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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.

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

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.

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

Cassini Resources – OZ Minerals JV Hits Best Nebo Intersection

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) provided an update of Resource Infill Drilling activity at the company’s West Musgrave copper-nickel project Joint Venture with OZ Minerals (ASX: OZL) in Western Australia.

Cassini Resources and OZ Minerals are conducting the drilling as part of the West Musgrave Pre-Feasibility Study (PFS) where OZ Minerals has recently progressed through the Stage 1 Earn-in requirement of contributing $22 million to acquire a 51 per cent interest in the project.

The current activities involve three reverse circulation (RC) drill rigs that are approximately 75 per cent through a 40,000 metre program, the aim of which is to improve resource confidence and allow a maiden Reserve estimate to be published with the PFS results.

Results from drilling at Nebo have returned the best nickel intersection encountered to date at the project of:

CZC0285
58 metres at 1.3 per cent nickel, 0.61 per cent copper, 0.05 pwer cent cobalt and 0.23 grams per tonne PGE from 67m, including 23m at 2.91 per cent, 1.13 per cent copper, 0.09 per cent cobalt and 0.47g/t PGE from 88m.

Cassini declared the resource extension drilling program had been successful in targeting high-grade extensions of mineralisation on the peripheries of the current resources which may have a material impact on the development strategy.

The company reported early success in July this year from this program at the H-T Lode within the Babel deposit recording an intercept of:

CZD0077
25.6m at 0.63 per cent nickel, 1.04 per cent copper, 0.03 per cent cobalt and 0.23g/t PGE from 317.3m.

“The results to date demonstrate the robustness of the resource and the potential for further discovery,” Cassini Resources said in its ASX announcement.

“An updated Mineral Resource estimate for Nebo and Babel is due in Q1 2019.

“Following completion of the current infill drilling program, estimated to be by the end of October, a further 23,000 metres will be brought forward from the planned Stage 2 Feasibility Study (FS) program and commenced immediately.

“This will reduce the risk of FS schedule slippage while also maximising operational and logistical efficiencies through the remainder of the 2018 field season.”

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

Cassini Resources Supports Exploration Aspirations

THE INSIDE STORY: Cassini Resources (ASX: CZI) strengthened its ‘explorer in its own right’ credentials with drilling results from the company’s wholly-owned West Arunta zinc project in northern Western Australia.

The drilling is separate to Cassini’s West Musgrave Project (WMP), the largest undeveloped nickel – copper project in Australia, that is being developed under a three-stage $36 million Farm-in/Joint Venture Agreement with OZ Minerals (ASX: OZL).

The WMP Joint Venture provides a clear pathway to a decision to mine and potential cash flow for Cassini.

Cassini Resources completed an Airborne Electromagnetic (AEM) survey, complementing gravity, magnetics and soil geochemistry datasets at West Arunta that provided a new geological interpretation to assist its targeting for the drill program.

The AEM survey enabled Cassini to map stratigraphic horizons within the sedimentary basin focussing on the ‘Dione Horizon’, which it interpreted to be a discrete stratigraphic unit of sulphide or graphiterich, and perhaps locally mineralised, that sits within the broader Bitter Springs Formation.

The company considers such horizons to be favourable targets for base metal mineralisation.

The new AEM data has verified existing conceptual targets of Mimas and Janus to be supported by several anomalous features drawn from independent datasets making them the highest priority targets for the current drill program.

The Mimas prospect is a discrete AEM anomaly and the most conductive along the Dione Horizon.

It has delivered the strongest magnetic response in the basin coincident with the AEM anomaly, possibly representing iron sulphide mineralisation, magnetite alteration or perhaps gossan formation over a sulphide orebody.

The data also highlighted the favourable position in the axis of the Dione Horizon of the Janus prospect.

Janus appeared as the peak of a residual gravity anomaly that is thought to be structurally controlled, potentially representing a dense sulphide body.

As a discrete, isolated AEM anomaly, coincident with a small geochemical anomaly, Cassini has identified Janus to be is a structurally favourable position of the type often associated with sedimentary mineralisation.

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

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

“Now we’ve commenced a drill program to look for a new zinc province in one of the last mineral frontiers in Australia.

“Our strategy is to provide our shareholders exposure to both short-term exploration success and the medium-term development of a nickel-copper-cobalt sulphide project, timed perfectly to capture rising battery metal demand.”

Leading up to the commencement of the latest round of drilling at the West Arunta project, Cassini had enjoyed a run of positive news emanating from a fleet of drill rigs turning at the WMP in Western Australia.

The work being carried out at the WMP is funded under the Earn-in/JV Agreement Cassini has with OZ Minerals.

The JV claimed a new discovery while conducting a program of resource extension drilling at the Nebo deposit within the WMP that was part of an ongoing Pre-feasibility Study (PFS) on the Nebo-Babel deposits as well as a regional exploration program.

The new high-grade lode position – known as the Angie Lode – was discovered by the PFS resource infill drilling, for which several holes had been designed to target potential high-grade extensions of mineralisation on the peripheries of the current Nebo resource.

Cassini has previously reported success in this program at the H-T Lode at Babel.

The more recent program also targeted positions on the eastern margins of the Nebo deposit with success enjoyed from the first round of drilling.

The most successful of these was been drill hole CZD0084, intersecting:

50.35 metres at 0.62 per cent nickel, 0.54 per cent copper, 0.02 per cent cobalt and 0.15g/t PGE from 170.85m, including a high-grade core of 5.6m at 2.68 per cent nickel, 2.09 per cent copper, 0.09 per cent cobalt and 0.33g/t PGE from 186.95m.

Elsewhere, recent drilling targeting the Yappsu prospect at the WMP encountered a substantial intersection of nickel and copper mineralisation.

Assays for diamond drill hole CZD0079 confirmed a broad zone of nickel and copper sulphide mineralisation.

The hole hit a narrow, disseminated zone of mineralisation returning 5.75 metres at 0.28 per cent nickel, 0.63 per cent copper, 0.01 per cent cobalt, 0.3g/t PGE and 0.15g/t gold from 545m.

An underlying broad disseminated zone of disseminated mineralisation was encountered of: 70.25m at 0.48 per cent nickel, 0.44 per cent copper, 0.02 per cent cobalt, 0.34g/t PGE and 0.08g/t gold from 555.05m.

This included a massive sulphide zone of 0.8m at 4.39 per cent nickel, 0.11 per cent copper, 0.13 per cent cobalt, 1.45g/t PGE and 0.02g/t gold from 555.75m.

Including the barren interval between the two main zones, the diluted intercept came in at 80.3m at 0.44 per cent nickel, 0.44 per cent copper, 0.02 per cent cobalt, 0.32g/t PGE and 0.09g/t gold, which is the thickest intercept of mineralisation the JV has drilled so far.

The JV has intersected thickness, grades and continuity of massive sulphide mineralisation in almost every hole at Yappsu drilled to date, which has been interpreted to indicate the overall potential for the system to host additional large accumulations of massive nickel sulphides.

The excitement surrounding the intercept in CZD0079 is understandable, as it complements earlier results.

Together the results confirmed Cassini’s belief that historical drilling failed to intersect the core of the mineralised system.

The Yappsu mineralisation has now been shown to continue over 250 metres down plunge and remains completely open at depth and untested by current Downhole Electromagnetic (DHEM) or surface Moving Loop Electromagnetic (MLEM) systems.

The analysis of these two holes has resulted in the development of a new interpretation of the host intrusion with geological modelling suggesting the Yappsu intrusion to be a slab-like body, striking east-west and plunging to the west.

The JV has interpreted the massive sulphide mineralisation intersected to date to be hosted within a bulge or flexure of the host intrusion, with the flexure and massive sulphide mineralisation striking in a north-westerly direction.

Cassini has reasoned the currently defined mineralisation probably only represents a small fraction of the entire magmatic system as both the up-plunge and down-plunge interpreted positions have not been tested by any previous drilling.

Cassini considers the JV’s revised interpretation presents two immediate targets for follow-up drilling, being:

The up-plunge position could represent a ‘pinch’ position, that could host an economic body of disseminated mineralisation, amenable to open-pit mining given the relatively shallow depth; and

The down-plunge position is where substantial massive sulphides could have accumulated and is the main priority for exploration.

Both targets represent opportunities for the WMP and have been declared priorities ahead of close-spaced drilling around the known mineralisation of CZD0076B and CZD0079.

Further drilling is underway at Yappsu to identify up-plunge and down-plunge extensions of the host intrusion where a minimum of three holes will be drilled with results expected in early Q4.

Two up-plunge holes will test for near surface mineralisation and to assist interpretation of the geological model while testing for near-surface mineralisation.

A single down-plunge hole will test the more likely mineralised position to provide a platform for DHEM surveying.

 

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

HEAD OFFICE
10 Richardson 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

 

OZ Minerals Moves to 51% Ownership at West Musgrave

THE BOURSE WHISPERER: Cassini Resources (ASX: CZI) declared OZ Minerals (ASX: OZL) to have reached 51 per cent ownership of the West Musgrave project (WMP) Joint Venture in Western Australia.

OZ Minerals (ASX: OZL) has completed the earn in of 51 per cent of the West Musgrave project following the necessary investment of $22 million.

Cassini Resources and OZ Minerals are currently conducting a Pre-Feasibility Study (PFS) of the West Musgrave copper nickel project, which has been focused to date on further drilling and improving metallurgical recoveries.

Cassini Resources managing director Richard Bevan said in the announcement to the Australian Securities Exchange. “With the West Musgrave project’s PFS being well on track, we look forward to continuing our strong relationship with OZ Minerals as the project progresses.”

OZ Minerals’ deal with Cassini is one of a number of exploration earn-in agreements the company has with explorers.

OZ Minerals approaches these deals by providing with exploration expertise in specific geologies and locations while earn-in partners access capital to undertake drilling programs.

OZ Minerals typically works with the earn-in partners to oversee projects while they manage on the ground activities.

The company considers the early study results achieved to date at the WMP encouraging in a number of areas, including resource extension drilling and metallurgy, with good progress made in heritage clearances and community engagement.

“Our confidence in the project’s potential has increased and supports reaching the 51 per cent earn-in level earlier than originally anticipated,” OZ Minerals CEO Andrew Cole said.

“Recent early metallurgical test work shows significant improvements over the results achieved during the Further Scoping Study with a material improvement in copper and nickel recoveries.

“On results to date, we have also seen an increase in copper concentrate grade while nickel concentrate grade remains in line with the Further Scoping Study.

“These encouraging, improvements together with results from our regional exploration drill program that intersected massive sulphides at Yappsu (located approximately six kilometres from the Nebo-Babel deposits which are the primary focus of the PFS), further support our view that West Musgrave has the potential to be an exciting new mineral province with near mine and district opportunities.

“The 2018 resource drilling program to date has also increased our confidence in the existing resource model and geological interpretation such that we now intend to bring forward the 2019 infill drilling program to commence later this year, so as to enhance the potential Feasibility Study schedule.”

 

Email: info@ozminerals.com

Website: www.ozminerals.com

 

Cassini Resources Claims New Near-Mine Discovery at Nebo

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced a new discovery at the company’s West Musgrave project (WMP) in Western Australia.

Cassini Resources said the discovery was made while conducting a program of resource extension drilling at the Nebo deposit within the WMP that is being funded as part of the Earn-in/JV Agreement the company has with OZ Minerals (ASX: OZL).

The JV partners are currently undertaking a Pre-feasibility Study (PFS) on the Nebo-Babel deposits as well as a regional exploration program.

The new high-grade lode position – to be known as that Angie Lode – was discovered by the PFS resource infill drilling, for which several holes had been designed to target potential high-grade extensions of mineralisation on the peripheries of the current Nebo resource.

Cassini has previously reported early success in this program at the H-T Lode at Babel.

The more recent program also targeted positions on the eastern margins of the Nebo deposit with success enjoyed from the first round of drilling.

The most successful of these was been drill hole CZD0084, intersecting:

50.35 metres at 0.62 per cent nickel, 0.54 per cent copper, 0.02 per cent cobalt and 0.15g/t PGE from 170.85m, including a high-grade core of 5.6m at 2.68 per cent nickel, 2.09 per cent copper, 0.09 per cent cobalt and 0.33g/t PGE from 186.95m.

In addition, drill hole CZD0082 returned:

58m at 0.32 per cent nickel, 0.37 per cent copper, 0.01 per cent cobalt and 0.12g/t PGE including 1.9m at 2.69 per cent nickel, 2.44 per cent copper, 0.07 per cent cobalt and 0.48g/t PGE from 202m, together with a broad zone of medium grade disseminated mineralisation.

Nearby holes CZD0080 and CZD0081 returned narrow, but high-grade intercepts of 0.15m at 1.47 per cent nickel, 0.06 per cent copper, 0.06 per cent cobalt and 0.11g/t PGE from 195.3m and 0.75m at 1.40 per cent nickel, 0.50 per cent copper, 0.05 per cent cobalt and 0.23g/t PGE from 263.75m respectively, representing potential strike continuity of at least 550m from CZD0084 through to CZD0081.

Cassini noted that historically there has been a lack of drilling carried out in the south-eastern and eastern margins of Nebo.

Because of this, the south-eastern area was targeted after detailed modelling of Downhole Electromagnetics (DHEM) from the 2017 drill program identified conductive plates that had not been adequately tested by drilling.

“Subsequent DHEM surveys have shown clusters of conductive plates surrounding CZD0082 as well as CZD0080 and CZD0081,” Cassini Resources said in its ASX announcement.

“There is no drilling between these zones and it remains a priority target for further extensional and infill drilling.

“Geological interpretation work on mineralisation controls on the Angie Lode are continuing.”

Cassini explained the high-grade Angie Lode results lie outside the current pit shell design, saying they can be reasonably expected to have a positive impact on future resource estimate and open pit mine optimisation updates.

Follow-up drilling will step 50m either side of CZD0082 testing the extensions of DHEM conductors along strike.

Further drilling is also planned to follow-up CZD084 once DHEM is completed on this hole.

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

Cassini Resources Announces Further Drill Success from Yappsu

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) reported further drilling results from the Yappsu prospect within the West Musgrave Project (WMP) in Western Australia.

Cassini Resources described the hit as the, “second significant intersection of nickel and copper mineralisation at the Yappsu prospect.

The current drilling is beibng funded as part of the Earn-in/JV Agreement Cassini has with OZ Minerals (ASX: OZL) where the JV Partners are currently undertaking a Pre-feasibility Study on the Nebo-Babel deposits as well as a regional exploration program.

Cassini reported that assay results for diamond drill hole CZD0079 confirmed a broad zone of nickel and copper sulphide mineralisation, including:

A narrow, disseminated zone of mineralisation returning 5.75 metres at 0.28 per cent nickel, 0.63 per cent copper, 0.01 per cent cobalt, 0.30 grams per tonne PGE and 0.15g/t gold from 545m;

An underlying broad disseminated zone of disseminated mineralisation of 70.25m at 0.48 per cent nickel, 0.44 per cent copper, 0.02 per cent cobalt, 0.34g/t PGE and 0.08g/t gold from 555.05m.

This includes a massive sulphide zone of 0.8m at 4.39 per cent nickel, 0.11 per cent copper, 0.13 per cent cobalt, 1.45g/t PGE and 0.02g/t gold from 555.75m.

Including the barren interval between the two main zones, the diluted intercept is 80.3m at 0.44 per cent nickel, 0.44 per cent copper, 0.02 per cent cobalt, 0.32g/t PGE and 0.09g/t gold, which is the thickest intercept of mineralisation the JV has drilled to date.

“The thickness, grades and continuity of massive sulphide mineralisation, which has been intersected in almost every hole at Yappsu drilled to date, indicates the overall potential for the system to host additional significant accumulations of massive nickel sulphides,” Cassini Resources said in its ASX announcement.

The intercept in CZD0079 complements an earlier result from CZD0076B, confirming the company’s belief that historical drill holes had not intersected the core of the mineralised system.

“Mineralisation has continuity over 250 metres down plunge and remains completely open at depth and untested by current Downhole Electromagnetic (DHEM) or surface Moving Loop Electromagnetic (MLEM) systems,” Cassini said.

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au

 

Cassini Resources Contributing to Exploration Advance

THE INSIDE STORY: According to the Australian Bureau of Statistics, there was a 4.9 per cent rise in Australia-wide total mineral exploration expenditure.

In monetary terms that equates to $23 million, resulting in a spend of $498.5 million in the March quarter 2018.

The largest contribution, up four per cent, came from Western Australia, which spent $11.5 million.

ABS’s current quarter estimate is 24.4 per cent higher than its March quarter 2017 estimate.

More money means more drilling, which is a good indication the junior exploration end of town is living up to its job description.

“The trend estimate for metres drilled rose 2.4 per cent in the March quarter 2018,” ABS said in a recent report.

“The current quarter estimate is 13.5 per cent higher than the March quarter 2017 estimate.

“The seasonally adjusted estimate for metres drilled rose 9.4 per cent in the March quarter 2018.”

Although it was a late comer to the battery metal party, nickel has consolidated a place as a potential major contributor to the development of electronic gadgetry.

In the March 2018 Resources and Energy Quarterly from the Office of the Chief Economist, it was noted that, “Nickel prices are expected to remain high during 2018, before easing off as growth in the production of stainless steel slows and supply of pig-iron nickel rises.

The Chief Economist reported that the rising prices resulted in nickel and cobalt exploration expenditure almost tripling year-on-year, to reach $48.9 million in the December 2017 quarter.

Most of this expenditure, once again, came from Western Australia.

 

Cassini Resources (ASX: CZI) is contributing to these figures by operating a fleet of drill rigs as it progresses its West Musgrave nickel-copper project (WMP) through Pre-Feasibility while commencing exploration on its suite of 100 per cent-owned base and precious metal prospects.

Cassini’s stated objective is to advance the WMP and identify additional high-grade mineralisation to supplement potential ore feed and there are five drill rigs spinning to complete a regional exploration program.

Of five rigs, two are focused on exploration. with the other two carrying out a resource drillout and the final rig is drilling water bores.

The program is funded as part of the Earn-in/JV Agreement Cassini has in place with leading resources company OZ Minerals (ASX: OZL).

OZ Minerals has demonstrated its affection for the WMP from the get go and recently committed to the next stage of the earn-in, under which it will spend $19 million to earn a 51 per cent interest.

OZ will eventually move to a 70 per cent interest in the project through total expenditure of $36 million over a staged 3½ year period, of which there is just over two years remaining.

Cassini remains free carried during the earn-in period, through to a decision to mine.

“OZ Minerals’ present and future commitment to the WMP actually addresses a couple of very important aspects of the entire project,” Cassini Resources managing director Richard Bevan told The Resources Roadhouse.

“It speaks to the amount of investment that OZ Minerals is making to be part of the WMP and the level of importance and priority they place on what they are doing.

“They are very positive about the project, obviously, and they are doing everything they can to progress it through this Study phase as quickly as possible.

“They are allocating a lot of resources, consisting of time, money and people to achieve that.”

The JV is keen to rapidly progress the WMP through the Pre-Feasibility Stage, with the drilling rigs collecting metallurgical samples, completing resource infill at Nebo-Babel, drilling water bores as well as the regional exploration.

“The regional exploration program is now underway at the Yappsu and One Tree Hill prospects,” Bevan explained.

“There is also exploration underway aiming to extend the current Resource at the project around Babel and Nebo that represent opportunities to add some high-grade mineralised extension to the existing Resource

“Our exploration strategy has been around identifying additional high-grade Resources that we can add into the mine plan.

“All of these prospects we are now targeting represent great opportunities to do that.”

Cassini has identified priority WMP targets with the potential for providing high-grade nickel and/or copper mineralisation.

The immediate priorities for the 2018 program will be to follow-up the One Tree Hill discovery made in 2017, the Yappsu prospect, and further drilling at the Succoth copper deposit.

One of the harder operational aspects many smaller exploration/development resources companies encounter is getting market observers to fully understand the depth and range of activity being undertaken across their respective projects.

Cassini is eager to address this situation.

“The WMP is continuing strongly,” Bevan said.

“We have more than 40 people on site and five drill rigs operating, so there is quite a significant amount of work being carried out at present around the Pre-Feasibility Study and regional exploration.

“There is a 40,000 metre in-fill drilling program underway to contribute to a Resource estimate as well as a five to six thousand metre metallurgical program that is expected to drive the next round of processing and recovery testing.

“Throw in the extra exploration activity on top of it and there is plenty happening.”

Cassini has commenced exploration on the company’s wholly-owned West Arunta project where drilling targets have been generated on the back of Airborne Electromagnetic (AEM) survey, the company had flown in March 2018. Drilling is expected to commence in late June.

The West Arunta is an early stage sedimentary zinc exploration project in northern WA.

Independent contractor NRG flew its helicopter supported Xcite system, over the extent of the prospective basin, for a total of over 1,000-line kilometres to improve its understanding beyond previous geological interpretation, which was limited to a magnetic survey that had been processed to its limits, broad-spaced soil geochemistry and the very sparse geological data gathered from outcrop and drilling in 2016.

The AEM survey mapped stratigraphic horizons within the sedimentary basin identifying the Dione Horizon, which has been interpreted as a possible discrete, sulphide or graphite-rich and perhaps locally mineralised stratigraphic unit within the broader Bitter Springs Formation.

These are the type of horizons that are usually favourable targets for base metal mineralisation.

Cassini now has four datasets to support the conceptual targets at the Janus and Mimas prospects.

At the time of writing a drill program, designed to test the Janus and Mimas prospects, consisting of approximately 2,000 metres is planned, paid in part by funding provided by the WA Government’s Exploration Incentive Scheme.

“It’s worth noting that the Dione Horizon is not uniformly conductive but rather, is more conductive close to the major northeast trending fault corridor that defines the basin margin in this area,” Bevan said.

“This is consistent with the conductivity relating to hydrothermal sulphides controlled by basin margin permeability.

“The 2016 drilling did not test the Dione Horizon, but instead focussed on the gossanous outcrops which now appear to have resulted by ‘down-dip’ lateral dispersion through the weathering profile.

“Including the AEM data means the conceptual targets at Mimas and Janus are now each supported by several anomalous features drawn from independent data sets and are clearly the highest priority targets for future drilling.”

 

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

HEAD OFFICE
10 Richardson 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 H-T Lode Potential

THE DRILL SERGEANT: Cassini Resources (ASX: CZI) announced further drilling success at the West Musgrave Project (WMP) Joint Venture with OZ Minerals (ASX: OZL) in Western Australia.

This time the announcement stemmed from extension drilling at the Babel deposit.

Cassini Resources explained diamond drillhole CZD0077 is the first hole to test a strong Moving Loop Electromagnetic (MLEM) and coincident Down Hole Electromagnetic (DHEM) conductor representing an extension to the Babel Deposit.

The hole intersected:
25.6 metres at 0.63 per cent nickel, 1.04 per cent copper, 0.03 per cent cobalt, 0.23 grams per tonne platinum group elements (PGE) and 0.11g/t gold from 317.3m, hosted with a 34m zone of gabbronorite.

This hole is consistent with the nearest drill hole, WMN4049, that returned an earlier intercept of:
25.1m at 0.94 per cent nickel and 0.94 per cent copper, 0.03 per cent cobalt, 0.28g/t PGE and 0.11g/t gold from 311.6m.

This mineralised zone known as the H-T Lode, which the JV has interpreted to appear as the faulted extension of the Startmeup Shoot and demonstrates a similar style of mineralisation, grade and geometry.

Cassini said the H-T Lode is now considered as an important target as an extension to the proposed Babel open pit design either by cutback or through underground mining.

“The JV Partners are encouraged with this early success to the resource extension program which demonstrates the potential up-side to the existing Nebo-Babel resource,” Cassini Resources said in its ASX announcement.

“The diamond rig is currently drilling other extension and infill targets at Nebo and Babel.

“A follow-up hole will be drilled to test mineralisation along strike to the west, which is currently open, following completion of DHEM and geological interpretation.

“A second diamond rig has recently started drilling at the One Tree Hill prospect following the company’s systematic plan for regional exploration throughout 2018.”

 

Email: admin@cassiniresources.com.au

Website: www.cassiniresources.com.au