Cazaly preparing to embark on focused gold drilling campaign

By Trevor Hoey. Published at Jun 8, 2017, in Small Caps

Diversified gold and base metals explorer, Cazaly Resources Limited (ASX:CAZ) announced on Thursday that it had commenced preparatory work at the company’s Mount Venn Project ahead of planned drilling and geophysical programmes.

The Mount Venn project is located approximately 125 kilometres north-east of Laverton and just 40 kilometres west of Gold Road Resources Ltd’s (ASX:GOR) Gruyere gold deposit (148 million tonnes @ 1.30 g/t Au for 6.16M ounces), placing it in a highly prospective region of the Eastern Goldfields in Western Australia.

The belt is associated with the regionally significant Yamarna Shear Zone complex and has many similarities with the Dorothy Hills greenstone belt which hosts Gruyere.

CAZ conducted its maiden drilling campaign at Mount Venn earlier this year following the completion of access agreements and the subsequent granting of licences. Drilling focused on two prospects at Three Bears and Rutters, largely aimed at targeting anomalous gold and pathfinder geochemistry in association with favourable lithologies and structural positions defined from geophysics and previous mapping.

It is worth noting that little to no historic drilling had previously been conducted in these areas. The fact that the programme proved to be highly successful in defining a major gold mineralised structure at Three Bears and outlined widespread zinc anomalism at Rutters suggests there could be more promising news flow as the upcoming drilling program unfolds.

Of course it is early stages and investors should seek professional financial advice if considering this stock for their portfolio.

Three Bears characterised by wide mineralisation and solid first pass grades

Results from the company’s drilling confirmed the presence of a very substantial gold mineralised structure with intercepts including 12 metres grading 1.19 g/t Au, 40 metres grading 0.36 g/t Au and 36 metres grading 0.47 g/t Au.

Management highlighted that mineralisation occurs within a wide structure dipping shallowly to the east and discordant to a steeply dipping package of felsic volcanics.

Given the region has not previously been systematically explored for gold, these features and the confirmation of a large gold bearing structure, greatly enhance the prospectivity of Three Bears.

Follow up work includes RC drilling below the RAB/Aircore intercepts and further extending drilling along the structures to the north.

Extensive zinc mineralisation augurs well for Rutters prospect

The initial drilling program at Rutters targeted a coincident auger geochemistry and zinc-gold anomaly situated approximately 6 kilometres south of the Three Bears prospect. Widespread and thick anomalous zinc mineralisation within weathered felsic volcanics was identified.

Previous shallow drilling at Rutters identified intercepts of 39 metres grading 0.23% zinc, 40 metres grading 0.12% zinc and 13 metres grading 0.25% zinc.

From a geological perspective, the presence of extensive zinc mineralisation, with coincident elevated levels of gold, arsenic, silver, copper and lead, occurring within a felsic volcanic pile indicates the potential for primary VMS (Volcanic Massive Sulphide) mineralisation at depth.

Management also highlighted the fact that the presence of pervasive pyrite alteration, typically proximal to such mineralisation, and a coincident electro-magnetic anomaly provided further encouragement regarding the prospect of identifying base metal mineralisation.

RAB/Aircore drilling is planned over new targets defined in this central region of the project, targeting historic anomalous geochemistry and associated major structures. The RAB/Aircore drilling and the IP survey will commence within the next two weeks with RC drilling to commence once the target definition work at Rutters has been completed.

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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.

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