- Cauldron Energy (CXU) commences the second phase of underground drilling in the Tyrconnel Adit at its Blackwood Gold Joint Venture Project in central Victoria.
- Drilling follows recent geochemical mapping of the Adit, with gold found in channel samples from the Western Leader Reef.
- Recent systematic channel sampling confirmed geochemical pathfinder vectors within an alteration halo of increasing arsenic, antimony, and silver associations with mineralised structures.
- New geochemical and structural understanding now allows significantly improved criteria for drill testing of Blackwood’s narrow, high-grade gold vein systems.
- Shares in CXU closed 5.26 per cent higher at 2 cents
Cauldron Energy (CXU) has commenced the second phase of underground drilling in the Tyrconnel Adit at its Blackwood Gold Joint Venture Project in central Victoria.
Drilling follows recent geochemical mapping of the Adit, with gold found in channel samples from the Western Leader Reef.
Recent systematic channel sampling confirmed geochemical pathfinder vectors within an alteration halo of increasing arsenic, antimony, and silver associations with mineralised structures.
New geochemical and structural understanding now allows significantly improved criteria for drill testing of Blackwood’s narrow, high-grade gold vein systems.
Cauldron Executive Chairman Simon Youds said preparation work at Blackwood has been progressing well towards the initiation of drilling.
“Our new structural and geochemical models, together with the easing of travel restrictions and renewed ability to mobilise drilling crews, are now giving us the best possible chance of successfully intersecting our intended Eastern Reef targets,” he said.
Mr Youds added the base data work done over the past months have positioned the project for an exciting few months of consistent news flow.
“As with the ground preparation work, drilling from within the newly established cuddy will allow us to target multiple area historically interpreted high-grade zones,” said the Executive Chairman.
The underground exploration work continues unnoticed and without any impact on the surface environment.
Shares in CXU closed 5.26 per cent higher at 2 cents.