Exploration

The Succoth Project is a globally significant greenfield copper project, located just 13km north-east of Nebo-Babel. Cassini believes there is significant opportunity for Succoth to be developed in conjunction with Nebo-Babel, considerably enhancing the economic returns of the West Musgrave project via shared processing and mine infrastructure. 

Succoth is a shallow-lying ore body with copper and PGE mineralisation situated just 30m below surface. Combined with multiple, wide mineralised zones, the deposit is amenable to bulk-tonnage open pit mining. 

Drilling conducted in 2015 confirms continuity of mineralisation over a 3km strike.  Diamond hole CZD0007 targeted a large electromagnetic (EM) conductor and demonstrated continuous mineralisation down-plunge over 1,300m remaining open in this direction.

 Cassini drilling highlights:

 ·      148m @ 0.94% Cu , 0.09% Ni and 0.24g/t PGE from 30m; 
      Including 42m @ 1.38%  Cu, 0.13% Ni and 0.32g/t PGE from 102m 

·       118m @ 0.66% Cu from 32m (CZC0132)

·       9.6m @ 0.73% Cu from ~556m (CZD0007)

Cassini engaged Independent resource consultants CSA Global Pty Ltd (CSA Global) to provide a Mineral Resource estimate (MRE) for the Succoth deposit. The estimate incorporating results of historical drilling and data from the Company’s 2014 and 2015 field programs, together with extensive geological interpretation after re-logging more than 16,000 metres of diamond core drilled by previous owners BHP Billiton.

The Succoth maiden Inferred Mineral Resource totals 156Mt @ 0.60% Cu at a 0.3% Cu cut-off grade (Table 1). The Mineral Resource estimate has been completed in accordance with the guidelines of the JORC Code (2012 edition).

Table 1: Succoth Deposit Inferred Mineral Resource (0.3% Cu cut-off) – December 2015

CLASSIFICATION

Tonnes
(Mt)

Cu
(%)

Cu Metal
(t)

Pt
(ppm)

Pd
(ppm)

Oxide

5

0.59

31,000

0.04

0.11

Fresh

151

0.60

912,000

0.04

0.11

Total

156

0.60

943,000

0.04

0.11

 

 

The Company will now evaluate development options for Succoth, including integration with Nebo-Babel in a co-development scenario or a sequential development to extend the overall project mine life. Both scenarios provide Succoth with the significant development advantage of lowering the capital intensity required by utilising existing infrastructure.

There are several exploration targets that exist within close proximity to Succoth that have the potential to increase the size of the Succoth resource. The Company is confident that any additional exploration drilling will provide the potential for an expansion of the existing Succoth resource.