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Cazaly Resources update on Bungonia Project

Mining News - Published on Wed, 03 Jan 2018

Image Source: cazalyresources.com.au
Cazaly Resources Limited announce that further results from reconnaissance mapping and rock chip sampling at its Bungonia Cobalt project in New South Wales. A second round of results further highlights the significant high grade cobalt mineralisation within the Project, with the potential for the region further enhanced by the number of new sites discovered and the identification of new basement style mineralisation.

Recent further sampling by the Company has advanced some of the known cobalt prospects at the project and resulted in fresh discoveries. The work has also highlighted two sources of cobalt mineralisation; cobalt bearing sedimentary units and potential primary cobalt bearing hydrothermal vein systems at the Bungonia Cobalt Project. The lack of modern systematic exploration to date leaves substantial upside for further discoveries of cobalt deposits in the area. Potential for further extensions to known mineralisation is shown at the Avanti prospect where access for drilling in 2018 is being negotiated.

The Company will continue to finalise access with key landowners in the area. Exploration will in 2018 will focus on the potential identified by the Company and quickly advance priority prospects to being drill ready.

Highlights

1. Further high grade cobalt in rock chip samples to 1.68% Co with an overall average of 0.50% Co

2. 3 New Prospects discovered highlighting the potential of the region

3. High grade mineralisation mapped for over 700m at the Avanti Prospect

4. Untested primary basement mineralisation discovered in two areas 5km apart grading up to 0.15% Co

Source :

Posted By : Rabi Wangkhem on Wed, 03 Jan 2018
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