THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced final results of recent RC drilling and future work plans at the company’s 100 per cent-owned Mount Squires project in the West Musgrave Province of Western Australia.
Cassini Resources acknowledged the project is at an early stage, but said it is proving to be highly prospective for gold and base metals.
The project is located adjacent to the western border of the company’s West Musgrave JV project with OZ Minerals (ASX: OZL).
All assay results from the RC drilling program at the Handpump prospect, comprising 10 holes for 1,134m, have now been received.
The best results came from holes previously released including:
20 metres at 1.27 grams per tonne gold, including 7m at 2.54g/t gold from 23m;
27m at 1g/t gold from 31m, including 3m at 2.59g/t gold from 38m; and
19m at 0.68g/t gold, including 6m at 1.26g/t gold from 38m.
Cassini explained the remaining four holes (MSC0007-0010) returned lower grade results, but identified additional mineralised breccia halos (>0.1g/t gold), which the company has interpreted to suggest mineralisation remains open.
A recently completed high-resolution aeromagnetic survey has assisted in the company’s geological interpretation of Handpump as well as the surrounding region.
Cassini has refined the target areas along the prospective trend.
Only three RC holes have been drilled outside the immediate Handpump prospect area to test for additional mineralised bodies and therefore the prospective trend is largely unexplored.
Cassini has permitting to clear these targets with a reconnaissance-style drill program underway.
“We’re delighted with the results from our maiden drill program at Mount Squires,” Cassini Resources managing director Richard Bevan said in the company’s announcement to the Australian Securities Exchange.
“The program, in tandem with our new aeromagnetic data, has demonstrated economic gold prospectivity, improved our geological understanding and generated new targets for future work programs.
“More broadly, it’s highlighted the potential strategic value of a new greenfield, belt-scale project in a new gold frontier.
“Mt Squires is the most advanced gold project in the Musgrave Province, with the nearest gold mine, Gruyere, being over 400 kilometres away, itself a fairly recent ‘new frontier’ discovery.
“New frontiers are where some of the most recent and significant gold discoveries have been made in Australia.
“We see Mount Squires as a natural fit with activities at our West Musgrave project.
“Strategically, we believe gold is a good complement to our base metal assets.
“Our extensive geological knowledge, operational capability and established community relationships provide us with a significant competitive advantage in the region.
Cassini indicated it intends to continue activities at the Mount Squires project until around the end of November, after which it will turn its attention to the Yarawindah Brook nickel-copper project, where a number of new EM conductors are ready to be drilled.
The company also anticipates the delivery of the Nebo-Babel Pre-Feasibility Study in early 2020.
“Whilst the West Musgrave project continues to be our primary focus and long-term value-driver, our exploration strategy at Mount Squires and Yarawindah Brook is geared to provide opportunities for additional new discoveries in the near term,” Bevan continued.
“Our goal is to add value and be exposed to these opportunities through relatively inexpensive exploration programs, that do not compromise our funding capacity during the ongoing study phase of the West Musgrave project.
“With prices near all-time highs, it’s also a great time to exploring for gold.”