Cassini Resources Reported Encouraging Early Results from Drilling at the Yarawindah Project

Perth-based base and precious metals developer, Cassini Resources Limited (ASX: CZI) has announced encouraging early results from drilling at the Yarawindah Brook Project in which the company has an 80 percent beneficial interest.

The project prospective for nickel, copper, cobalt and PGE’s is on agricultural land near the township of New Norcia in Western Australia. Further, this project represents a maficultramafic intrusive complex, located at a major regional-scale structural intersection of the Darling Fault and the Meckering structural zone.

Kalgoorlie-based prospector, Mr Scott Wilson, holds a 20 percent interest in the Project.

Cassini Resources is currently performing the first-ever drilling (diamond drilling program) at the Project targeting multiple electromagnetic conductors identified following an airborne and ground electromagnetic surveys in 2018.

Drilling Results from first-ever drilling

The first two drill holes intersected over 50m thick sequences of metagabbro’s containing trace to minor pentlandite and chalcopyrite.

Drilling has targeted the XC05 Conductor, which is renamed to “Brassica Prospect” located approximately 4km to the southwest of the main Yarawindah Prospect.

The XC05 Conductor has been modelled as three distinct electromagnetic conductors extending over a strike length of 300m, with modelled plate conductance of up to 2,400S, consistent with sulphide accumulations.

Notably, the Brassica Prospect has never been previously drilled.

Assay results which include promising intercepts of 1.1m @ 0.50% Ni, 0.10% Cu & 0.08% Co from 92.9m in YAD0002 and 0.7m @ 0.09% Ni, 1.46% Cu & 0.02% Co from 71.4m in YAD0001 are confirming multiple, separate mineralised intrusions within the Project. The metagabbro’s are strongly anomalous in Ni and Cu (around 500ppm) throughout.

The mineralisation identified so far may not be economic, but the company is of the view that these results are very encouraging for a completely new target area at a very early stage of exploration. The results so far have demonstrated the Project’s potential to host multiple magmatic nickel and copper deposits.

Forward Plan

  • Following the Christmas-New Year break, the company has re-commenced drilling at Yarawindah project.
  • The drilling of the third hole at Brassica is currently underway. Consequent to its completion, the rig will move to the main Yarawindah Prospect to drill the AN01 & AN02 conductors which are believed to be extensions to previously identified mineralisation such as 7m @ 1.30% Ni and 0.22% Cu (copper) in YWRC0083.
  • The company has planned a further six holes, subject to visual results. All holes will be surveyed by Downhole Electromagnetics (DHEM) to assist in further targeting. The sequence of drilling has been timed to accommodate crop harvest at each of the targets.
  • The Pre-Feasibility Study on the Nebo-Babel Deposits remains on track for completion in Q1 2020.

Update on West Musgrave Project

While the company is busy with the exploration at Yarawindah Brook Project, it continues to perform drilling at its flagship West Musgrave Project which is believed to be the largest undeveloped nickel - copper project in Australia.

Last month, the company announced the results from recent drilling The exploration program was funded as part of the Joint Venture Agreement with OZ Minerals Limited (ASX: OZL) at the Succoth Deposit and One Tree Hill Prospect, both part of West Musgrave Project. Major highlights include:

One Tree Hill

  • Significantly improved geological and structural interpretation following high resolution aeromagnetics and step out drilling.
  • Priority target zone defined in interpreted fold-hinge.

Succoth

  • Infill drilling supports new geological interpretation more favourable for open-pit mining.
  • Evaluation of potential mineralisation extensions continuing.

It is to be noted that Cassini Resources has reported encouraging findings at both its project, demonstrating the strength of its current portfolio of project. Cassini is also progressing its Mt Squires Gold Project (100%).

By the close of trading session on 14 January 2020, the stock was trading at a price of $0.087.


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