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Cassini Resources Ltd to drill new gold targets in Western Australia

Mount Squires provides Cassini with leverage to gold at a fortuitous time as gold is trading near its AUD all-time highs at A$1,760 per ounce.

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Cassini Resources Ltd (ASX:CZI) has identified multiple gold targets at its 100% owned Mount Squires Project in Western Australia.

Previous drilling at targets within the project have returned mineralised zones of up to 15 metres at 2.3 g/t gold from 31 metres.

Reverse circulation drilling, rotary air-blast drilling and soil geochemistry campaigns are planned for 2016 pending receipt of heritage and environmental approvals.

The project came about through the consolidation of tenements over the past 12-18 months. It is located adjacent to Cassini’s flagship West Musgrave Project.


Mount Squires Project

Mount Squires has been explored upon since the 1990s by Western Mining Corporation, Beadell Resources Ltd (ASX:BDR) and Anglo American PLC (LON:AAL).

Beadell identified the Handpump Prospect in the mid 2000s with significant intercepts including:

-15 metres at 2.3 g/t gold from 31 metres;
-12 metres at 1.3 g/t gold from 25 metres including 5 metres at 2.0 g/t gold; and
-11 metres at 1.1 g/t gold from 24 metres.

Cassini has since identified a structural corridor striking over 50 kilometres by compiling all previous exploration into a consolidated database and utilised public geological and geophysical datasets.

The adjacent West Musgrave Project provides a useful logistics base and the company has demonstrated expertise in operating in the region.


Analysis


The Mount Squires Project complements the company’s nearby flagship West Musgrave nickel and copper assets and the early-stage West Arunta Zinc Project.

Mount Squires provides Cassini with leverage to gold at a fortuitous time as gold is trading near its AUD all-time highs at A$1,760 per ounce.

Historical drilling confirms shallow gold mineralisation, which will likely be targeted in the drilling planned for 2016.

Cassini maintains a Speculative Buy recommendation from broker Hartleys, with a 12-month share price target of $0.12. Shares in Cassini last traded at $0.039.

 

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Quick facts: Cassini Resources Ltd

Price: 0.205 AUD

ASX:CZI
Market: ASX
Market Cap: $87.69 m
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