Join our daily newsletter At The Bell to receive exclusive market insights
- Caeneus Minerals (CAD) commences its maiden drilling campaign at Roberts Hill in Western Australia
- The air-core drilling will include 20,000 metres and is the first program to be conducted at the project
- Caeneus is expecting the results of the program in October
- On the market, Caeneus is up 18.2 per cent and is trading at 1.3 cents per share at 12:09 pm AEST
Caeneus Minerals (CAD) has commenced its maiden drilling campaign at Roberts Hill.
The air-core drilling will include 20,000 metres and is the first program to be conducted at the project.
Drilling has started and several drill holes have already been completed on the eastern portion of the exploration licence.
Caeneus is expecting the results of the program in October.
“Drill cuttings from some holes which have been initially examined indicate a thick 30 metres to 40 metres transported soil cover overlying altered granite and occasionally mafic intrusive lithologies,” the company said.
“In several drill holes, pyrite and pyrrhotite appear as disseminations within the mafic lithologies.”
Roberts Hill is in the Mallina Province, about 50 kilometres to the south of Port Headland.
Gold exploration has heated up in Mallina Basin in recent months following De Grey Mining’s (DEG) 6.8 million ounce Hemi discovery in the region.
CAD has also employed a field assistant from the Karriyarra Aboriginal Corporation to help with the program.
On the market, Caeneus was up 18.2 per cent, trading at 1.3 cents per share at 12:09 pm AEST.
