06/10/2020 - 14:29

CZR Resources scores ounce-to-the-tonne at Pilbara gold project

06/10/2020 - 14:29

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In one of WA’s hottest new gold plays, CZR Resources has made another high-grade discovery in a shallow drill hole at the Top Camp prospect at its Pilbara-based Croydon project, located 75km west-south-west of De Grey Mining’s stunning Hemi gold deposit. The latest drill hit returned a healthy 2m at 22 g/t gold from 7m, including 1m at 42.2 g/t gold.

In what has quickly become WA’s hottest gold exploration districts, ASX-listed gold explorer, CZR Resources, has landed another high-grade discovery in a shallow drill hole at the Top Camp prospect at its Croydon project in the Pilbara.

The company said its latest drill hit at Top Camp, situated 90km west-south-west of De Grey Mining’s stunning Hemi gold deposit in the Mallina region of the Pilbara, returned a healthy 2m at 22 g/t gold from just 7m down, including 1m at 42.2 g/t gold.

CZR Resources Managing Director, Rob Ramsay said:

“The programme of RC and Diamond drilling has delivered a big step up in our understanding of the local geology and we are now working to define the shared characteristics with the Hemi discovery.”

“These latest results highlight the value of soil sampling in identifying the potential of the Top Camp prospect to host mineralisation. This is important because other strong soil anomalies are present elsewhere at Croydon.”

“Together with what we have learned from this program, combined with results gained from sustained soil sampling programmes, a pending IP survey, recently acquired regional gravity and reprocessed magnetic data, Coziron has a number of priority targets in addition to Top Camp that are ready to test in the next round of drilling. For the first time we have drilling and geology in a real regional context.”

According to CZR Resources, Croydon takes in about 35-40km of the key regional structures of the Tabba Tabba shear zone corridor that hosts Hemi.

Broking firm Argonaut recently touted Hemi as containing an estimated 3.9 million ounces of gold from ore, averaging 1.8 grams per tonne, with the upside across De Grey’s entire Mallina project, including Hemi, potentially delivering a massive gold endowment of 10Moz in the next few years.

As De Grey’s market cap ballooned above $1.5 billion during trading, from below$50 million just six months ago, Hemi has clearly inspired a startling transformation across the region.

CZR Resources is just one of many early movers into the region, including Capricorn Metals, Calidus Resources and Kairos Minerals running hard in the Pilbara gold rush charge.

CZR Resources said its latest infill RC drilling program comprises 12 holes which will follow up on the discovery of an impressive 8m at 10.2 g/t gold from 135m in hole CRC007, as part of its maiden 2019 drilling campaign.

The company said some of the other solid results from the latest batch of assays include 1m at 8.47 g/t gold from 54m, 1m at 9.44 g/t gold from 66m and 1m at 10.2 g/t from 74m.

Deeper intercepts at Top Camp include 5m at 3.21 g/t gold from 132m downhole and 28m at 0.59 g/t gold from 147m, including 9m at 0.95 g/t from 148m.

CZR Resources’ latest drill program has added weight to the possibilities unveiled by last year’s maiden RC drilling at the Top Camp prospect which poked through the surface cover displaying anomalous soil geochemistry to reveal gold mineralisation at depth.

Tantalisingly CZR Resources said drilling has yet to define the limits of the mineralised system which so far appears to be sulphide-associated. Adding further to the anticipation, the RC rig has already pushed on to the nearby Bottom Camp prospect where assays are also pending.

Is your ASX listed company doing something interesting? Contact: matt.birney@businessnews.com.au

 

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