Commodities, Copper, Exploration/Development, News

What’s in store for copper aspirant CGN?

CGN

CGN Resources is ready to capitalise on its advantage as an early mover in the West Arunta region of Western Australia.

The company, which listed on the ASX through a $10 million IPO in October last year, has established a 948km2 landholding in West Arunta.

Now CGN is ready to get stuck into its 2024 exploration program, with high-impact exploration programs including geophysics, diamond, and reverse circulation drilling in the pipeline.

First up, CGN will complete ground gravity, passive seismic and induced polarisation surveys at the Surus, Tantor, Snorky and Horton prospects, as well as an electromagnetic survey at Shep.

Upon completion of the geophysics, a 700m deep diamond hole funded by the Exploration Incentive Scheme (EIS) is scheduled at the Surus gravity target in late March.

In the second quarter of 2024, CGN will mobilise a reverse circulation drill rig to site to test the Shep and Hathi targets and prepare pre-collars at Snorky and Horton, with diamond drilling at Snorky and Horton the final phase of the program.

The West Arunta region has become a busy exploration district. Image: CGN

CGN is fully funded to undertake exploration in 2024, with all the necessary permits in place. And in the event of a discovery, the company has the clearances in place to expedite further exploration.

“With our highly successful IPO in October raising $10 million we are now strongly positioned to push hard on the exploration front and try and emulate the success of some of our neighbours in the West Arunta,” CGN managing director Stan Wholley said.

“The company has a suite a of high-quality targets to test in this initial exploration campaign targeting iron oxide copper gold (IOCG) targets, rare earth elements (REE) and nickel targets.

“Given the proximity to WA1 (Resources) and ENR (Encounter Resources) to the north, there is also the possibility of niobium rich carbonatites to exist which makes this exploration campaign incredibly exciting.”

Wholley said the exploration program has been designed to give the CGN flexibility to capitalise on new information as it becomes available. This could see the program adapted to reflect a discovery or significant findings.

“We are in the fortunate position to have substantial clearance programs in place so if we make a discovery, we can expand our programs and deploy our resources quickly to assess the scale of the discovery,” Wholley said.

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