005
19m at 0.68g/t gold, including 6m at 1.26g/t gold from 38m.

“Recent drilling results support the current geological interpretation,” Cassini Resources said in its ASX announcement.

“Mineralisation is hosted within a hydrothermal breccia at the stratiform contact of a rhyolite and overlying (predominantly barren) volcaniclastic unit.

“Mineralised lodes, defined by a 0.1g/t gold halo, strike E-W to ESE-WNW and are near vertical to steeply south dipping.

“Mineralisation is potentially controlled by the intersection of NW-SE and SW-NE trending structures.

“Surface rock chip sampling of the hydrothermal breccia and extrapolation of recent and historical drill results indicates a potential mineralised strike of at least 600m which remains open down plunge.”

Cassini indicated it anticipates receiving results for the remaining four holes over the next couple of weeks.

The company said that regardless of the results, it has been encouraged enough already to begin planning follow-up programs at Handpump and the remaining project area.

The evaluation of recent airborne magnetic survey geochemical data will also inform the company’s decision-making process for the next phase of exploration.

 

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Cassini Resources Commences Drilling at Mt Squires Gold Project

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) has commenced RC drilling at the Handpump prospect on the company’s 100 per cent-owned Mount Squires project, located adjacent to the western border of its West Musgrave JV project with OZ Minerals (ASX: OZL) in the Musgrave Province of Western Australia.

Cassini Resources’ Mount Squires project is an early stage exploration project, the company considers highly prospective for gold.

Drilling at the Handpump prospect is now underway that is designed to confirm mineralisation controls and extensions to previous drill intercepts which include a best result of 15 metres at 2.3 grams per tonne gold from 31m within a broader mineralised envelope of 57m at 0.94g/t gold from 14m.

Cassini explained this drilling program represents the first drilling to be undertaken at the Handpump prospect since 2011, prior to Cassini’s ownership.

Simultaneously, a high-resolution aeromagnetic survey has commenced over the northern half of the Mount Squires gold project to assist with structural and lithological mapping which should assist in targeting gold mineralisation in these geological settings.

“Cassini has compiled all previous exploration into a consolidated database and utilised public geological and geophysical datasets to assist with geological interpretation and targeting,” the company said in its ASX announcement.

“This program marks the beginning of the company collecting new data to close the gaps in the existing data sets.

“The company has demonstrated expertise in operating in the region and continues to operate all field activities at the adjacent West Musgrave JV nickel and copper project.”

 

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Cassini Resources Encounters Multiple High-Grade Copper Hits at One Tree Hill

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) declared recording the best results to date from drilling underway at the One Tree Hill prospect within the West Musgrave project (WMP) in Western Australia.

Cassini Resources explained the ongoing exploration program is being funded as part of the company’s Joint Venture Agreement with OZ Minerals (ASX: OZL).

The JV is currently undertaking a Pre-feasibility Study (PFS) on the Nebo-Babel deposits in conjunction with a regional exploration program across the WMP.

The latest results stem form drill hole CZD0099, which returned high-grade results including:

9 metres at 2.56 per cent copper, 0.37 per cent nickel, 0.06 per cent cobalt and 1.32g/t PGE from 344m within a broader disseminated zone of 40m at 1.16 per cent copper from 343m (Zone B)

6.2m at 3.61 per cent copper, 0.11 per cent nickel, 0.03 per cent cobalt and 0.51g/t PGE from 435.8m within 22m at 1.80 per cent copper from 435m (Zone C)

0.75m at 1.71 per cent Ni, 0.52 per cent copper, 0.10 per cent cobalt and 2.67g/t PGE from 133m within 44.7m at 0.35 per cent copper from 116.3m (Zone A).

Cassini described the results as encountering, “the first significant zone of nickel-rich massive sulphides at this prospect”.

Four distinct zones of mineralisation were intersected in the hole:

Zone A. Predominantly disseminated copper mineralisation in a meta-gabbro intrusion starting at 100m below surface.

Zone B. A broad zone of mineralised meta-gabbro with a copper-rich massive sulphide at the top of the unit.

Zone C. A second broad zone of copper-rich gabbro, also with a massive sulphide component at the top of the unit.

Zone D. A very narrow massive sulphide zone that corresponds with the target EM conductor.

“CZD0099 has exceeded our expectations,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“We’ve intersected several mineralised zones that were effectively blind to previous geophysical modelling, and this presents real opportunities for further exploration success.

“It’s also worth recognising that whilst this is only our sixth hole at the One Tree Hill prospect, it is showing all the hallmarks of a major mineralised system with the potential to add future mine life and value to the West Musgrave Project.

“The exploration results continue to confirm the excellent prospectivity and potential of the project.”

Cassini indicated it considers high resolution magnetic data very important for future exploration at One Tree Hill, however, the current magnetic data it possesses is relatively coarse and does not allow confident mapping of lithologies and structures at the prospect scale.

This being the case, the company has an airborne magnetic survey planned to be carried out prior to follow-up drilling that will extend west across the tenement boundary into Cassini’s 100 per cent-held Mt Squires project to assist exploration at both projects.

The survey will also extend north east to ensure complete high-resolution coverage of the entire extent between One Tree Hill and Nebo-Babel.

Cassini said it expects the surveying and processing will be completed by the end of July, from which the interpretation of new magnetic data will assist follow-up drill targeting.

The relatively shallow nature of the upper parts of this system means that at least that part is amenable to testing by RC rather than Diamond drilling, which is both faster and cheaper.

 

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Cassini Resources Limited (ASX: CZI)

Cassini Resources punches well above its weight divisions for a junior exploration company.

Cassini Resources is developing a project with potential to become a low cost (first quartile) nickel/copper operation with an anticipated initial mine life of over 15 years with a Joint Venture partner with industry pedigree.

Cassini Resources acquired the Wets Musgrave Project (WMP) from BHP Billiton in 2014 from when it progressed the project by conducting regional exploration, in-fill drilling and further geological activities.

The company’s initial work quickly confirmed the economic viability of the Nebo-Babel deposits, attracting the attention of industry heavyweight, OZ Minerals (ASX: OZL).

In 2016 the two parties executed a Joint Venture Agreement to fast track development of the WMP, located in Western Australia.

Besides the already established Nebo-Babel nickel and copper sulphide deposit, the projet also entails the emerging Succoth copper deposit.

Under the agreement, OZL is funding a minimum of $36 million of development and exploration expenditure, including completion of a Definitive Feasibility Study (DFS), for a 70 per cent interest in the project.

The agreement includes a minimum $28 million funding for continued studies on Nebo-Babel to progress it to a Decision to Mine, as well as a minimum regional exploration spend of $8 million to assist in identifying additional value adding opportunities.

Cassini has taken that $8 million ball and run with it hard, and although it remains focused on the WMP, the company has its eyes on numerous regional opportunities it expects could provide exploration success.

The company has an option to earn 80 per cent of the Yarawindah Brook nickel-copper-cobalt project northeast of Perth, near New Norcia.

The project has had limited nickel, copper and cobalt exploration, despite a favourable regional setting, prospective geology and near-surface occurrences of nickel and copper mineralisation.

Historic exploration has focussed primarily on a small platinum and palladium (PGE’s) resource which the Company views as a “path-finder” anomaly for massive nickel – copper – cobalt sulphides.

An airborne electromagnetic survey in 2018 identified conductors worthy of further investigation, followed by a surface fixed loop electromagnetic (FLEM) survey over higher priority AEM anomalies in order to confirm and better constrain the conductors prior to drilling.

Cassini was encouraged enough by its exploration results to add additional tenements along strike, taking its total land position to146 square kilometres.

The 100 per cent-owned Mount Squires project lies adjacent to the WMP but does not form part of the Joint Venture with OZ Minerals.

Gold mineralisation was first identified at Mount Squires by Western Mining Corporation (WMC) during geochemical surveying in the late 1990s.

Now in the 2010s, Cassini has spent the past two years developing the project by consolidating tenements with prospective gold targets that were defined through historical drilling and geochemical data compilation.

The current healthy Australian Dollar gold price has given impetus for Cassini to pay more attention to Mount Squires during the 2019 field season.

Historical results from two targets, the Handpump and Centrifical prospects, have whetted Cassini’s interest.

Previous drilling at the Handpump prospect returned gold intercepts including: 15 metres at 2.3 grams per tonne gold from 31m down hole.

It is thought gold mineralisation at Handpump may represent more distal mineralisation that has leaked north-westwards along the major structure.

The Centrifical prospect is most prominent soil geochemical anomaly with a zoned molybdenum-lead-zinc anomaly at the intersection of prominent northwest and northeast striking structures that may represent the heart of an epithermal mineralised setting.

The company believes further desk top work may enhance these targets for drill testing and it recently acquired new remote sensed datasets to help map surface geology and provide better context for soil geochemical anomalies.

At the 100 per cent-owned West Arunta zinc project in the Amadeus Basin, Cassini has been targeting sedimentary zinc targets since 2014.

These targets have been developed over time through airborne electromagnetic, soil geochemistry, aeromagnetic and gravity surveys and a 10-hole RC drill program was carried out in 2018.

Logistics meant results of this drilling were delayed, however, a preliminary analysis of results has now been completed showing anomalous values of zinc, lead, copper and silver were intersected in several holes with a best result of:

WAC0022
5m at 0.15 per cent zinc and 2g/t silver from 97m.

Cassini was still working its way through these results at the time of writing but indicated that one it has completed a full analysis it will then consider its approach to further exploration at the project.

 

Email: admin@cassiniresources.com.au
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Directors: Mike Young, Richard Bevan, Greg Miles, Jon Hronsky, Phil Warren

 

Oz Minerals Meets West Musgrave Earn-In Requriements

THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) announced that its Joint Venture partner in the West Musgrave Project (WMP), OZ Minerals (ASX: OZL) has satisfied its 70 per cent earn-in requirements.

Cassini Resources explained that under the Earn-in/Joint Venture agreement, OZ Minerals has satisfied the 70 per cent (Stage 2) earn-in milestone by contributing a total of $36 million towards the Nebo-Babel Pre-Feasibility Study (PFS) and regional exploration.

OZ Minerals’ affection for the project is demonstrated by it achieving the earn-in milestone 14 months earlier than required under the agreement.

“OZ Minerals has now notified, and Cassini are satisfied, that this expenditure commitment has been met,” Cassini Resources said.

The PFS for Nebo-Babel remains on track and is scheduled for completion by OZ Minerals late Q2/early Q3 2019, after which OZ Minerals will continue to sole fund the Nebo-Babel Studies until a Definitive Feasibility Study and decision to mine is delivered.

In respect of any amount funded by OZ Minerals in excess of $36 million, Cassini will be loan-carried for its 30 per cent contribution, with principal and capitalised interest to be repaid five years after the commencement of production at the WMP.

On the back of the Cassini announcement, OZ Minerals relayed that following the 2018 infill drilling program undertaken to increase Resource confidence it was able to release an updated Mineral Resource estimate for the Nebo-Babel deposits at the WMP.

OZ Minerals said that the JV’s confidence in the Resource has increased through conversion from the lower, inferred category to the higher, indicated category.

Inferred Resource conversion has resulted in a 26 per cent increase in Indicated Resources to 141 million tonnes.

Indicated Resources now comprise 59 per cent of the total Nebo-Babel Resource.

The 2018 drilling increased the amount of Indicated Mineral Resources at Babel from 73.9 million tonnes in 2017 to 108 million tonnes in 2019.

Indicated Resources at Nebo have remained relatively unchanged from 2017 to 2019, however strategic drilling, including two areas of close spaced drilling, have increased geological understanding of the deposit.

Drilling is continuing at both Nebo and Babel, including resource infill and resource extension.

Drilling of other targets in the area including Succoth and One Tree Hill are part of a separate exploration drilling program being conducted and managed by Cassini under the JV arrangements.

“This is another positive step towards realising the considerable potential of the Musgrave Province,” OZ Minerals chief commercial officer Mark Irwin said.

“Infill and extension drilling is continuing for the Nebo-Babel deposits and the uplift in resource confidence resulting from the 2018 drilling program will feed into our ongoing mine design optimisation.

“Our confidence in the project continues to build and we remain focused on our goal of maximising project value.”

 

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info@ozminerals.com

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www.ozminerals.com

 

OZ Minerals Completes West Musgrave 70% Earn-in

THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) announced that its Joint Venture partner in the West Musgrave Project (WMP), OZ Minerals (ASX: OZL) has satisfied its 70 per cent earn-in requirements.

Cassini Resources explained that under the Earn-in/Joint Venture agreement, OZ Minerals has satisfied the 70 per cent (Stage 2) earn-in milestone by contributing a total of $36 million towards the Nebo-Babel Pre-Feasibility Study (PFS) and regional exploration.

OZ Minerals’ affection for the project is demonstrated by it achieving the earn-in milestone 14 months earlier than required under the agreement.

“OZ Minerals has now notified, and Cassini are satisfied, that this expenditure commitment has been met,” Cassini Resources said in its ASX announcement.

The PFS for Nebo-Babel remains on track and is scheduled for completion by OZ Minerals late Q2/early Q3 2019, after which OZ Minerals will continue to sole fund the Nebo-Babel Studies until a Definitive Feasibility Study and decision to mine is delivered.

In respect of any amount funded by OZ Minerals in excess of $36 million, Cassini will be loan-carried for its 30 per cent contribution, with principal and capitalised interest to be repaid five years after the commencement of production at the WMP.

 

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Cassini Resources Welcomes New Investor with $7M Placement

THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) received further support for the company’s West Musgrave project (WMP) from a $7 million placement to institutional, sophisticated and strategic investors.

Cassini Resources said the funds from the placement will be used for working capital throughout the feasibility study stages of the WMP and to progress its exploration stage projects (Yarawindah Brook and Mt Squires) in Western Australia.

The WMP studies are funded by Earnin/JV partner OZ Minerals (ASX: OZL), with OZ sole funding activities at the WMP until the delivery of a Definitive Feasibility Study and decision to mine.

A key cornerstone investor in the placement was Tinci (HK) Limited, a 100 per cent subsidiary of Guangzhou Tinci Materials Technology Co. Ltd, a leading manufacturer and marketer for lithium-ion battery materials.

Tinci Materials was a pioneer electrolyte manufacturer in China for lithium-ion batteries and has established business collaborations with first class international customers.

Tinci Materials is currently conducting a feasibility study on the production of nickel sulphate from nickel sulphide concentrate for the battery industry.

“We are delighted to welcome Tinci (HK) onto our register and look forward to exploring various opportunities between Tinci (HK) and Cassini Resources,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“This includes discussions with Tinci regarding potential project off-take funding which will be evaluated alongside our other funding options to realise value for shareholders.

“This investment from Tinci (HK) is further recognition of the size, scale and quality of Cassini’s West Musgrave project and the development and operating reputation of our JV partner, OZ Minerals.”

Cassini said the placement was further supported by existing major shareholders who have a history of project development, off-take and financing of battery minerals assets.

 

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Cassini Resources Progressing Wide-Ranging Portfolio

THE INSIDE STORY: Base and precious metals developer and explorer Cassini Resources (ASX: CZI) has a project portfolio boasting an advanced Joint Venture with a major partner and its own prospective exploration plays.

Cassini Resources’ main project is the West Musgrave Joint Venture with OZ Minerals (ASX: OZL) where the JV is working together to develop the West Musgrave nickel-copper project (WMP) in Western Australia.

The latest activities at the WMP have advanced the Nebo-Babel Pre-Feasibility Study (PFS) where OZ Minerals recently progressed through the Stage 1 Earn-in requirement by contributing $22 million to acquire a 51 per cent interest in the project.

The PFS is on-track for completion in the second quarter of 2019.

The PFS resource infill drill program was completed late last year comprising approximately 40,000m of RC drilling.

Cassini anticipates the results will improve resource confidence and allow a maiden Ore Reserve estimate being published to coincide with completion of the PFS.

A further 4,000m of RC drilling was completed as part of an additional 23,000m drilling brought forward from the planned Stage 2 Feasibility Study program.

Resource definition drilling is due to re-commence during the March Quarter 2019 and in the meantime a new resource model for Nebo-Babel is being progressed utilising the new infill assay and geological data.

The WMP is the largest undeveloped nickel-copper project in Australia in a new mining camp with three existing nickel and copper sulphide deposits and several other significant regional exploration targets already identified that currently has over one million tonnes of contained nickel and two million tonnes of contained copper in Resource.

The recent PFS work included continued metallurgical testing, focusing on a variability program as well as flowsheet improvement opportunities.

Other work involved process plant and infrastructure engineering and market testing of power solutions.

The objectives of the metallurgy program are to improve concentrate recovery and grades across a representative range of nickel and copper ore-types to be mined from the WMP, particularly focussing on lower grades close to the economic cut-off grade.

Elsewhere on the WMP, 15 kilometres south of Nebo-Babel the JV partners made further progress on the One Tree Hill prospect, an early stage exploration target that was identified as part of a regional exploration strategy.

Although activity at One Tree Hill is relatively new, the prospect has already demonstrated potential to host ore-grade mineralisation with the extent of anomalous copper and PGE mineralisation indicating the possibility of it emerging as a very large mineralised system.

Drilling has encountered extensive and, compared to the rest of the WMP, unusually strong platinum and palladium anomalism throughout the host sequence that the JV has interpreted to possibly represent the halo to a much larger ore-system.

Two recent diamond drill holes targeting moving loop electromagnetic (MLEM) anomalies and extensions to mineralisation encountered by previous drilling (CZD0017) returned:

CZD0083A
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.

The 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.

The results are generally consistent with earlier results that intersected a massive sulphide zone within a broader disseminated zone.

A second diamond drill hole, CZD0087A, sited approximately 100m south of CZD0017, missed the target intrusion because of an apparent fault offset, but did, however, intersect a 40m zone of PGE anomalism towards the bottom of hole, possibly representing the halo of magmatic mineralisation

A down hole electromagnetic survey (DHEM) identified a large off-hole conductor consistent with copper sulphide conductivity that may represent the extension of mineralisation observed in CZD0017, but on a much larger scale.

The JV has identified this new DHEM conductor as a priority target for drill testing when exploration operations resume in 2019.

“The West Musgrave Joint Venture has had several recent successes with new discoveries at Nebo, Babel and Yappsu,” Cassini Resources managing director Richard Bevan told The Resources Roadhouse.

“The Pre-Feasibility Study is well on track and we look at being able to provide further updates on this shortly.

“We are also awaiting drilling results from a program we completed at our 100 per cent-owned West Arunta zinc project, which we think could become a new zinc province in one of the last mineral frontiers in Australia.”

Cassini’s drilling at the West Arunta project followed on from an Airborne Electromagnetic (AEM) survey that delivered a new geological interpretation to assist targeting for the drill program.

The AEM survey mapped stratigraphic horizons within the sedimentary basin and the ‘Dione Horizon’, which the company considers to be a discrete stratigraphic unit that is sulphide or graphite-rich, and perhaps locally mineralised, that sits within the broader Bitter Springs Formation.

These types of horizons are generally favourable targets for base metal mineralisation.

With the addition of the AEM data, the conceptual targets Cassini has previously identified at Mimas and Janus are supported by several anomalous features drawn from independent datasets making them the highest priority targets for the drill program.

The Mimas prospect is a discrete AEM anomaly and the most conductive along the Dione Horizon implying an anomalous local process.

It has given up the strongest magnetic response in the basin coincident with the AEM anomaly and is situated in a favourable position in the axis of the Dione Horizon.

The Janus prospect sits at the peak of a residual gravity anomaly that appears to be structurally controlled, potentially representing a dense sulphide body.

A discrete, isolated AEM anomaly, coincident with a small geochemical anomaly, Janus is within a structurally favourable position of the type often associated with sedimentary mineralisation.

Although the drilling was conducted last year, a laboratory backlog has prevented Cassini from completing evaluation and interpretation of results and geological data, however, results will be released when complete.

On the corporate front Cassini has entered an option agreement to acquire 80 per cent of the Yarawindah Brook project, located 130km northeast of Perth, near the township of New Norcia.

The project has had only limited nickel, copper and cobalt exploration despite a favourable regional setting, prospective geology and near-surface occurrences of nickel and copper.

Historic exploration focussed on a PGE resource, which Cassini views as a ‘path-finder’ anomaly for massive nickel-copper-cobalt sulphides.

Drilling in 2007 targeting surface EM anomalies, returned encouraging results, yet no further follow-up drilling was conducted.

Cassini is seeking an access agreement with local landholders and environmental approvals in preparation for drill testing two electromagnetic anomalies.

Any explorer worth its salt seeks gold at some stage and Cassini is doing so at the 100 per cent-owned Mount Squires project, adjacent to the WMP.

Cassini has been developing the project over the past two years through consolidation of tenements with several prospective gold targets, which includes a range of conceptual to advanced prospects.

Having completed drilling at West Arunta, Cassini has now turned its attention to accelerating exploration at Mount Squires where gold prospects are already defined, and further work is hoped to enhance some of these targets prior to drill testing.

Targeting work is expected to continue through the March Quarter in preparation for drill testing during the upcoming field season.

 

Cassini Resources Limited (ASX: CZI)
…The Short Story

HEAD OFFICE
16 Ord St Street
West Perth WA 6005

Phone: +61 8 6164 8900

Email: admin@cassiniresources.com.au
Web: www.cassiniresources.com.au

DIRECTORS
Mike Young, Richard Bevan, Dr Jon Hronsky, Phil Warren, Greg Miles

 

Cassini Resources Confirms Potential of Succoth Deposit

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced results from recent drilling at the Succoth deposit, situated within the West Musgrave Project in Western Australia.

Cassini Resources is developing the WMP with its Joint Venture partner OZ Minerals.

The JV partners are currently undertaking a Prefeasibility Study (PFS) on the project’s Nebo-Babel deposits as well as a regional exploration program.

The Succoth deposit is a large, Inferred copper resource of 156 million tonnes at 0.6 per cent copper, located only 13km northeast of Nebo the JV believes could benefit to the project by providing additional mineralisation to a future mining operation at Nebo-Babel.

Cassini reported the recent results have confirmed thick zones of copper mineralisation that support a favourable, folded mineralisation geometry, with significant implications for future resource updates and mining evaluation.

Drilling has also provided further evidence of a proximal source of nickel sulphide mineralisation.

Three diamond drill holes were completed in late 2018, infilling a strategic section critical to resolving the folded stratigraphy model hypothesis.

Results from the program included:

CZD0096
76.3 metres at 0.71 per cent copper and 0.17g/t platinum group elements (PGE) from 46.7m;

CZD0097
92.55m at 0.75 per cent copper and 0.19g/t PGE from 271.45m;

Cassini highlighted an intersection encountered within CZD0097 of 0.25m of re-mobilised massive sulphide within a dolerite dyke grading 3.17 per cent nickel, 1.41 per cent copper and 0.22 per cent cobalt; and

CZD0098
141.3m at 0.5 per cent copper and 0.11g/t PGE from 431.5m.

“The importance of these results goes well beyond the assays themselves,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.

“They support a favourable geological interpretation that has significant potential benefit for the scale of the resource at Succoth, its amenability to open pit mining and our goal of building a multi-decade mining operation in the West Musgrave.

“The perseverance of our geological team is successfully unlocking the potential of Succoth and we look forward to further drilling success in 2019.”

The JV considers the Succoth deposit presents future optionality on copper with likely low capital intensity development costs that may support a multi-decade project in the region.

Cassini indicated a second infill section requiring approximately 2,000m of drilling will be undertaken to confirm a folded geological interpretation that has been identified that extends along strike.

Site works have already been completed and drilling will commence early in the 2019 field program.

 

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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.

 

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