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- High-impact RC drilling underway at Christmas Well
- RC program to test multiple high priority gold targets
- Testing Ox Tongue, Lambs Fry, Sweetbread and Rocky Mountain Oyster
- Program designed to unlock potential of large, underexplored gold systems
CGN Resources (ASX:CGR) is spinning the bit in its maiden reverse circulation (RC) drilling program at its highly prospective Leonora Gold Projects in Western Australia.
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Drilling has commenced at the high-priority Ox Tongue target and will progressively test the Lambs Fry, Sweetbread and Rocky Mountain Oyster prospects.
MD, Stan Wholley, said these are all compelling gold targets generated through the integration of geological mapping, geophysics and structural interpretation.
“Commencing drilling at Christmas Well is a significant and exciting milestone for the company. It is the culmination of a tremendous amount of technical and field work by the team,” Mr Wholley said.
“We have assembled an outstanding portfolio of targets across a large, highly prospective landholding in one of Australia’s premier gold districts and we are excited to begin systematically testing those targets.
“Starting at Ox Tongue, this program represents the first step in unlocking what we believe is the considerable exploration potential of the project.”
Mr Wholley said the approximately 4,000m RC program represents the culmination of more than 12 months of systematic exploration planning, target generation and project advancement.
Work has included historical data acquisition, high-resolution airborne geophysics, heritage surveys, earthworks and drill planning. The program has been designed to provide the first meaningful test of several large-scale gold targets across the company’s extensive Christmas Well landholding.
“Christmas Well occupies a commanding position within the highly endowed Leonora Gold Province, immediately along strike from several multi-million-ounce gold deposits such as Gwalia, Tower Hill, King of the Hills and Harbour Lights.”
The company believes Ox Tongue is one of the standout greenfield targets within the portfolio, where recently acquired magnetic data has highlighted a concealed granite-greenstone contact analogous to the geological setting of the nearby Gwalia gold mine.
Historical drilling at Rocky Mountain Oyster and Sweetbread has already demonstrated the presence of gold mineralisation, with both targets remaining open along strike and at depth.
“Together, these prospects provide CGN with an exceptional pipeline of drill-ready opportunities capable of delivering meaningful discovery success,” Mr Wholley told shareholders.
Drilling is expected to continue across the company’s priority Christmas Well targets over the next month. It is anticipated drilling results will be available four weeks after submission which the company aims to submit on weekly basis during drilling.
CGR was steady at 9.0ยข with a Mkt cap of $9.915M prior to markets opening.
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