Caeneus Minerals commences drilling at Pardoo project
A total of ten reverse circulation (RC) drillholes are planned with a view to testing the priority 1 targets for a total of approximately 1600 metres. This drilling should be completed by early November with results to be announced as they become available.
The Pardoo Project is already known to host the Highway deposit containing 50 million tonnes grading 0.3 per cent nickel, 0.13 per cent copper and 0.03 per cent cobalt. Geophysical data has indicated the probable presence of a large mafic-ultramafic intrusive complex with potential for higher grade nickel-copper mineralisation.
However this is still an early stage play for CAD and investors should seek professional financial advice if considering this stock for their portfolio.
As indicated below, the proposed intrusive complex is situated in a similar structural setting, adjacent to a major, regional shear zone, as other significant nickel copper occurrences such as Radio Hill and Sherlock Bay.
Although originally acquired as a nickel property, research has determined that the Pardoo Project also hosts considerable potential for economic gold mineralisation. A drillhole completed by the previous joint venture partner Mithril Resources beneath the Highway nickel-copper deposit intersected gold grading 5.18 grams per tonne over 1.5 metres.
This mineralisation remains open along strike and at depth. In addition, the major shear zone that traverses the property is a continuation of the Tabba Tabba shear zone which is known to host a number of significant gold deposits to the south-west.
The Highway nickel-copper deposit and the Supply Well zinc-nickel deposit which delivered drill intercepts of 1.9 per cent nickel and 17 per cent zinc respectively both illustrate that hydrothermal processes have been active in the project area, and management noted that gold mineralisation is usually the result of hydrothermal processes.
Due to the sediment cover of the Canning Basin, the area has not previously been prospected or explored for gold mineralisation. Consequently, CAD remains confident that the current drilling program has an excellent chance of intersecting significant mineralisation, either nickel-copper, base metals or gold.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.