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Caprice Resources Ltd (ASX: CRS) (Caprice or the Company) provides an update on its Cuddingwarra Gold Project (Cuddingwarra) located in Western Australia’s prolific Murchison Gold Fields (Murchison). Exploration has commenced with visible gold located in outcropping quartz reefs above a Caprice high- priority gold target analogous to Westgold Cue gold deposits.
HIGHLIGHTS
- Ongoing ground truthing focussed at ten high-priority structurally controlled gold targets, identified from aeromagnetics, delivered immediate success with visible gold in outcrop above high-priority gold target known as CUD-GPX01:
- CUD-GPX01 is defined by the intersection of north-south striking greenstone and cross-cutting northeast structures.
- Structural setting analogous to Westgold’s Cuddingwarra deposits just 2km to the east where these cross-cutting northeast structures control deposit locations and high-grade gold mineralisation.
- Cuddingwarra historical surface workings highlight extensive quartz reefs:
- Quartz reefs commonly associated with high-grade Murchison gold deposits such as Ramelius Resources’ Hill 50.
- Cuddingwarra mineralised greenstone corridor provides 10km of prospective strike. DEMIRS approval (POW) granted for Cuddingwarra drilling:
- Drilling planned to commence following the surface rock chip sampling and mapping program.
- +15Moz Murchison gold endowment with multiple mining and processing centres. Caprice has implemented a three-pillar gold development pipeline strategy:
- Pillar 1 – Exploration Cuddingwarra
- Pillar 2 - Resource Definition Island Gold Project
- Pillar 3 – Feasibility Study New Orient Gold Mine
Exploration has commenced at the Company’s Cuddingwarra Gold Project, with field geological mapping and surface sampling initially focussed at ten high-priority targets defined by the intersection of prospective north-south striking greenstone stratigraphy and cross-cutting northeast structures identified from aeromagnetics. At the high-priority target known as CUD-GPX01, an outcropping quartz reef, approximately 30m by 10m in size situated along a slightly elevated ridge, hosted vuggy, milky and clear quartz veining. Within the CUD-GPX01 quartz reef localised prospector surface workings have exposed fresh veining hosting visible gold mineralisation (refer to Figure 1).
Figure 1. Quartz vein hosting multiple zones of primary textured visible gold from the CUD-GPX01 target outcrop (Surface rock chip sample location 576,927 E and 6,968,276 N - Regional GDA2020 / MGA Zone 50 co-ordinates)
The Company cautions that with respect to any visual mineralisation indicators, visual observations and estimates of mineral abundance are uncertain in nature and should not be taken as a substitute or proxy for appropriate laboratory analysis. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations
Description of visual gold mineralisation:
CUD-GPX01 vein dominated by quartz with lesser gauge minerals and multiple zones of primary textured free gold mineralisation throughout the sample representing approximately one-percent (1%) of the total sample by volume. The sample will be sent for initial micro pXRF analysis and to the laboratory for assay; with results expected to be available in six to eight weeks.
CEO, Luke Cox, commented:
“With the Australian dollar gold price above A$4,000 an ounce, it makes rich pickings for anyone with high-grade gold deposits and Caprice has an exciting portfolio of gold projects within the prolific Murchison region. Our Cuddingwarra Gold Project is remarkably underexplored, as it has been dismissed by previous explorers who thought it was concealed beneath a blanket calcrete cover. Our field observations have confirmed that this is, in fact, not the case, with the location of outcrop including quartz reefs with visible gold by the Caprice team far exceeding our expectations and highlighting Cuddingwarra’s potential to deliver significant gold discoveries. Initial exploration at Cuddingwarra complements the Company’s growth and resource definition drilling programme at our Island Gold Project and New Orient Gold Mine, as we advance to identifying a potential development opportunity.”
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This article includes content from Caprice Resources Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
CRS:AU
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Significant Silver and Base Metals in Rock Chips at Lennons Find
HIGHLIGHTS
- Significant gold, silver and base metal results from rock chips, validating historical work at Hammerhead and Tiger deposits.
- Highest values: Gold (5.45 g/t OLRS4), Silver (988 g/t OLRS4), Copper (4.96% OLRS4), Lead (12.07% OLRS2) and Zinc (4.44% OLRS6)
- Planning for further ground works in Q1 2025 underway, in-conjunction with application for Exploration Incentive Scheme (EIS) for co-funding of a deep diamond drill program
Figure 1 – OMX Rock Chip Sample Locations – M 45/368
Rock Chip Sampling
Five rock chip samples were collected during the recent Lennons Find IP survey to validate samples collected by Jabiru Metals Limited in 2005 (Figure 1). Four of the samples were taken on the Hammerhead gossan and one sample from the Tiger deposit. Twenty-four samples were collected by Jabiru Metals Limited in 2005, over a strike length of 4km along the Lennons Find main zone. The highest assay results from the Orange Minerals sample were gold (5.45 g/t OLRS4), silver (988 g/t OLRS4), copper (4.96% OLRS4), lead (12.07% OLRS2) and zinc (4.44% OLRS6). These results correlated well with high grade values in the Jabiru Metals samples. Jabiru Metals assays are reproduced in Appendix 1 and Orange Minerals samples in Table 1. For historical drillhole collars and results see Laconia Resources Limited ASX announcements (9 March 2011, 3 October 2011 and 12 October 2011).
Table 1 – Lennons Find Rock Chip assays
Figure 2: – Lennons Find Location Map
Background Lennon’s Find
In August 2023 a binding term sheet was entered into with Musketeer Mining Ltd, to acquire up to a 75% share in the Lennon’s Find Polymetallic Project 75km south-east of Marble Bar in the Pilbara region, WA. Lennon’s Find includes a Mining Lease with an Inferred Mineral Resource of 1.55 Mt at 5.9% zinc, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, and 84g/t Ag (Optiro 2019).
Orange can earn 51% of the Lennon’s Find Project (M45/368) by spending A$500,000 by 31 March 2026 (which included an upfront payment of A$200,000). Orange may earn up to 75% of the Lennon’s Find Project by spending an additional A$500,000 (A$1.0 million in total) by 31 March 2028.
Figure 3- Lennon’s Find Mining Lease M 45/368
Geological Setting
The Lennon’s Find project is located in the Archean Marble Bar greenstone belt on the SE boundary of the Mount Edgar Batholith. The greenstone rocks are comprised of felsic schists of the Duffer Formation overlain by the Apex Basalt, and both formations are part of the Warrawoona Group. The package dips to the SE beneath, or faulted against, rocks of the Fortescue Group. The Duffer Formation is comprised of three laterally persistent units: a basal quartzo – feldspathic schist (Unit 1), meta sedimentary rocks, mostly psammites and pelites (Unit 2) and an upper quartz – muscovite schist (Unit 3). All the known base metal sulphide deposits occur within the upper part of the Duffer Formation.
Base metal mineralisation at Lennon’s Find is considered to be VMS style and has been mapped over a strike of 4.5km as discontinuous gossans and disseminated sulphide zones (Figure 4). The base metal mineralisation is predominantly Zn – Pb – Cu – Ag – Au, with significant amounts of barite, and occurs as stratiform, lenticular bodies. Five deposits have been identified being Grey Nurse, Tiger, Hammerhead, Mako and Bronze Whaler (Figure 3).
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This article includes content from Orange Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.