Cassini Resources 100% owned Mount Squires Project hosts a number of prospective gold targets, which includes a range of conceptual to advanced prospects. The Company has been developing the Project since early 2015 through the consolidation of tenements forming a prospective gold frontier.
The Mount Squires Project is located adjacent to the western border of the Company’s West Musgrave JV Project with OZ Minerals Ltd. Geological interpretation has benefited from Cassini’s growing knowledge base at the adjacent West Musgrave Project through identification of structures controlling mineralisation in the Mount Squires Project. This has highlighted a structural corridor striking over 50km.
Gold prospectivity was first identified at Mount Squires by Western Mining Corporation (WMC) during geochemical surveying in the late 1990’s. WMC’s primary target was nickel and copper sulphide mineralisation, which returned poor results, however several gold anomalies were identified but were never followed-up and the tenements were later surrendered.
Later exploration by Beadell Resources Ltd in the mid 2000’s identified a number of gold prospects with further soil geochemistry, rock chip sampling and mapping. Drilling of these anomalies mineralisation at the Handpump Prospect with significant intercepts of 43m @ 1.18g/t from 14m including 9m @ 3.25g/t from 34m (re-cut using a 0.5g/t lower cut-off). Mineralisation is described as being hosted in rhyolite breccias and having epithermal style characteristics.
Beadell’s exploration after the initial discovery was limited due to a change in corporate strategy and the project was later surrendered.
Anglo American PLC has also explored the region, primarily for nickel and copper sulphide mineralisation, but their soil geochemical programs included a large multi-element analytical suite which provides critical data for targeting gold mineralisation. Anglo American surrendered their tenements following a decision to reduce global exploration expenditure.
Cassini has compiled all previous exploration into a consolidated database and utilised public geological and geophysical datasets to assist with geological interpretation and targeting.
Cassini considers that the geological setting may have some affinity with intracontinental “hot-spot” epithermal gold mineralisation, rather than the more common island arc setting found elsewhere along the Pacific Rim. Examples of this style are deposits in the northern Nevada region, including the Sleeper Deposit, with high, or “bonanza”, gold grades from shallow crustal emplacement.
In the September Quarter 2019, Cassini completed its maiden drill program at the Handpump Prospect comprising 10 holes for 1,134m of RC. Best results include 20m @ 1.27g/t Au, including 7m @ 2.54g/t Au from 23m in MSC0003, 27m @ 1.00g/t Au from 31m, including 3m @ 2.59g/t Au from 38m in MSC0004 and 19m @ 0.68g/t Au including 6m @ 1.26g/t Au from 38m in MSC0005. The results have confirmed the potential for economic mineralisation at surface and extending to shallow depths. Simultaneously, a high-resolution aeromagnetic survey was conducted over the northern half of the Mount Squires Gold Project to assist with structural and lithological mapping.
Results indicate that a large portion of previous drilling by other companies has been ineffective, due to either the drilling angle being sub-parallel to mineralised lodes or it not penetrating the prospective rhyolite unit beneath the volcaniclastic (the case for most of the previous shallow aircore drilling).
Interpretation of geology and assay results is continuing with multiple fronts on which to progress.
The initial discovery of gold at Handpump occurred because mineralised bedrock is exposed at surface, a relatively rare occurrence in a landscape dominated by desert sands. The transported cover has likely inhibited exploration in other parts of the project and this is why the Company is re-processing the legacy geochemistry results to remove the biases of the regolith (in simple terms, bedrock vs transported sampling mediums). In some instances the previous geochemical sampling has probably been completely ineffective.
Whilst the current exploration focus at the Mount Squires Project is primarily for gold, recent surveying and mapping by Cassini has recognised a potential extension of the magmatic nickel-copper mineralised trend from the West Musgrave Project into the eastern half of the project area.
The Mount Squires Project complements the Company’s diversified portfolio alongside the flagship West Musgrave nickel and copper assets and the early-stage Yarawindah Brook Ni-Cu-Co-PGE Project.
For further information on this project, please refer to the ASX Announcements section of the website.