- Cazaly Resources (CAZ) begins diamond drilling at the Vanrock project in Central North Queensland
- One drill hole is planned to test a coincident magnetic and airborne electromagnetic anomaly, which CAZ expects will take a week to complete depending on the weather
- It follows an airborne electromagnetic survey completed early last month, the results of which will provide more detail on the anomaly
- Managing Director Tara French says it is an exciting time for CAZ, with the drill hole anticipated to return visually spectacular core if successful
- Cazaly shares are down 2.78 per cent to trade at 3.5 cents at 1:13 pm AEST
Cazaly Resources (CAZ) has begun diamond drilling at the Vanrock project in Central North Queensland.
The company is working to acquire a majority stake in the project through an agreement with Lynd Resources that was entered in July.
It lies 350 kilometres west of Cairns within the northern part of the Townsville-Mornington Island igneous belt that extends for 700 kilometres.
Within this belt, the Vanrock target is on the edge of a paleo-caldera.
Previous explorers have made polymetallic discoveries and Cazaly believes there is potential for silver, tin, zinc, copper and lead mineralisation.
A single drill hole will test a coincident magnetic and airborne electromagnetic anomaly, which CAZ expects will take a week to complete depending on the weather.
This drilling work follows an airborne electromagnetic survey completed early last month, with four lines across the Vanrock target and four across a lookalike target to the southeast.
Data from the survey and interpretation is pending and once complete will be used to provide more detail on the original anomaly.
Managing Director Tara French said it is an exciting time for Cazaly, likening the Vanrock target to the Cerro Rico silver-tin deposit in Bolivia, as both are located in proximity to a caldera.
“The Cerro Rico deposit contains five billion ounces of silver and 1.5 million tonnes of tin, making it one of the world’s largest silver-tin deposits,” she said.
“If the hole is successful and the targeted analogy is on point, the mineralisation and alteration in drill core should be visually spectacular.”
At its other projects, CAZ has completed reverse circulation drilling of a massive sulphide target at the Moses Rock prospect, and a large porphyry copper target at the Brommie prospect with assay expected by the end of September.
At Ashburton, versatile time domain electromagnetic drilling is complete across three target areas and the final raw data is expected mid-September.
Surface stream samples were also collected over the past two months at Ashburton with assays also anticipated this month.
Cazaly shares dropped 2.78 per cent to trade at 3.5 cents at 1:13 pm AEST.